Adopting the Entrepreneurial Mindset in Your Company Culture: Accept that Failure can be okay.

Welcome to the world of an entrepreneur.

The concept that failure can be okay can be so difficult to absorb. Do we really need to experience a failure to learn and succeed? Maybe not, but tried and true success does come with bumps and bruises and lessons learned from the experience of failure. What is the “entrepreneurial mindset?” According to a common misconception, an entrepreneur is a bold, risk-taking, rule-breaking individual with the reputation of a riverboat gambler. Why would you want that in your company culture? But, in reality, an entrepreneur is confident and decisive, understands risk clearly and knows when to challenge the status quo. Above all, an entrepreneur truly believes “Anything is possible.”  An entrepreneur is not just an individual associated with a business startup. It’s common to find them scattered throughout any business or organization, thus the term “corporate entrepreneur.”

 

UNDERSTANDING YOUR COMPANY CULTURE

Can you describe your company culture? Are your employees able to articulate it in simple terms to your customers, prospects and the business community? Culture is the personality of your company, which flows from the work environment, mission and vision, values and goals. Some traits are subtle, beneath the surface, while others are

very prominent.   Do you see any traits of the entrepreneurial mindset in your culture? Are you comfortable with risk? Do you minimize failure? Do you make decisions quickly? Above all, do you show extreme optimism when developing a new business model, evaluating a new product or considering change against the status quo? By shifting your culture to reward entrepreneurial thinking, you tend to become more creative and innovative. Employee morale, in general, tends to rise with a more positive outlook toward risk, failure, and difficult situations. Stress levels trend downward when you migrate toward “anything is possible” and a “no fear of failure” mentality.

Some cultures in this industry tend to be steeped in conservative and deep traditions of doing it a certain way and not moving toward change as quickly as other industries. That could be attributed to the unique skill set of the gas and welding business. Knowledge is often home-grown and self-taught. There are no classes in the universities or trade schools on selecting the right gas blend for a welding application, creating solutions to manage cylinder inventory,

understanding a customer’s need to go bulk, troubleshooting a frozen liquid cylinder and on and on.

If you’re looking for reasons or justifications your culture might need an adjustment, consider these:

  • Are you working harder for smaller efficiency gains? How much more cost-saving can you squeeze from your existing business model?
  • Is our cost to acquire new customers and market share rising per unit? How much more revenue growth can you get from the same business?
  • When you compare strategies with your closest competitor, is it getting harder to differentiate? If any of these hit home or you just have the intuition that change is needed, read on.

 

INTRODUCING THE MINDSET INTO YOUR CULTURE

 Depending on how deeply you want to embrace entrepreneurial thinking into your culture, here are ideas and levels

of commitment to consider. The flow is in order of go lightly and start small to go big and be bold.

 

Basic Knowledge and introduction

 Introduce the concept throughout your organization in short training workshop(s) and involve employees in feedback with ideas on how to implement and to what level.

“Homegrown” Champion

 Is there someone in the organization who exhibits traits of an entrepreneur? Consider them for a special assignment and/or add duties to their existing position where they teach and/or mentor others on thinking the entrepreneurial way. This could also be an opportunity for career advancement.

Recruiting new talent

Is there a vacant position you’re recruiting for? Add heavy emphasis on entrepreneurial thinking to the skill set in the search. Open it up to any position—sales, admin or operations.

 “Celebrate failure”

Find an opportunity to make a point of minimizing a failure someone in the organization has made. Reward them for

trying and missing. And then look for the next opportunity to celebrate another failure. Obviously not trying to fail but releasing the tension of trying something new without fear of retribution if it fails.

Create an “Entrepreneurship” Department

 Develop a new department tasked with innovation, ideas and new business model opportunities. This is a big one; you’re all in when you go this route.  But, why not.  The rewards can be significant innovation and creativity are key to driving success. Everyone stands to benefit by adopting one or more traits of an entrepreneur, and when the mindset works its way into your company culture, positive change will follow. Confident and clear decision making, no fear of failure and the belief that anything is possible are characteristics of a winning team. Throughout the company, no matter the skill or position, learning to think like an entrepreneur is bound to lead to a more enriching work environment and ultimately to more success with your business strategy.

