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Should I Franchise or Not?
A reader of one of my online sessions asked should he franchise his business or not. He had set up a service business and was getting ready to expand and wanted to know if franchising was a good potential strategy for this. How do I franchise my business? There are many criteria for franchising and if you have ever thought you might wish to franchise your business then this advice could be of value to you: You cannot determine if you should franchise or not until you have perfected your operation, any thing less than perfection will be doing a disservice to your future company and franchisees. I am not advocating waiting until it is actually perfect, for that day may not ever come, but rather making that a goal of your business building before deciding to franchise or not. Go read the "E-Myth." It is possible you might be pre-empted as your profits will be taken by attorneys and lawyers due to the increased regulations in franchising. We have issues in the US where workforce is often under the impression of the right to be irresponsible and if they do not work hard and fail they will most likely blame you and sue. So many factors to consider and many are not in any books. I would say; you need to start with about a million dollars solely dedicated to the franchise part of the business to get it to work. Not including all the prototypes or company owned stores or operations. There is an overload of information on this topic, but anyone truly interested in franchising needs to study up on these methods. If you can; I recommend some good books or articles on this subject you might wish to read: The Franchise Bible Trips and Traps When Buying a Franchise Franchising 101 Franchising for Dummies Franchising and Licensing I have read and own probably 30 books on the subject all have tid bits but these ought to be a good start. If this it not sufficient, a longer list can be made available from www.franchising.org . Remember most people write books for a reason; if it is written by an attorney it will have legal slant, an entrepreneur will have an optimistic and promotional slant, a consultant will have a strategic slant. You see? The book most important in my professional opinion after you have franchised would be; "The Franchise Relationship" www.franchiserelations.com . If you are considering the franchise format to expand your currently successful business then these are aspect and information you should be well versed in to make it all work. I wish you the best of luck and continued success. "Lance Winslow" - If you have innovative thoughts and unique perspectives, come think with Lance; www.WorldThinkTank.net/wttbbs
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My 16 year-old daughter said, "Gee Dad! You look just like an accountant"
And she wasn't being complimentary.
Accountants are perceived to be boring, stodgy and conservative.
Over the years we've been the butt of many jokes. I've heard them all.
Why did the accountant cross the road? Because he looked up the file and that's what they did last year! Ha Ha!
What do accountants use as a contraceptive? Their personality! Ha Ha!"
Why do accountants become accountants? They don't have the charisma to be undertakers! Ha Ha!
What do they call an accountant at the bottom of the sea? A bloody good start! Ha Ha!
I think I am the exception.
That's why I've begun to call myself a business strategist and counselor. "You're still an accountant," says teenage daughter.
I am still an accountant and I'm still as passionate about it as the day I started. Because accountants have an impact on people's lives. The advice we give changes people's businesses which in turn changes their lives. I'm excited in my role of accountant.
Accounting is not stodgy. Accounting is exciting. Accounting is cool! My ambition is to become the "cool dude of accounting". (do they still say "dude", do they still say "cool". Remember that song: When I say, "cool, man, cool, I don't mean cool, man, cool, I mean you leave me cold, Jack")
We were throwing some ideas around with some of our clients as we do from time to time, looking for that unique benefit that our firm gives to our clients. That unique something that distinguishes us from other accounting practices.
One said, "You have helped me to improve my business. Not only am I making more profits and have more to spend, but I also have more time to spend away from the business. The more time I spend at home with my family the happier my life is. And the happier I am the happier my wife and children seem to be.
When my wife is happy all sorts of good things happen ? even our sex life improves. That's it! You can advertise that using Kelvyn Peters CPA and Associates improves your sex life"
I don't think so!
Sorry, we haven't accepted his idea. You're completely on your own in that department, but we can help you improve your business and consequently your life. And your goal might not be extra profit but extra time for living! We know we can because we are doing it for others.
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"Accountants have been ripping off their clients for years", he told us. The 25 participants were shocked. These represented vibrant accounting firms from all around Australia, both large firms and small. They were at the cutting edge of the industry. Otherwise they would not have been at this kind of workshop.
To a person they resented that comment and one fellow wanted to punch him on the nose. (It wasn't me, but I would have held his coat).
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Dr Cleland presented the initial module. He did not openly criticize accountants this time, after all, it was the CPA's hosting it, but he gave almost the same speech (same jokes, too) as he had 20 years before.
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Know-it-all, Kelvyn Peters had to jump to his feet and say that the doctor had said exactly the same thing 20 years ago. Where were the signs of change? Universities were still not teaching accountants how to help their clients.
"This seminar with CPA Australia and the suggestion they might make client based accounting a speciality is a good sign", he replied.
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Nothing has changed. Our hopes have withered on the vine and small business must look elsewhere for help.
Recently I was called in to assist an ailing restaurant. We were happy to work with their existing accountant. We'd rather do the fun stuff and let the accountant do the boring tax returns and compliance work. In this case the client insisted we take over the whole of the accounting function.
The accountant was most unhappy. "They are difficult clients", he said, "I have kept the fee lower than it should be and I have done extra to help them".
Indeed, he had! The financial statements were beautiful to behold with colored graphs and key ratios compared against industry average. (most accountants still don't do that.
I had advised that both wages costs and cost of foodstuffs were too high. Our focus was to form tactics to reduce them.
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I told him that the client knew the kitchen wages were too high and what he wanted was for someone to show them how to reduce the wages in the kitchen.
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Yes they would. They were going to pay me.
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Of course the client will complain about fees whatever the level if all he receives are not useful to him.
Accountants generally are flat out preparing financial statements and tax returns. Meeting dead-lines. They haven't the time to 'smell the roses'. Anything that doesn't help meet a dead-line has to wait until later. Often its too late.
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