Brand New National Franchise Opportunity!

Brand New National Franchise Opportunity!

Healthcare is big business.  Franchising is big business.  And now NEO is combining the two to bring a state-of-the-art orthodontics concept to the franchise community.

 

NEO is the acronym for New Early Orthodontics®.  By treating children as early as age three without extractions, surgeries (or even braces in most cases) NEO’s proprietary approach sets them apart from traditional dentistry and orthodontic care.

 

The science behind NEO is not new.  Over the past 20+ years, millions of children around the world have been successfully treated with NEO’s proprietary system.  With decades of proven results and side-by-side comparisons of young patients who received early treatment though NEO versus those who did not, parents and dental professionals are fueling the excitement about NEO’s franchising program.

 

NEO is currently franchising nationwide.

 

If you would like more information about opening your own NEO Center, contact Rick Grossmann at  NEO Franchising, LLC    (720) 930-4489.


A Tale of Two New Franchisees

A Tale of Two New Franchisees

PHOTO - two restaurateurs

Entrepreneurs who choose to become franchisees enter the industry with a double dose of excitement because statistics prove that ‘it’s only a matter of time’ until they begin to see success and start making money.

 

While the franchise model continues to prove itself across thousands of different concepts and brands, the success of individual franchisees lies largely in their own hands.  Before a new franchise concept can operate, it first needs to open. While the paths may be similar, each journey can be very different.

 

 

Take, for instance, two restaurant professionals who recently signed Franchise Agreements:

Operations Experience

Corporate Experience

This entrepreneur had been working in QSR and fast-casual restaurant concepts for years. The goal was to learn the ropes and eventually become a franchisee. This person knows operations inside and out and worked hard to make their dream a reality. Fast forward a number of years and this person achieved their goal: They signed a Franchise Agreement to own and operate their own restaurant franchise. This entrepreneur has a degree in marketing and been a business professional for the past 15 years.   For ten of the past fifteen years, this person worked on the corporate side of three different multi-unit restaurant franchise concepts, each time crafting marketing campaigns that were very successful. After much consideration, this person also signed a Franchise Agreement to own and operate their own restaurant franchise.

 

So which new franchisee is better prepared for the road ahead and more likely to open a successful restaurant? Toss a coin!  Most people are shocked to hear that the outcome of such a major career decision comes down to a simple coin toss.  Surely that can’t be possible – right?  To a surprising extent, it is.

 

Because of each one’s past business experience, both will likely be successful once their restaurants are open. The tipping point will come down to how much development experience each one has (or learns) once the Franchise Agreement has been signed but before real money starts flying out the door. Whoever is well versed in calculating development timelines and realistic costs, in understanding all of the intricacies and the ‘right’ resources that go into getting their restaurant built, and whoever effectively manages the timeline, resources, and on-site challenges once the clock starts ticking will definitely have a more successful restaurant opening.

 

The task of getting the doors open is an important component of franchise success and yet many newer franchise professionals don’t realize just how much is involved until the tally of costly mistakes becomes painfully obvious. Many are left weary, financially strapped, and scared.

 

This scenario plays out across the board for concepts that operate from brick and mortar locations: restaurants and breweries, fitness concepts, beauty and healthcare/wellness concepts, entertainment concepts, you name it.

 

Doctors, dentists and orthodontists are becoming franchisees of chiropractic, men’s health, and dental concepts.  Professional athletes are in the game too.  Each knows their craft very well but few are familiar with the build-out tasks of getting their locations open.

 

If you or someone you know is joining the franchise ranks, NOW might be a great time to look into the National Franchise Institute’s Brick & Mortar Franchise Success program.  A great concept, a proper plan, the right knowledge, and experienced resources will make all the difference so your success extends beyond simply getting the doors open but building your legacy (and your bank account) in the process!

 

To your success…


We’re In The News Again! Franchise Times’ Book of Brands

Franchise Times - BOOK of BRANDS (Spring.Summer, 2016) NFI on Pg. 11We’re In The News Again!                                       Franchise Times’ Book of Brands

The National Franchise Institute is honored to appear in the Spring/Summer 2016 edition of Franchise Times’ Book of Brands. 

 

Click the link below to view the article.

 

 

National Franchise Institute – Franchise Times BOOK of BRANDS – It’s What You Don’t Know That’s Key


Franchise Success by Asking THE Most Important Question

Franchise Success by Asking THE Most Important Question

 

Nfi april #2 post 2016When it comes to selecting vendors, making purchasing decisions, bringing on partners or investors, hiring staff, weighing lending options, or building new locations, what we don’t know is often what comes back to bite us – sometimes in a big way.