Seeing the positive in failure

We began this article with the concept of tolerance of failure, which is central to the philosophy of entrepreneurship.  I’ll leave you with a few quotes on failure from well-known individuals who never let it get in the way of their success:

“Anyone who has never made a mistake has never tried anything new.”

Albert Einstein

“I have not failed; I’ve just found 10,000 ways that won’t work.”

Thomas Edison

“If you do what you’ve always done, you’ll get what you’ve always gotten.” Tony Robbins

 

John Tapley

John Tapley is a business management consultant and entrepreneur with expertise in new business startup, innovative business growth, and marketing strategies and digital/social media marketing.  He has significant experience in all facets of the industrial gas industry, both domestic and global.  He is also a mentor at the Entrepreneur and Innovation Institute, Georgia State University.

John can be reached at: John.Tapley@itbpartners.com and (404) 314-8106

Thank you for visiting our blog.

Jim Weber – Managing Partner, ITB Partners

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so; please leave a comment.

 

 

 

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

North Fulton Business RadioX Interview, September  26, 2019

Author of: Fighting Alligators, Job Search Strategy For The New Normal

David Shavzin, CMC to Speak at IMC USA’s National Conference, ConsultCon 2019

David Shavzin, CMC to Speak at IMC USA’s National Conference, ConsultCon 2019

 

David Shavzin

David, exit planning advisor, is Founder of The Value Track. He will speak to conference attendees on “Riding the Wealth Transfer Wave, Helping Clients Maximize Their Exit.”

Four million business will be sold in the next 5-10 years, resulting in a multibillion-dollar transfer of value. This is a significant opportunity for consultants because most business owners are not preparing an exit strategy. The right advisory team, working together, will help clients maximize the eventual sale of their business.

David created The Value Track to help business owners build value and create a path toward a successful exit. Too often, they have not built the value they need and are unprepared when the time comes to put their transition into action. David helps his clients improve their quality of life, build value in their company and exit on their own terms.

 

ConsultCon 2019, IMC USA’s National Conference (Dallas Oct. 4 – 6). Speakers also include Dave Copps, Melinda Marcus, CSP, and Alan Weiss. Starting out or a seasoned consultant, please join us to connect with other consultants, learn & form potential alliances. Info & Register: https://www.imcusa.org/page/ConsultCon2019  

 

David Shavzin, CMC

david@GetOnTheValueTrack.com

https://getonthevaluetrack.com/

 

Jim Weber, Managing Partner – ITB Partners North Fulton Business RadioX interviews

John Ray of North Fulton Business RadioX interviews Jim Weber, Managing Partner – ITB Partners  September 26, 2019

“North Fulton Business Radio,” Episode 167:  Jim Weber, ITB Partners

On this edition of “North Fulton Business Radio,” Jim Weber, Managing Partner of ITB Partners joins host John Ray to talk about his consortium of independent management consultants which serves start-ups to midcap companies and beyond. “North Fulton Business Radio” is broadcast from inside Renasant Bank in Alpharetta.

Jim Weber, ITB Partners

Jim Weber

Jim Weber is Managing Partner of ITB Partners, a consortium of independent management consultants providing high value-added solutions to your problems. ITB Partners helps business managers solve their problems by connecting them with high-quality independent management consultants. ITB’s consultants are experienced leaders, discipline experts, and project managers. Clients are publicly and privately owned mid-caps; private equity groups and their portfolio companies, start-ups, acquisitions, and turnarounds. The firm’s industry expertise ranges from consumer packaged goods and manufacturing to supply/chain, logistics, and the service sector. Additionally, they have depth in consumer services franchising, specifically restaurant, hospitality, and retail. The core of the firm’s business is the belief that client success is paramount. This belief ensures that the focus is fixed on delivering a high-quality product. This client-focused approach is simple: Listen to understand the client’s needs analysis to provide insight; foster trust to forge a true business partnership; plan, implement and follow-through; and be accountable for results. ITB has a solid track record of success and long-term relationships with high repeat business. The firm’s referenced client list shows high client satisfaction. In addition, the consortium’s depth and breadth of skills, abilities, and experience include more than 25 years in multi-industry environments, leadership positions in large multi-national organizations, as well as experience in building and leading successful businesses.

