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The Entrepreneur’s Source Reviews the Past 30 Years in the Franchising Industry

People may remember the 1984 as the year Michael Jackson’s Thriller debuted or the year that The Cosby Show first graced television, but many remember it as the year The Entrepreneur’s Source first opened its door for business.

With 2014 marking its 30th anniversary, E-Source has gone back in time and has taken a look at the past 30 years in the franchising industry.

E-Source entered the franchising industry during a time of overall growth in the industry. In 1988, just four years after The Entrepreneur’s Source opened, 416,000 franchise businesses were in operation across the United States, providing jobs to 7 million workers and generating $543 billion dollars annually.

The millennium celebrated continual growth in the franchising industry. As of 2001, the International Franchise Association’s Educational Foundation reported that the number of franchises had almost doubled to 767,483 franchises, employing nearly 10 million Americans. By 2005, the number of franchises increased by 18.5 percent to 909,253 and 11 million Americans were employed by the franchise industry.

The economic recession that began in December 2007 brought slight stagnation to the growth of the franchise industry. Despite the economic hardship many industries faced, franchise employment remained overall strong when many other industries were experiencing layoffs and reductions. The franchise industry bounced back quickly from the recession and was a contributing factor in the creation of numerous jobs post-recession.

“Throughout the recession and tepid, uneven economic recovery, the strength of the franchise sector has been a consistent job creator for the U.S. economy,” said IFA President & CEO Steve Caldeira. “While the economic forecast has improved, reform of both the individual and corporate tax codes is long overdue. Given that small businesses create two-thirds of net new jobs, any tax reform must address both corporate and individual rates, so franchise small business owners can invest in building more units and creating more jobs.”

This year, the IFA’s Educational Foundation‘s The Franchise Business Economic Outlook: 2014  projects that the number of franchise businesses in 2014 is expected to increase 1.7 percent, adding nearly 200,000 new jobs to America. The IFA reports that over 75 industries use the franchising model and that one out of every 12 businesses is a franchise.

E-Source today has over 200 franchises and is responsible for connecting many entrepreneurs to franchises through its coaching resource. Operating as a “one source resource” for entrepreneurs, E-Source’s coaches have placed tens of thousands of people in business and franchises, representing over $400 million in client investments. Thanks to Terry Powell and E-Source coaches, E-Source happily celebrates a successful 30 years in business and looks forward to many more.

To learn more about the E-Source, visit us at http://www.entrepreneurssource.com/.

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Entrepreneur’s Source Reviews Ripoff Report & How to Research a Business Opportunity Online

The Internet is a valuable resource when it comes to researching a major life decision, like investing in a business, but it is vital for aspiring business owners to know the difference between a reliable and unreliable source online and to be informed and aware of the motives behind online resources.

The Entrepreneur’s Source works with hundreds of businesses and knows that compromising the reputation of a business is a serious matter—each review, complaint and Ripoff Report posted online can have a direct effect on the livelihood of individuals and their businesses.

Entrepreneur’s Source Reviews – What is Ripoff Report?

Fox News’ The O’Reilly Factor’s recent segment “Worst Web Sites in America” featured on-air tech expert and reporter Cassie Slane, who currently blogs for The Huffington Post Tech Section and writes for BestTechie.com. So what was her number one choice for worst website in America? Ripoff Report.

Ripoff Report is a privately owned and operated for-profit website founded by Ed Magedson and operated by Xcentric Ventures, LLC that allows users to post anonymous complaints or ‘reports’ about any business or individual.

See what she had to say in this clip from the segment below:


Additional Points to Consider about Ripoff Report as an Information Source:

  • According to Forbes, Ripoff Report generates several million dollars of revenue a year. Ripoff refuses to remove complaints, however, offers companies the option of paying a flat fee based on the volume of complaints received—ranging from $5,500 to more than $100,000, to have inspectors verify that complaints have been resolved before the site will inject a new headline and text above the original complaint. According to the site’s founder, about 40 firms or more signup for the “Corporate Advocacy Program” each month.
  • According to Phoenix New Times article The Real Rip-Off Report, the site is “a clearinghouse for customer complaints, it boasts 8 billion hits, more than 225,000 user-written ‘reports’ on various companies, and enough unsubstantiated allegations to make a CEO contemplate suicide.”
  • According to the Forbes article Love It Or Hate It, Ripoff Report Is In Expansion Mode, “His [Ed Magedson, Ripoff Report founder] uncompromising stance as the head of his company called Xcentric Ventures has provoked a stream of angry letters and lawsuits. ‘Usually a day or week doesn’t go by that I don’t get a threat of a lawsuit,’ he says with pride. He has paid more than $5 million in legal bills over the years, adding that Ripoff Report has been sued more than 70 times but never lost a U.S. case or ‘paid one dime to anyone ever.’”

