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Gen Y and Business Ownership – The Entrepreneur’s Source Reviews 5 Reasons Millennials fit Franchising

Gen Y and Business Ownership – The Entrepreneur’s Source Reviews 5 Reasons Millennials fit Franchising   

Most Millennials have heard the adage, “If you get a good education, you will find a good job and be financially secure.”  But in today’s New Career Economy, that is often just not the case.

Entrepreneur’s Source Coach Susan Mell knows from experience.

“I have a client that earned an MBA from Yale—and it cost him a lot of time and money.  But despite his fabulous skill sets, even he’s having trouble finding a job. I’m sure he didn’t go to Yale thinking that was going to be a problem for him,” said Mell.

Mell says the demographic of today’s franchise candidate is changing, and that business ownership is becoming an especially appealing option for Generation Y.

“We are in an entrepreneurial economy—whether working in corporate America or not, individuals need to have an entrepreneurial mindset in order to stand out in a very competitive work force and business environment.”

Generation Y and Business Ownership

The New Career Economy has not only created a change in the job market, but also in the way people are reacting to it. A 2011 Kaufman Foundation found 54 percent of the nation’s Millennials either want to start a business or already have started one.

Generation Y is recognizing that business ownership is the key to thriving in the current economy.

According to an article from Inc., “owner” is the fifth most popular job title listed on Facebook among those aged 18 to 29.

However, the decision to pursue business ownership is not an easy one. Millennials are faced with several options when it comes to investing in their professional futures, including obtaining an advanced degree.

What if Susan’s client had taken those years and dollars and invested in a business? No one can obviously say for certain—but it’s possible he could currently be running a successful business, instead of beginning his entrepreneurship journey now.

5 reasons Gen Y should consider franchising:

  1. Opportunity to create a life balance: Lifestyle is the new wealth. According to a 2012 survey, a majority of Generation Y workers have a desire to make their own hours and eventually be their own boss—and 50 percent of Millennial workers would rather be unemployed than work at a job they hate. Franchise ownership allows for both the being your own boss and setting your own hours, but mostly importantly, the opportunity to build a business that allows a work-life balance often unobtainable in corporate America.
  2. Apply what you know: Many Millennials have obtained a degree, some even an advanced degree. They’ve held internships and part-time jobs, and many have a combination of real-world and classroom knowledge.  Franchising allows you to take all the skills you’ve learned working for somebody else and use them in your own business. Even if you decide to invest in a franchise industry outside of your specific work experience, the franchise will provide you the initial and ongoing training to help you make that shift.
  3. Find loyalty and support: In corporate America, even if you do a great job and earn accolades and awards, at the end of the day, a company can get acquired, private equity can change direction and a job can be lost.  You have no control or guarantee that your loyalty will be rewarded. It’s not all monetary—it’s the way people feel about their time and self-worth. In a franchise, you a lot of support financially vested in you being successful. In a franchise, you’re in business for yourself, but not by yourself. There are many people within the system there to support you in being successful.
  4. Unlimited income potential: In corporate America, people often reach a financial peak. Some individuals feel they are no longer employable because they have been so well compensated in the past, that other companies aren’t willing to match or exceed that compensation.  Business ownership allows for the opportunity for unlimited earning—through your own control.
  5. Lower Investment Cost: A majority of Millennials graduate college carrying student loan debt and do not have the deep pockets needed to start a brick-and-mortar type of business. There are many possibilities when it comes to franchise business ownership, including home-based and lower investment business opportunities. Millennials can find one that fits their budget as well as their ideal income, lifestyle, wealth and equity.

Take the First Step:

For those wanting to take the next step in the journey to business ownership, an E-Source Coach is a great resource to help you define your I.L.W.E. Goals and begin to explore business opportunities.

Also, check out 5 Things You Didn’t Know a Business Coach can do for You.

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Entrepreneur’s Source Franchise Shares 5 Things You Didn’t Know a Coach Can Do for You

Entrepreneur’s Source Franchise Shares 5 Things You Didn’t Know a Coach Can Do for You

Last week on Franchise Friday, Brand Manager of The Entrepreneur’s Source franchise Tamara Loring shed light on the reality of today’s franchise industry and the way people perceive franchising, including their misconceptions, worries and fears.

