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Joe Barbat “Don’t Skip These Steps” Franchise Tips

May 20th, 2011 Comments off

Joe Barbat CEO of Wireless ToyzBased on my personal experience when working with franchise candidates, I strongly recommend that when you are researching franchise brands and opportunities, DO NOT SKIP THESE STEPS:

  1. Ask the franchisor’s representative specific questions about the business.  This means that you should create a list of the questions that are important to you and take your time when contacting the franchisor to ensure that your questions are answered thoroughly.
  2. Thoroughly read the Franchise Disclosure Document (The FDD is the information that the franchisor is legally obligated to provide prior to the signing of a franchise agreement. The structure is dictated by the Federal Trade Commission to ensure uniformity.)
  3. Interview current franchisees (They are listed in the FDD) regarding their experience with the franchisor.
  4. Interview former franchisees (They are listed in the FDD) regarding their experience with the franchisor.
  5. Visit as many current franchise locations as possible and conduct an on-site assessment to see if the day to day operations are a fit for your lifestyle.
  6. Read articles in business publications about the franchise, the franchisor and its franchisees.
  7. If the franchise is publicly traded, review the annual report.
  8. Check to see if the franchise has been reviewed by a credible third party, such as Entrepreneur Magazine’s Franchise 500, FranSurvey, Franchise Business Review or Inc Magazine’s Inc 500, and compare the results.

You want to make an informed business decision about the business that you are intending to purchase. Your research will help you calculate your opportunity cost: the risk you take with your investment capital, your time, and your potential to derive an income from another job or business. Not only that, you want to secure the value of your assets for the time in the future when you may wish to sell the business.

About Joe Barbat

As a leader in the wireless retail industry, Joe Barbat founded Wireless Toyz in 1995 and grew the organization to a multi-location national franchise.  Now Joe Barbat focuses on providing quality information and advice for franchise candidates that are interested in creating a better life through owning a franchise.  Questions, thoughts, and comments about your franchise search experience are fielded by visiting the Ask Joe Barbat section of the website.

Joe Barbat Tips For Being A Happy Franchisee

May 20th, 2011 Comments off

Joe BarbatIt’s no secret that planning and preparation offer the greatest advantages for success in business.  As a candidate to own a franchise you need all of the assistance that you can handle during the evaluation, selection, and then operation phase of your new business.  Below are a few good resources that can offer insight on specific topics to help make your franchise experience a happy one:

Guiding Principles for Franchisees

What are the guiding principles for franchisees?  What should the be thinking about on a day to day basis?  Joe Barbat goes into a deeper explanation on these topics in his Franchise Advice post.

Franchise Ramp Up Time

Quite often, franchise candidates forget the time needed to properly open and ramp up a franchise to full operating capabilities.  Joe Barbat explains some of these steps in detail and how to best Ramp Up Your Franchise.

New Franchise Investment

What are the factors that go into the final investment for purchasing and opening a franchise?  If you are looking for a checklist then this blog post from Joe Barbat about the Opening Franchise Investment Checklist is just for you.

Franchise Due Diligence

What are the steps needed to begin evaluating a franchise to see if it is a fit for you?  Consider following these Franchise Due Diligence Tips as recommended by Joe Barbat.

About Joe Barbat

As a leader in the wireless retail industry, Joe Barbat founded Wireless Toyz in 1995 and grew the organization to a multi-location national franchise.  Now Joe Barbat focuses on providing quality information and advice for franchise candidates that are interested in creating a better life through owning a franchise.  Questions, thoughts, and comments about your franchise search experience are fielded by visiting the Ask Joe Barbat section of the website.

 

Joe Barbat Franchise Opportunity Characteristics

May 4th, 2011 Comments off

Joe Barbat Key Traits for Successful FranchiseesOwning and operating a successful franchise business is a life-long dream for many people.  When considering the right franchise business for your dreams, know the characteristics that lead to success are critical.  Below are the key traits observed across a few different franchise business types by Joe Barbat:

Successful Traits of Restaurant & Food Franchisees

  • Experienced, hands-on manager.
  • Ability to build and lead great teams.
  • Ability to train others.
  • Ability to anticipate guests’ needs and preferences.
  • Ability to deliver extraordinary customer service in a professional manner.
  • High energy; often this type of franchise requires long hours in the early years.
  • Sales skills help.