How to Find Credible Information Online about a Business Opportunity

  • Remember that everyone has an agenda. There is always a motive behind the messages people make—the key is being aware of the possibility of hidden agendas. Disgruntled employees or clients are often the authors behind online complaints or negative reviews. Consult several different outlets and resources to get more than one side of the story before making a decision on where the truth lies.
  • Consult the credible. The job of credible news sources is to report the facts—news media can be held legally responsible for libel, defamation or false information. Review sites can be useful tools—when they operate on high standards for accuracy and fairness. Below are two examples of solid resources for business opportunity research.
    • The Better Business Bureau (BBB) is a nonprofit resource for the public to gather information about a business through free business reviews.  The BBB evaluates businesses against an established set of best practices, and reviews both accredited and non-accredited businesses.
    • The International Franchise Association (IFA) provides information on over 1,300 franchise concepts. IFA members adhere to the IFA’s high standards for business, and their website provides a library of franchising information available ranging from basic how to’s to advanced regulatory and legal information.
    • Pay attention to the details. There are six small factors that can wave a big red flag when evaluating the credibility of an online source. A website’s author, date, sources, domain, site design and writing style each lend hints to the credibility of an online source. If an author if willing to stand behind the content, it is a good indication the information in reliable. Publish dates of content should be considered to gauge how up-to-date the content is. Keep in mind domains labeled .gov or .edu are reserved for government and university entities, whereas any individual can purchase a .com, .org or .net. Finally, poor grammar, spelling and even web design may also be indications of compromised credibility.
    • Find an Additional Resource Offline. A business coach can help you to evaluate your Income, Lifestyle, Wealth and Equity (I.L.W.E.) Goals, and in turn find a business opportunity that meets your specific goals, needs and expectations for business ownership.

About The Entrepreneur’s Source

The Entrepreneur’s Source is North America’s leading career and franchise Business Coaching Company dedicated to the entrepreneur, with more than 200 coaches in the United States and Canada. E-Source helps individuals seeking alternate career options to find franchise business opportunities that match their Income, Lifestyle, Wealth and Equity Goals.

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The Entrepreneur’s Source Reviews 3 Reasons Women Succeed as Business Owners

The Entrepreneur’s Source Reviews 3 Reasons Women Succeed as Business Owners

“Women have an innate ability to empower others—their staff, their employees, their co-workers and in many cases, their customers.”- Judy Stoleson, Entrepreneur’s Source Coach and Co-Founder of Women Empowered by Business

Women-owned businesses are thriving—findings from the Spring 2014 Bank of America Small Business Owner Report show nearly 70 percent of women business owners expect sales to grow this year, and 56 percent plan to hire in 2014.

Judy Stoleson, successful Entrepreneur’s Source Coach and cofounder of Women Empowered by Business (WEBB)– a nationwide organization whose mission is to promote successful entrepreneurship among women– recently visited Franchise Friday  to discuss women in business, particularly in franchising and shared her insight on how women can become empowered through business ownership.

Below are three key traits Judy feels fuel women in business: communication, initiative and emotional intelligence.

Effective Communication. Carefully thinking before speaking and strategically choosing what and how to communicate specific information is vital to running a successful business. Studies have found that women actually use fewer words and have a better command of the English language than men.

However, an important part of effectively communicating is not only speaking efficiently, but listening as well. Women have the ability to both listen to customers and clearly communicate with employees what needs to be done.

Initiative. A recent Forbes article cited research by Zenger Folkman stating, “Two of the traits where women outscored men to the highest degree — taking initiative and driving for results — have long been thought of as particularly male strengths.”

Many women are willing to take the initiative toward improving their income, lifestyle, wealth and equity through business ownership, and are often rewarded for their sacrifice. Reports found one-third of women actually spend more time with their kids as a result of running their own businesses.

This could be attributed to the fact that women (and men) business owners both reported “multitasking” as their number one skill. Even further, a recent study found women are actually better at multitasking, even with conflicting tasks, than men.

Emotional Intelligence. Women often possess the innate ability to sense a person’s feelings, and coupled with their strong listening skills, this emotional intelligence gives them a competitive advantage over men when running a business.

Another principle of leadership women possess is the ability to inspire. They can listen to someone else’s ideas and collaborate to make people feel like a team. It’s not across the board, but many times, collaboration comes naturally to women and helps to increase the intelligence of the entire group.

Several studies have cited that women in leadership positions deliver a higher return on sale, a higher return on invested capital and a higher return on equity. As companies start to realize this, whether a franchise company or a Fortune 500, I believe women will continue breaking through the obstacles.

I’m careful not to say that women business owners are always better, stronger or more equipped than men, but instead recognize that women have unique leadership principles weighted in their favor.

Take the First Steps Toward Business Ownership.

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.

Check out 5 Things You Didn’t Know a Business Coach can do for You.

Also, those interested in learning more about everything small business ownership, franchising and entrepreneurship should listen to the Franchise Friday podcast every Friday at 10 a.m. EDT.

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The Entrepreneur’s Source Franchise Friday Q&A on Women in Business

The Entrepreneur’s Source Franchise Friday Q&A on Women in Business

Last week’s episode of Franchise Friday featured The Entrepreneur’s Source’s Judy Stoleson, co-founder of Women Empowered by Business (WEBB) and Entrepreneur’s Source regional developer and coach, to discuss women and business ownership today.