For more than 12 years, Tamara has worked with Entrepreneur’s Source Coaches, business owners, franchisors, clients and fellow team members in various capacities, whether it’s helping to launch their business or developing processes and systems to make the business stronger.

Her roles and responsibilities have evolved and changed over the years, but whatever she does, it always is in the spirit to help empower people to create a better future for themselves and their families.

5 Things You Didn’t Know a Coach Can Do for You

Help you look inward. Change is inevitable: The key is to start looking inward first and really determine, “What is it that I want more of in my life, and what do I want less of?”

No doubt that can be very frightening, because people are typically afraid of the unknown. Rather than being temporarily uncomfortable, many people would like to go back to what they already know.

We create a safe space for you to explore. One of the things we say over and over again is, “I don’t want you to make any decisions, at least prematurely. I want you to keep an open mind and look at all of your options.”

It starts with doing some soul searching and defining what your primary aim is. What is most important to you? What can you see yourself getting excited about?

Identify your transferrable skills. I remember when I was in career transition 12 years ago. I kept on going down that same path, thinking, “Maybe if I changed location, maybe if I change organization,” but my resume was so tight that I was really looking for the same thing in a different place.

I guess intuitively I knew that this is the definition of insanity, but I didn’t see how my strengths were going to be transferrable.

You may be saying, “Okay, so what are transferrable skills?” Think about the things you’ve done so far that have made you successful. Maybe you have a strong community of peers. Maybe you’ve got a strong circle of influence. Maybe you have a strong work ethic that won’t let you fail. Maybe it’s the fact that you’re healthy and vital, and you have a lot of energy. Maybe you have a strong record of accomplishments. Maybe it’s the fact that you have a high degree of integrity. The list goes on and on. It’s not necessarily always what you think it may be.

Motivate you to overcome fear. Fears: everybody has them, but it’s what we do with them that matters. Somebody once said to me, “You may not have the ability to always make the right decision, but you have the ability to make good choice and then to go work at it to make it a right decision.”

That always rings true to me, because it prevents me from falling into the trap of paralysis by analysis, or wanting to have a 100 percent guarantee, or being afraid that I’m going to fail.

Sometimes getting 80 percent there is fine. Then you keep on working on it, and fine tuning it, and tweaking it. It’s moving facing the dangers and just acknowledging them, then getting excited about the opportunities, recognizing that you have strength that you can utilize and gaining confidence from that. That’s probably the best advice I can give anybody who is in career transition and is looking at what they can do next.

Embark on a journey of discovery. People believe the myth that simply finding the right business will make them successful. That’s not what we believe. The business is simply a vehicle to help you accomplish your primary aim.

What do you want more of in your life, who do you want to be, what is your primary aim in life?

Consider everything you’ve done up to this point in life as 1.0. What we do at The Entrepreneur’s Source and what our coaches help you do is just to find that next version of you for right now. There’s going to be a 3.0, and a 4.0, and a 5.0, and so forth. The business is simply a vehicle to help you accomplish what you’re looking for in life.

That’s going to change, too. Ten years ago, if you would have asked me what my goals were, they were quite different than what they are today. Today, I’m a mother, so I have other priorities. I want flexibility. I want to be able to spend time with my child. Before he was around, obviously, that was not as important to me. I think getting your mind wrapped around the fact that the business does not equal the dream, but instead the business is simply a vehicle to help you accomplish the dream, then you are able to bust that myth.

See past limited perceptions. When researching a business opportunity, you cannot judge a book by its cover. You must speak to people who are in that business in order to be able to see beyond the “curb appeal.”

It would be like buying a house, and the realtor saying to you, “Okay. We’re going to pass this house. You need to decide from the outside whether you’re going to purchase this house or not. I’m not going to let you go in.” That would be insane, wouldn’t it?

What our coaches help our clients do is put their emotion to the side and see whether the business has the potential to meet their goals, needs, and expectations. In fact, 95 percent of our clients discover options they never would have looked at on their own or would have prematurely dismissed.

