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The Entrepreneur’s Source Terry Powell Reviews the Pillars of Franchising

For individuals who are looking to move from Employment to Empowerment by entering the world of self-employment, investing in a franchise proves to be a successful route for many. By purchasing a franchise business, entrepreneurs are investing in the three pillars that are ingrained in the franchising model. These pillars, which are at the core of franchising, help to save entrepreneurs sufficient time and energy when operating their business.

“Franchises give franchisees a proven entrepreneurial track to run on, complete with a brand name, operating system, and ongoing support. Independent business owners have to figure out those pillars for themselves,” founder of The Entrepreneur’s Source Terry Powell said.

A Breakdown of the Three Pillars of Franchising
A brand name can go a long way when it comes to recruiting customers to consume a new business’ product or service. Because these services and products are already established and have a following, this is an added advantage of purchasing a franchise brand. From here, business owners have the ability to utilize this already built-in customer base instead of having the duty and anxiety linked to creating a new image and reputation altogether.

When investing in a franchise, you are also investing in their proven operational systems and procedures, increasing an entrepreneur’s chance of opening a profitable business. These in-place and established systems enable franchisees to save time by forgoing the associated time and resources that come with forming best practices.

Finally, a franchise provides entrepreneurs with sufficient ongoing support not just when a franchise opens, but throughout its lifespan. When first opening, franchisors offer new businesses access to their supplier relations, marketing channels and collateral and admission to use the system’s proprietary technologies to help get their business up and running. Franchisees are also provided with regimented training programs so that the new franchise can learn about the business he or she is entering as well as the industry their business falls in.

When entrepreneurs decide to make the move and invest in a franchise, they are not only investing in their future business, but their individual success as well. Franchising adds a plethora of added benefits that opening a mom-and-pop business may not.

If you’re interested in learning more about franchising and how you can befit from the three pillars of franchising, sign up for The Entrepreneur’s Source Start a Business Weekend virtual franchise expo on September 18-21st from 10 a.m. to 7 p.m. EST.

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The Entrepreneur’s Source Success Story: Clint Covey Moves from Employment to Empowerment with Fibrenew Franchise

Gray hair and an AARP card are no longer signs of an individual close to the road of retirement. It’s becoming more and more common for individuals reaching their senior years, specifically the Baby Boomer generation, to continue their careers past the age of retirement. For Clint Covey, continuing along with his corporate career wasn’t the right option, but what was his second act going to look like? Covey had no idea.

Covey embarked on his journey from Employment to Empowerment when he quit his job as a corporate accountant in 2006 at the age of 53 thinking that he would have an easy time finding a new job. Covey found a job in consulting and simultaneously started school at Concordia University, getting his bachelor’s degrees in leadership and organizational management in an accelerated program in hopes of going the business route.

How The Entrepreneur’s Source Helped Covey
Covey was open to coaching and enlisted the help of an alternate career coach to help him explore his options. Covey worked with coach, Mike Accurso, at The Entrepreneur’s Source, to identify his Income, Lifestyle, Wealth and Equity (I.L.W.E) goals. He also while explored and learned about various business models, figuring out how they could potentially mesh with his goals, needs and expectations. He even learned about ways to fund a business.

After working with Accurso, Covey had developed a real appreciation for the synergies and systems a franchise can provide and honed in on Fibrenew, a franchise that specializes in mobile upholstery repairs and cleaning. This is nothing like Covey would have expected to become a part of, but by working with Accurso, Covey learned that this model was a mobile franchise that allowed him to make a smaller upfront investment, which helped him move forward while also meeting his I.L.W.E goals. In order to invest in his franchise, Covey decided to finance part of his franchise using a portion of his 401K, a growing trend among the Baby Boomer business owner population. Since opening his franchise in September of 2013, business has been good for Covey and he is planning on beginning partnerships with car dealerships to help clean used cars in the near future.

For more information on how you can move from Employment to Empowerment, contact a coach at The Entrepreneur’s Source today.

 

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How The Entrepreneur’s Source Franchise Helped Mary Beth Gibson to Create Beyond Boobs!

A colleague and friend of Mary Beth Gibson once asked her what she would be doing if her success was guaranteed. After some time contemplating, she responded by saying that she would open nonprofit that helps women with low self-esteem learn to soar. Then, unexpectedly, her friend probed further and asked why she wasn’t working on that dream.