With 30 years of business experience, having served as a CPA, senior executive with a public corporation and small business owner, Judy has helped clients achieve their dream of business ownership for the past 13 years as both a regional developer and a coach with The Entrepreneur’s Source.

As co-founder of WEBB—a nationwide organization whose mission is to promote successful entrepreneurship among women—Judy helps to provide opportunities and resources designed to educate, empower and enlighten women as they embrace the challenges of business ownership.

Women and Business Ownership – Q&A with Judy Stoleson

What should a woman consider before pursuing business ownership?

She needs to know what she wants the business to do for her. A business is a vehicle to accomplish Income, Lifestyle, Wealth and Equity Goals, so she needs to understand that first. She then needs to find a business that will help her reach those goals.

She also needs to be confident in herself and look at her past performance, skills and the abilities she’s gained in the employment arena and bring them into her business. Basically, she needs to take a good look at her transferable skills and take the initiative to explore the possibility of being a business owner.

The possibilities are endless. You’ve just got believe in yourself and know what you’re trying to accomplish.

What makes franchising an opportune avenue for women aspiring to become business owners?

Franchising is just a wonderful way for women to break into business. It’s not the only way, but it’s a wonderful way. The system provided by a franchise business is a huge advantage for business owners. Franchising provides an established brand name, proven operating system and ongoing support team.

Not only that, but franchising offers part-time, semi absentee and full-time business model opportunities, meaning owners have options for desired time and capital commitment. These options allow women to enter into a business that not only supports their income and wealth goals, but lifestyle and life balance as well.

What is the main message behind Women Empowered by Business (WEBB)?

We really wanted to empower women to think bigger than they had before and to gain the tools needed to be a business owner. We not only create information to help women be business owners, but we encourage women to stop focusing on just being a small business owner, and instead focus on increasing revenues and realize their potential to be multi-million dollar revenue producers.

What sets women apart as business owners?

Communication, initiative and emotional intelligence are just a few of the key traits that fuel women in business. Several recent studies have shown women will deliver a higher sales return, a higher return on capital and a higher return on equity. As soon as companies start to realize this, I believe women are going to be breaking through the obstacles.

I’m always very careful to note that women business owners are not necessarily always better, stronger or more equipped than men, but rather that they have some unique leadership principles weighted in their favor, such as empowerment, leadership and emotional intelligence, and women need to focus on that.

Take the First Step Toward Business Ownership:

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.

Check out 5 Things You Didn’t Know a Business Coach can do for You.

Also, those interested in learning more about everything small business ownership, franchising and entrepreneurship should listen to the Franchise Friday podcast every Friday at 10 a.m. EDT.

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The Entrepreneur’s Source Reviews — 3 Traits of Semi-Absentee Business Owners

The Entrepreneur’s Source Reviews — 3 Traits of Semi-Absentee Business Owners 

On last week’s Franchise Friday, host Brendan Major, Director of Marketing for Franchise Source Brands International, discussed semi-absentee franchise ownership with Gus Iurillo, Entrepreneur’s Source Coach and multi-unit franchise owner.

The two also discussed a few prominent traits all successful semi-absentee franchise business owners share. Gus said to be successful “It’s all about taking control of your own destiny.”

“If you follow the system, do your homework, know exactly what you’re going to be required to do to be successful and are prepared to do it, you will be successful.”

Here are the three traits all semi-absentee business owners share:

1. They Don’t Only Stick with What They Know

Semi-absentee business owners know they don’t have to have a background in the industry they are investing in to be successful. In fact, not only do they not need to have a background in that particular industry, it’s almost better that they don’t. The franchisor has a system and a methodology for how to be successful in that industry and successful franchisees follow that inherent system. Sometimes, when a person has too much experience in something, they wind up becoming the technician of the business, working in it instead of working on it.

2. They Did their Ownership Research

Sometimes, an individual doesn’t know the best business type for them until they get into it. Owners of semi-absentee businesses have identified this ownership type as the best to fit their personal needs, goals and expectations. Gus says you have to measure your own temperament and determine, “Am I an empire builder? Do I want multiple concepts?” The critical piece for success in semi-absentee business ownership is to understand what’s required of you as a business owner and to invest in a business that meets your expectations for that time and capital. A business coach can help you to identify your Income, Lifestyle, Wealth and Equity Goals and find a business type that best fits you.

3. They are Comfortable with Balance

Semi-Absentee business owners understand that they don’t have to quit their day job to be successful in a new business endeavor. Through semi-absentee ownership, it’s possible to diversify your income without quitting your current job. However, it is important to make sure you understand what’s required of you as a business owner to get your business off the ground. Just make sure whatever you’re doing fits in with your overall strategy, as well as your capacity and availability of time. Semi-absentee business owners also understand that because it’s not a full-time endeavor, it may potentially take longer for them to turn a steady profit and they are okay with that based on their I.L.W.E. Goals.

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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