Take the First Step – Find your Coach

Take the first steps in your Discovery Process by visiting http://www.entrepreneurssource.com/

Listen into The Entrepreneur’s Source weekly podcast Franchise Friday to learn more about franchising, entrepreneurship and small business.

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Do you know your I.L.W.E.? The Entrepreneur’s Source Franchise Helps Set Your Big Picture

Do you know your I.L.W.E.? The Entrepreneur’s Source Franchise Helps Set Your Big Picture 

Are you achieving your I.L.W.E?

“When I ask clients why they want to start a business, the number one response isn’t money: it’s lifestyle. Being your own boss and earning unlimited income potential is all great, but the priceless possibility of being able to have the life balance you can’t achieve in corporate America is often more important to aspiring entrepreneurs.” – Susan Mell, The Entrepreneur’s Source Coach

I.L.W.E. – What is it?

It stands for income, lifestyle, wealth and equity—each of these components plays a vital role in achieving overall happiness and satisfaction in your life.

So ask yourself: Are you currently hitting or exceeding your income expectations? Are you living the lifestyle of your dreams? What about your wealth or equity: Is it growing or declining?

How much control do you have over your destiny?

An Entrepreneur’s Source Franchise Coach can help you paint the “big picture” of your life through a discovery and education based process.

Setting the Big Picture through Goals, Needs & Expectations

One of the tactics The Entrepreneur’s Source employs to aid you in defining your Goals, Needs & Expectations is the determination of your I.L.W.E.

Income is defined as: Your re-occurring short term earnings through employment and investments.
What do you envision your income to be in the next 3 to 5 years?

Lifestyle is defined as: a manner of living that reflects your values and attitudes.
What do you envision your lifestyle to be in the next 3 to 5 years?

Wealth is defined as: the state of being rich and affluent; having a plentiful supply of material goods and money.
How do you envision your wealth portfolio in the next 15 to 20 years?

Equity is defined as: the interest in assets you have built up.
What assets will you own that will provide you and your family with long-term equity over the next 10 to 20 years? 

From Employment to Empowerment – The Coaching Advantage 

A coach will help identify your transferrable skills by learning about your professional background, including previous roles you’ve had, what you enjoyed and what you didn’t enjoy, to begin painting a picture about your profile and skillset.

If in fact self-employment is a viable option, a coach will help to establish your specific goals for business ownership based on your I.L.W.E.

Some questions a coach will help you to answer might include:

  • What’s your income target that you would like to have as a result of being involved in the business?
  • What are your lifestyle goals? Do you want to work Monday to Friday, nine to five? 
  • Do you want to create and invest in a business that will allow you to build wealth and start to create a positive financial situation for you and your family?
  • How much equity do you want to be able to build up in a business, so to that point it’s going to be worth something to someone else?

Each of these components is a vitally important piece in defining your overall goals, needs and expectations in order to find the best business opportunity fit.

 

Aspiring entrepreneurs can take the first steps toward finding the right franchise opportunity by visiting http://www.entrepreneurssource.com/

Learn More at Franchise Friday:

To join the conversation on franchising, entrepreneurship and small business ownership, catch the Franchise Friday podcast every week at 10 AM or now available on iTunes! Follow us on Twitter @FranFridayShow and use #FranchiseFriday to keep the conversation going.

 

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The Entrepreneur’s Source Reviews – What Does a Franchise Coach Do?

The Entrepreneur’s Source Reviews – What Does a Franchise Coach Do?

The Coaching Advantage – A Secret Weapon to Finding Your Franchise Match

Franchise business coaching is not consulting or brokerage—in short, the role of a coach is to help discover what a franchise business can do for you and which business will best meet your individual income, lifestyle, wealth and equity goals.

“Business coaching is about listening to and looking at the individual client’s goals, needs and expectations, and then allowing them to discover business opportunities in a safe space,” said The Entrepreneur’s Source founder Terry Powell.

Utilizing a business coaching methodology developed over 30 years of success, The Entrepreneur’s Source focuses on collaboration to not only find a business that will lead you to your goals, but one you can be passionate about.