However, Mary Beth would have loved to start a nonprofit as she described, the thought was impossibly scary to her. She was the Director of Human Resources at a Fortune 500 company where she made good money.

Mary Beth and The Entrepreneur’s Source Franchise
Fast forward a year, and Mary Beth’s job was unexpectedly eliminated in an unprofessional way right before her 40th birthday – forcing her to reevaluate where her future would go. In the past, Mary Beth had envisioned how great it would be to own her own business, and some of her friends and her would even meet after work and brainstorms business models over happy hour, waiting for the perfect opportunity or idea.

After some discussing her options with The Entrepreneur’s Source’s Gus Lurillo, Mary Beth began considering moving from the HR profession and becoming an entrepreneur. After considering her options, Mary Beth invested almost all of her life savings in an Entrepreneur’s Source franchise, “the very business that helped me discover the possibilities,” as Mary Beth puts it.

Just three months after launching her The Entrepreneur’s Source Franchise, Mary Beth received some devastating news: She was diagnosed with breast cancer. Mary Beth continued to thrive in her new franchise making placements for potential franchisees while simultaneously receiving treatment.

The encouragement of Mary Beth’s friends and colleagues at The Entrepreneur’s Source franchise helped her fight through her cancer.

“During that year, I learned a lot about running a business, and I learned a lot about me,” she said.

The Start of Beyond Boobs!
Mary Beth found that she needed other women to lean on and talk to during her cancer experience.  She jokes that she “accidentally” started a non-profit, her long-time dream, with her friend Rene during the process. In the fall of 2006, Mary Beth and some other women with breast cancer came together and discovered that many of them had a delayed breast cancer diagnosis based on myths about breast cancer.

This insight inspired Mary Beth and the other women to share “The Things We Wished We Had Known” about breast health to help other women take charge of their own health, and in the process created Beyond Boobs!  Today, The Beyond Boobs! website is overflowing with health information to educate women to help them take “charge of their breast health.”

Mary Beth’s Gratitude for The Entrepreneur’s Source
Before losing her job and being diagnosed with breast cancer, it would have been hard for Mary Beth to predict that she would have helped start the Beyond Boobs! non-profit. However, once the obstacles that kept her from starting a non-profit were removed – her job, corporate sector salary, stock options, bonuses, benefits and other perks – she was able to more easily envision a new future.

“Going through the franchise validation process through The Entrepreneur’s Source gave me the confidence to believe in myself, try new things and dream big,” Mary Beth said. “My time as a coach gave me a wealth of knowledge and experiences about running a business. Without The Entrepreneur’s Source, I never would have made the transition from corporate America to co-founder and director of Beyond Boobs.”

Although Mary Beth experienced many roadblocks over the past few years, she recognizes that these struggles have only made her stronger because they led her to her entrepreneurial path. Mary Beth is very grateful for having found The Entrepreneur’s Source franchise because it helped her become equipped and learn the necessary skills to start and run her own non-profit.

To find out more information about how The Entrepreneur’s Source franchise can take you from Employment to Empowerment, consult an E-Source business coach.

 

 

 

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The Entrepreneur’s Source Terry Powell Highlights the Top 5 Baby Boomer-Friendly Franchise Opportunities

Retiring in today’s day in age just isn’t the same as it was 50 years ago, and the Baby Boomer generation isn’t ready to stop working. Baby Boomers, individuals born between 1946 and 1964, are still quite active in society and aren’t showing signs of settling down.

Baby Boomers Continue to Work
Baby Boomers continue dating, exercising, traveling and adventuring – and many have no plans of stopping in their near future. In fact, according to USA Today, about 65 percent of this generation plans to work after age 65 or don’t plan to retire at all. Within the past few years, it has become more common for Baby Boomers who hit the age of retirement to start a “second act” career to be able to afford their active lifestyles. A great route to take for this “second act” career for Baby Boomers can be turning to the franchise industry.

“Baby Boomers are known for being goal-oriented, competitive and independent which are three characteristics that contribute to being successful in a franchise,” said Terry Powell, founder of The Entrepreneur’s Source, the nation’s leading career and franchise business coaching network.

