How can I find experts who have experience in expanding their business through franchise, employee ownership, or another model?
I am exploring whether the foundation for my business will be franchise, employee ownership, or another model. My goal is to expand my health studios. I'd like to connect with some experts who have made this decision and share some advice on making this decision. Any idea where I can best connect with some experts?
I believe that you are already on the platform. I would be happy to speak with you about your strategic plan. Lot's to discuss. Are you looking to hire an expert or are you looking for a few paragraphs of free advice?
In order to advise you well, any expert would require all of your financials, your written business plan, what your present strategic plan is and personal resources. Once you have decided to expand it is critical to have a successful operating prototype, advisory team that includes a CPA firm that is specialized in your business, same for the right legal team and human resources. An outside board of directors is also a critical component.
I am sure that there are a good number of experts with experience that can help you with all of it once you choose to compensate them.
Michael is right - you can do that here! mosaicHUB also offers a Concierge service (you can find it on your home page). If you're looking to hire, tell us what you need, and we'll hand-pick experts who can get the job done. You'll receive recommendations within 24 hours.
You can also use the Expert search tool to search for service providers by area of expertise, location, and ratings.
Please let me know if you have any questions.
mosaicHUB Community Moderator
You are already on the platform where you can find experts.. You can also use LinkedIn for the same. I assume that you have your business and strategic plan ready with you. It depends on where you wabt to expand your business. The expert who knows local market pulse would be ideal to hire or partner with. I hope this helps...
Hi Sylvia, you can talk to me. I have experience in these areas. I look forward to engaging with you. Kind Regards Nigel
Richard Stern-Suggest advertising in professional Franchise association Newsletters and Magazines.
This way you will find Industry specific experts.
It is very commendable that you are thinking in these terms. Being ahead of the game is essential in building a business to create franchises, employee buy outs or other type of sale. I have worked in franchising for 9 years as a evp of ops and created over 400 businesses globally. I also built and sold four of my businesses to my employees. I am familiar with all the possibilities but frankly your question demands so much input that this forum is less than effective to adequately cover it. I suggest you seek direct contact with a consultant/coach who possesses experience in every aspect of these possibilities. Also, I can say with great confidence that that person you seek need not have direct experience in your business enterprise.
Google franchise companies and they will work with you to set them up and be shown at franchise shows
Jack Bass is an affordable lawyer with a good program
Look for folks who have done this for other companies (ie. coaches or consultants) AND people who have expanded their businesses successfully. Ask about their experiences - good and bad. When interviewing coaches - understand their approach, ask about client results and make sure you have a good cultural fit with the coach/coaching company.
I think you have found them in this forum. I am one of them who has helped many do exactly what you are interested in doing. Let me know if I can be helpful to you.
This is a great platform to find experts. I would also check out franchise.org as well as google experts and find companies such as Jack Eberenz, Michael Seid and compare them to the big boys like FranCorp and IFranchise (which I would not suggest).
There is also LinkedIN where you can search "Franchisor" and speak with those that have already made this decision and went through the steps you are contemplating taking. Franchising may not be for you, but corporate expansion, employee ownership, etc. might be.
If your thinking about building a franchise network, you must first prove that your concept is highly profitable and create value.
The way to look at it is: First your succeed, then you franchise.
There are pro's and con's about franchising.
Keep in mind that franchising is not cheap you must allowed serious resources in the project if you want to create a great network.
Happy profitable franchisees = Happy profitable franchisor.
Hi Syliva, good question to ask, you need to do your home work first before chosing the best person. What I will advise you to do first is to ask your self what you want to achieve, timeframes, why are you starting to look for experts now, what is your end goal? maybe you have a reason why you want to expand now, have you seen anyone doing similar work that you want to do? if you have seen or met anyone, start to talk to the ones that have done what you want to do, they will be more experienced and will give good advices and tell you what challenges they had to overcome and what made them to be successful. These questions if you answer them, will help you to know what you want out of your expansion and whether you are ready for it! Hope this will guide you.
Franchising can be good if you need the support and are willing to pay to learn. Not all franchises are good, but if you do you home work you may find a fit with a franchise in an industry you may want to work within. Franchises are not cheap. I know many who started as a franchisee and eventually ended up spinning off to their own business.
Employee ownership firms are businesses that have had success and decide to execute the transition via an ESOP. Your not likely to be able to build a business as a start up with employee ownership as the base structure.
The foundation of a business often is define by the type of business. Whether you operate as a S Corp, a Sole Prop, Partnership or LLC.
Do you have a business that you have observed that is similar to what you'd like to build? Are you working in the industry for a firm that you have gained experience from, that you plan to leave and compete against?
Things always look different from the outside. Maybe finding a firm that you'd work for and learn the inside story on how they operate will help you better chose which way to go.
The term expert is over used. Experienced is a better term. It is also the best teacher.
John E. Stanojev
Franchise is for me interesting at 3 conditions :
- quasi-uniqueness of your services
- possibility to control the way your franchisees will respect the system.
You have to evaluate everything. Write your business plan.
Analyse also the competition ! Especially in your branche.
Taking from your queue, if I were you I would do the following tasks:
- for franchising, I would approach the local franchising association to solicit someone you can approach for advise. If there is a particular franchise you have in mind, approach them as well to request contacting the owner to have this discussion.
- for your employee ownership model, I would research online information about companies with employee ownership and look up any articles about them. I would try contacting the writer of the article to seek their advice and opinion on your particular situation and whether this model is the way to go.
- for any other business model, consider approaching the business school of your local university. Business schools are in the practice of teaching the needed skills and information of running a business. They would have an extensive array of business research and may already have some research done on this subject. Try approaching the UTS Business School if it suits you.
I hope I was able to help.
Many business brokers can help with this and are less expensive than an attorney. Transworld Business Advisors actually specializes in helping businesses franchise.
I would assume that some of your questions are legal in nature. If this is the case, I know of an affordable way to get access to legal advice. This would include business and personal legal advice.
Hi. Nice to hear about your ambitious plans. Your strategy to franchise or entrust to an employee is appreciated. Your business plan should be prepared to include all terms and conditions for such inclusions. Also important are the role models. They should be able to make in roads successfully to attract more franchise because you certainly look forward for more turn over and profits. If there are any protocols since it is in health sector the incumbants should be able to adhere to such disciplines. You should also be abreast of extent to which your ownership will be extended. Not to forget your control of sourcing and supplying of product mix every time a requisition arrives. You must critically examine the antecedants of your partners regarding their performance standards, proactive nature, sustainability and business acumun. Employees to be considered should be those who have been with the company for long periods or on the verge of retirement. Business management training imparted to the partners will help them to rejuvanate themselves. Customers should be treated curtiously and all support, inc luding detailed information about the product, efficacy, side effects, etc should be provided.
Franchising is a great way to grow. It takes a lot of work in the beginning to set things up. However, can be very rewarding. I would research your area of service. You can check out Franchisegator.com for your documents manuals I would contact Frandocs in Florida. Great company and relatively inexpensive. You can spend 50 k to over 100k easily with other companies. I suggest them because they took care on my needs. I worked with Elliott there. Please use my name if you need.
Best of success. Gil