Here are 3 Tools Business Coaches Bring to the Table:

1.       An Insider View of the Franchise Industry:

Working with a franchise business coach gives you the educational foundation you need to understand the workings and makings of the franchise industry.

Say for example you are exploring business ownership on your own and get unknowingly involved in an owner operator business model—this means you have to be there for day-to-day operations of the business.

If your desired needs and expectations actually fit a semi-absent business model where you could hold a full-time job, but still build income, wealth, and equity, you may end up unhappy and unsuccessful within an owner operated model.

Gaining an education and understanding of the various franchise models and industries is very important not only to the success of your business, but the meeting of your desired lifestyle and goals.

2.       Personalized Business Opportunities:

You may have a perception of what business ownership looks like for you, but a business coach can help you take that vision and apply your unique background and skills to find a business opportunity that will help meet your income, lifestyle, wealth and equity goals.

Oftentimes, candidates find that the business best suited to help meet their ILWE goals in the long run is not the business they had envisioned from the start. A coach will not discount anything you tell them—but as they learn more about you, they gain a better understanding of whether the type of business you initially envisioned is indeed a good fit or not, based on several factors discovered throughout the Discovery Process.

Coaches simply ask you keep an open mind to the possibilities. Most people’s skillsets are highly transferable—meaning the right franchise will teach you the business step-by-step. A coach can help you find a business that sparks a passion that you didn’t even know you had.

3.       A Network of Ongoing Support:

The coaching process is a journey, from the initial stages of your coach learning about you and your background, to teaching you the franchise industry, defining your goals, needs and expectations and ultimately identifying you a franchise match.

A coach’s purpose during the Discovery Process is to make sure you are having a positive educational experience, as well as not making decisions based on perception.

Coaches remain actively involved and supportive from the time you are introduced to a business, to the stages of helping you find a franchise attorney for document reviews and even introductions to CPAs.

Entrepreneur’s Source coaches have a network of strategic professional relationships so when you do become a business owner, you have the support of professionals who are not only experts in the franchising industry, but are also sensitive to first-time business owners.

Many coaches keep in contact with their clients even after they become business owners in order to make sure they’re not only successful, but satisfied with their business decision.

The Coaching Advantage – A Secret Weapon to Finding Your Franchise Match

Overall, the coaching process creates a space for you to evaluate your income, lifestyle, wealth and equity goals and to find the right franchise business opportunity.

“Coaching means helping somebody see a possibility that they could not see themselves. There are many days when we believe in our clients’ dream more than they do themselves,” said The Entrepreneur’s Source Brand Manager Tamara Loring.

“Our coaching process allows for a client to realize and believe in his or her potential, because we tap into their motivators. We are there to hold them accountable to not giving up on their dreams.”

Take the First Step 

Learn more and take the first step to connect with an Entrepreneur’s Source Coach at www.entrepreneurssource.com

To join the conversation on franchising, entrepreneurship and small business ownership, catch the Franchise Friday podcast every week at 10 AM or now available on iTunes! Follow us on Twitter @FranFridayShow and use #FranchiseFriday

 

 

 

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The Entrepreneur’s Source Franchise Coaching Advantage – What Entrepreneurs Need to Know

The Entrepreneur’s Source Franchise Coaching Advantage – What Entrepreneurs Need to Know

Last week on Franchise Friday, host Marissa Ruderman was joined by The Entrepreneur’s Source Coach Dan Prendergast.

Dan had a successful 24 year career in the hospitality industry as General Manager of both company owned and franchised Marriott and Hilton Brand hotels, having earned numerous awards including “Hotel of the Year” and “Highest Guest Satisfaction in Brand.”

Since joining The Entrepreneur’s Source team, Dan has also received a number of prestigious awards, including the TEAM Award in 2013, Franchisee of the Year and Top Performer Award in 2012.

Dan discussed the coaching advantage and what it means to work with an Entrepreneur’s Source Coach during the journey to franchise business ownership.

The Coaching Advantage Q&A – Everything Aspiring Business Owners Need to Know

What do you say to those wary of working with a coach?