The Entrepreneur’s Source Terry Powell highlights the top 5 boomer-friendly franchise opportunities and why they make sense for this generation:

5 Types of Boomer-Friendly Franchising Opportunities:

  1. Home-based franchises: Contrary to how the name sounds, opening a home-based franchise doesn’t mean that the franchisee will be sitting on his or her couch all day. Franchisees are typically out and about mingling, networking and selling their products and services. This model typically requires a much lower overhead cost from Baby Boomers than brick-and-mortar franchises because they don’t have to pay for building space. Home-based franchises combine comfort and convenience to the franchisee with flexible hours. Among the many opportunities, some common franchises can be run from a home-base include event planning businesses, cleaning services and tutoring.
  2. Tutoring/education franchises: This could be a great “second act” opportunity for former teachers, caregivers or just anyone who is or can become passionate about helping kids. In this franchise, Baby Boomers are able to use their wisdom and intelligence using the franchise’s proven business model to educate and guide America’s youth. Many people in this franchise field find this type of business rewarding and fulfilling. This type of franchise typically requires a lower capital investment and tends to be lower-stress for entrepreneurs.
  3. Senior-care franchises: With the increase in age of the Baby Boomer generation, more and more elders are in need for senior-care services. In fact, the UN estimates that by 2050, the number of individual over 60 years old is set to triple, totaling over 2 billion people. This type of franchise allows for Baby Boomers to easily relate to their customer base. This franchise offers a lower initial investment accompanied by a high potential for revenue and a feel-good energy.
  4. Staffing/recruiting franchises: Although somewhat of a newer industry to the franchising world, employment services in the top 10 industries for wage and salary employment growth between 2008 and 2018 by the U.S. Bureau of Labor Statistics. Staffing service franchises are predicted to have high customer demand that will continue to grow as the economy continues to improve and shift.
  5. Business coaching franchises: This is a great opportunity for Baby Boomers who were former business professionals to pursue because it allows retirees to use their business experience to advise potential entrepreneurs. This opportunity is gratifying for retirees because they are able to act as a mentor to entrepreneurs and can help contribute to the success of others’ businesses. The Entrepreneur’s Source provides entrepreneurs with coaching on career changes, business start-ups and business performance to make sure that each of its clients thrives. For more information about talking to or becoming a business coach, go to www.entrepreneurssource.com/coaching.html.

It’s important for aspiring franchise owners to recognize that they do not have to love a product of service or have an emotional connection to it in order to capitalize on it. Investing in a product that a franchisee loves doesn’t necessarily equal success. It’s important to keep an open mind when choosing a prospective franchise to invest in, because the reality is, successful people are in the “business of business.”

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The Entrepreneur’s Source Terry Powell Welcomes Greg Tanner to FSBI Advisory Board

Franchise Source Brands International™ (FSBI), parent company to The Entrepreneur’s Source, is excited to announce that Greg Tanner, co-founder and partner of the Tanner Franchise Group, has joined FSBI’s advisory board. Tanner is a well-respected franchise industry veteran and comes to the advisory board in hopes of enhancing the brand’s overall growth strategy.

“Greg’s experience serving in multiple roles in the franchise industry over the past four decades will help us enhance various initiatives, including helping people move from Employment to Empowerment through franchising,” said The Entrepreneur’s Source Terry Powell, founder of FSBI. “We just hit our 30th anniversary and are stronger than ever, implementing several new marketing strategies and initiatives to help not only our brands grow, but also our franchisor partners. Greg’s advice and guidance will help us continue to move in the right direction.”

Tanner has been in the franchising industry for over 40 years, serving as a senior-level corporate executive, franchisor, franchisee, development manager and Tanner Franchise Group consulting partner.

He is recognized for his wealth of insight and on-point guidance in franchising, many of which he has assembled into his book, TANNERISMS. Tanner recently retired on July 1, 2014 from Aaron’s where he was awarded more than 900 franchises.

“When I announced my retirement from Aaron’s, I vowed that I was not retiring from franchising,” Tanner said. “Through the Tanner Franchise Group and now with Franchise Source, I can truly help franchisors grow their businesses. This role with Franchise Source Brands allows me do so within the FSBI network, as well as within the hundreds of franchisor partners who come to them for help building their franchise systems and implementing the right strategies to maintain happy, successful franchisees.”

Tanner also currently serves as an IFA VetFran committee member. In 2012, Tanner was named a Top 20 person to watch by Franchise Times magazine. His success in franchising can also be seen by his nomination to the International Franchise Association Hall of Fame.

For more information about the FSBI multi-brand business, click here.

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