Successful Traits of Retail Franchisees

  • Experienced hands-on manager.
  • Ability to model professional sales skills.
  • Ability to build and lead great teams.
  • Ability to train and motivate employees to greatness.
  • Ability to deliver extraordinary customer service in a professional manner.
  • Access to low-interest capital (to build and maintain inventory).

Successful Traits of a Business to Business (B2B) Franchisee

  • Experienced, hands-on manager.
  • Ability to motivate employees to greatness.
  • Ability to focus on extraordinary customer service delivered in a fair and professional manner.
  • Ability to respond to customer inquiries quickly and thoroughly.
  • Sales skills.
  • Networking skills.

Successful Traits of a Business to Consumer (B2C) Franchisee

  • Experienced hands-on manager.
  • Ability to motivate employees to greatness.
  • Ability to focus on extraordinary customer service delivered in a fair and professional manner.
  • Ability to respond to customer inquiries quickly and thoroughly.
  • Sales skills.

Successful Traits of a Home-Based Franchisee

  • Ability to balance family and business needs.
  • Organized with the ability to multi-task.
  • Excellent marketer with ability to reach out to new audiences.
  • Networking skills.
  • While you may be the technician, or the person providing the products or services, higher revenues come from your ability to motivate great employees.

If you find yourself, or someone that you know and care about, in the midst of a franchise search; consider downloading the Franchisee Field Manual designed by Wireless Toyz Founder Joe Barbat.

 

Are You The Ideal Franchisee?

April 14th, 2011 No comments

Joe Barbat CEO of Wireless ToyzMany franchisors have an “Ideal Franchisee” profile.  This is the set of characteristics that their most successful franchisees possess, and, a criterion by which they use to evaluate future franchisees.

You can create a spreadsheet like the example here comparing your traits to a franchisor’s “Ideal Franchisee.”

List the Ideal Candidate Characteristics for Each Franchisor (EXAMPLE).

Successful Franchisee TraitsHighlight where your personal characteristics and their description of an ideal franchisee match.  Explore these franchise brands further.

Successful Franchisee Trait Worksheet

About Joe Barbat

Joe Barbat founded Wireless Toyz in 1995 and grew the company from a one kiosk service center to a multi-location franchise throughout the United States. As an avid fan of all things Michigan, Joe enjoys snowmobiling, family, and recreational activities, as well as, testing the next hottest technology products to enter the wireless marketplace. Honored by both Crain’s Detroit and Ernst & Young for community involvement and entrepreneurship, Joe Barbat has a passion for developing successful franchise businesses in the wireless retail industry.

How To Eliminate Franchise Choices

April 14th, 2011 Comments off

Joe Barbat CEO of Wireless ToyzHave you ever wondered how to go about eliminating franchise choices from your list of opportunities?

Think about what you have disliked about previous jobs or businesses and quickly write down those activities you want to avoid in the spaces below.

1.____________________________________________

2.____________________________________________

3.____________________________________________

4.____________________________________________

5.____________________________________________

6.____________________________________________

7.____________________________________________

Be honest with yourself. If you know deep down that you do not like being in the kitchen or won’t ever clean a bathroom, don’t consider a restaurant franchise; eliminate that category as an option for yourself.

If you know that you would prefer to work from home, focus on home-based businesses opportunities.  Being honest with yourself about your abilities will save you time and help you to develop a manageable franchise list with the right brands and concepts that are the best fit for you.

About Joe Barbat

Joe Barbat founded Wireless Toyz in 1995 and grew the company from a one kiosk service center to a multi-location franchise throughout the United States. As an avid fan of all things Michigan, Joe enjoys snowmobiling, family, and recreational activities, as well as, testing the next hottest technology products to enter the wireless marketplace. Honored by both Crain’s Detroit and Ernst & Young for community involvement and entrepreneurship, Joe Barbat has a passion for developing successful franchise businesses in the wireless retail industry.