I would just say that we are only here to help you keep an open mind and avoid making incorrect decisions based on not having the correct information or having a limited perception of business ownership.  There is no risk—if the client or the coach doesn’t see the value in the coaching engagement and it’s not being productive to both parties, we can end that relationship.

What can a candidate expect from their first conversation with a coach?

Generally, the initial conversation is done either over the phone or face-to-face. I ask the client for some general background information, what some of their personal goals are for both themselves and their families’ future and what’s prompting them to be interested in exploring business ownership opportunities.

Then, I take them through an overview of the coaching process and what I need from the client to be able to do my job effectively and that’s basically that—an overview of our process and a conversation to help determine whether a coach can help to find the right business opportunity for them.

If a candidate already has an idea of what business is right for them, why should they talk to a coach?

I meet candidates every day who come to me knowing exactly what they want to do and what type of industry they want to move forward with. However, I know from experience that when we look at their ILWE (Income, Lifestyle, Wealth and Equity) Goals, oftentimes the business that is going to help them meet those goals in the long run may not be what they had envisioned from the start.

Most people’s skillsets are highly transferable—meaning the right franchise will teach you the business step-by-step. A coach can help a client find a business that sparks a passion that wasn’t there before.

As coaches, we do not discount anything you tell us—but as we get to learn more about you, we gain a better understanding of whether the type of industry you brought to us is indeed a good fit or not. We just want you to keep an open mind.

How do you know if a candidate is a good fit for franchising?

If a candidate is not willing to follow a process or an established business model, it’s probably not a good idea for them to look at franchising—they might be better built for independent business ownership. We want to bring a franchisor a client that is really excited about the business, is willing to do just about anything to be successful and is very open to the franchisor teaching them how to be successful.

What if a candidate turns out to be a bad fit for business ownership?

Business ownership is not a good idea for every single client, and when we feel strongly that is the case, we have a duty and obligation as coaches to stop the process. We do not believe in setting our clients up for failure.

Does a coach help a candidate determine whether a candidate is financially ready?

Yes. Part of our obligation is to make sure our candidates are financially viable. All franchise businesses have a net worth requirement and a liquid requirement that needs to be met when we bring a client to them. We will help candidates take a look at their financial picture and ask some questions to help determine their fundability.

If at some point both the client and the franchisor are interested in one another, we will introduce the client to some of our third-party financial referral partners who perform a pre-qualification of the client at no cost. The client will know exactly what the investment of the business is.

Our funding partners will explain various options available to the client to potentially fund part or all of the business. We have very close relationships with these funding partners, and they take really good care of our clients. At the end of the day, we believe the client should look at all the options that are on the table to fund a business and pick the one that is best for themselves and their family.

What is the main difference between having a coach and not having a coach?

In short, our core value is to provide efficiency and clarity. We help clients save time and make the right decision.

There are 6,000 different franchise opportunities—a candidate may find themselves dealing with a franchisor that is not concerned about finding a candidate for long-term success in their business, but instead may take a more short-term approach and bring someone into the system that is not necessarily a good fit.

Someone jumping into business ownership on their own may enter into a business they bought based solely on perception.

A lot of people say, “I always wanted to own a restaurant.” Maybe they are a great fit for a restaurant, but let’s take a look at some aspects that come along with owning a restaurant. Oftentimes, it’s long hours. It’s a bigger investment. There is a lot of management of many moving parts, people and equipment, both of which break down.

Coaches are going to save them time and potentially aggravation and failure. We’re going to help them not make the wrong decision based on their perceptions.

We introduce them to businesses based on not only their past experience and perceptions, but also their needs and expectations, including income, lifestyle, wealth and equity goals.

Working with a coach not only helps candidates reach the feeling of, “Yeah, I’m a good fit for this business,” but just as importantly find a business that is going to say, “That’s the type of person we want in our organization.

Join Franchise Friday

Listen to the full episode of Dan’s Franchise Friday Show or find out more about working with an Entrepreneur’s Source Coach at www.entrepreneurssource.com

Catch Franchise Friday every week at 10 AM or now available on iTunes! Follow us on Twitter @FranFridayShow and use #FranchiseFriday to join in the conversation!

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