Hindsight is 20/20 – This sentiment has been echoed for decades because it is as applicable and relevant today as it ever was.  When things are going well, Hindsight is nowhere to be found – and no one is looking for it!  When things go awry, Hindsight and Murphy (of the Murphy’s Law persuasion) are often found hanging out together, wreaking havoc in seemingly every area of your life.  If only we could have known how to prevent Hindsight and Murphy from ever beckoning our doorsteps in the first place!

In the future, maybe we can.  What if there was one question that, when asked, might thwart Hindsight and Murphy?  It can’t be just any question – it has to be THE most important question.

Few people would argue that ‘How much will this cost?’ or ‘How long will this take?’ are important questions to ask.  But is either one of them THE most important question?  ‘Will I be covered for this?’ is also a good question, and so is ‘What are the additional costs I will incur down the road’ but by themselves, neither of these would likely be considered THE most important question either.  Is there even such a thing as THE most important question — one that gets to the truth, begs transparency, creates trusted advisor opportunities, and is applicable in practically every purchasing decision, partnership/investor decision, new hire decision, borrowing decision or build-out situation?

It seems to me that there is…and here it is:

“What questions am I not asking that I need to know the answers to?”

Before you roll your eyes and stop reading, hear me out.  I recently wrote an article titled ‘Sounding the Alarm on Development Timelines for Franchise Locations’.  We’ll use this article as the litmus test.

To give you a quick summary, a prospective franchisee asked a franchise concept how long it would take before they would be open for business.  The concept’s representative painted an appealing answer by prefacing their response to include only a small portion of the overall development timeline (in this case, specifying “90 to 120 days from the date a lease is signed” vs. the more realistic timeframe of “9 to 12 months from today”).  In this example, the sizeable due diligence portion that usually accompanies the building of new locations was omitted because the truth would likely have elicited fear and brought an abrupt end to the conversation.

Had the prospective franchisee asked THE most important question, they would immediately be better equipped to make an informed decision.

‘What questions am I not asking that I need to know the answers to?’ could then have been answered more thoroughly:  “The question you’re not asking that is important for you to know is that it will likely take six to nine months from today before you are able to find a location, negotiate the lease, sign the lease, and actually take possession of the space.  Once you get to that milestone, it will be another 90 to 120 days until you will officially be open for business.  This means that you will need enough money on hand (or included as part of your lending application) to keep yourself afloat for up to a year, possibly longer.”

What questions am I not asking that I need to know the answers to?’ is a great tool that pulls back the curtain and gives more of a behind-the-scenes look at areas where knowledge is often hard earned though costly trial-and-error mistakes.

THE most important question doesn’t require you to have extensive knowledge about a particular subject in order to receive its benefits.  In fact, asking THE most important question opens a door that allows for a trusted advisor to shine their light and help you succeed.

Of course there are other ways to ask THE most important question which also get at the heart of looking under the proverbial hood of the car:

  • What do I not see that I should be looking for?
  • What will come back to haunt me?
  • How could this turn out to be a bad deal for me?
  • What additional information (or parts, or components, etc.) will I need?
  • What hidden fees will no longer be hidden once I sign on the dotted line?

The point here is to craft questions that will reveal important details that you may not even know to ask about.  We’ve all seen or heard stories that go something like this:  “Why didn’t you tell me about that?” “Because you didn’t ask.”

Is this a foolproof way to avoid every Hindsight or Murphy sighting?  Probably not – but you have to admit it will definitely lead to better dialogue and more informed decisions.  Give it a whirl and let me know what you find out.

To your success…


Franchise Times’® Visit to the National Franchise Institute’s Essential Competencies Program

Franchise Times (March, 2016 Cover)Franchise Times’ Visit to the National Franchise Institute’s Essential Competencies Program

In late 2015, the National Franchise Institute spoke with Nancy Weingartner, editor at Franchise Times magazine.  As the premier publication dedicated to franchise-related content and resources, we were only too excited to share details about our Essential Competencies program and how it helps franchisees to successfully open new brick and mortar locations.  Imagine our surprise and excitement when Nancy asked if she could fly to Denver to attend our January Essential Competencies program!

                                                                                                         View the Franchise Times Article Here