For more information visit itbpartners.com, or email Jim directly.

Thank you for visiting our blog.

Jim Weber – Managing Partner, ITB Partners

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so; please leave a comment.

 

 

 

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

Author of: Fighting Alligators, Job Search Strategy For The New Normal

Webinar – Three Pillars For Success – October 10 at 2:00 p.m. Eastern

“Three Pillars For Success” Webinar

 

Join Us, October 10 at 2:00 p.m. Eastern  To Hear Jim Weber Present

The Three Pillars To Success

Description

Get Serious about creating an effective business development plan!
 
Jim Weber – Managing Partner, ITB Partners

Jim Weber is President of New Century Dynamics Executive Search, and Managing Partner of ITB Partners, Management Consultants. He will be presenting “The Three Pillars for Success.”

This webinar is designed to help you if you are trying to attract new clients/customers, looking for a new full-time job, or considering a career as a Freelancer.
ITB Partners is a Consortium of independent management consultants providing high value-added solutions to your problems. For more information, please visit our website at www.ITBPartners.com
For more information about ITB Partners, please visit our website;  https://itbpartners.com
Thank You!
| Jim Weber | Managing Partner | ITB Partners |
| 770-649-7051 | Jim.Weber@itbpartners.com |

Anatomy of a Fractional CFO Engagement

Drew Garner

In the spring of 2018, Rebecca Holderread connected Jim Weber, Managing Partner of ITB Partners, to the CEO for a 30-year-old Atlanta area-based not-for-profit. Rebecca is a member of ITB Partners and a fractional CFO. As she had taken a full-time CFO assignment with one of her clients, she was not able to pursue this engagement herself.

 

When Jim was introduced to the CEO the extent of his understanding was that this not-for-profit needed a new CFO.  After a few email exchanges, Jim and the prospective client scheduled a face-to-face meeting, late in the day at the prospect’s offices.   The point was to conduct the meeting without alerting the incumbent Director of Finance. Jim said that the meeting consisted of the CEO and two of her board members. The first part of their meeting was an opportunity for Jim to understand the prospective client’s situation.

The prospect is a non-profit organization [501(c)(3)] established in 1988 by the CEO.  This company became Georgia’s first licensed therapeutic foster care agency. In addition to placement and care for foster children, the client provides host home care for adults with developmental and physical disabilities, provides behavioral and life skills coaching for foster youth and adults and through a dedicated program, provides support, guidance, and assistance needed by teen mothers & fathers to succeed as adults and parents.

The CEO told Jim that the current Director of Finance refused to provide financial information in a format that enabled the leadership to effectively manage their business.  She went on to say that he had failed to provide analysis to facilitate thoughtful decisions. Additionally, whereas the CEO wanted to install a budgeting process, the incumbent had no interest in accommodating her directive.  Furthermore, this gentleman had become belligerent and insubordinate toward leadership. The situation had become intolerable, so a change had to be made

Not surprisingly, there were budgeting constraints on the compensation available for a replacement.  Based on his understanding of the situation, Jim pitched them on engaging a fractional CFO.  He explained the concept to the prospect, ensuring them that they could achieve their objectives without significantly impacting the P&L.   The CEO liked that idea and agreed to interview several highly capable fractional CFOs affiliated with ITB Partners.  I was the first on the list and met with the CEO.  We connected so well that leadership decided not to talk to anyone else.  I was hired for the engagement and their Director of Finance was terminated.

CFO Services Engagement:

When I started the engagement, I understood that the client was looking for better team collaboration and alignment with the fractional CFO. The CEO and the new Board of Directors (BOD) expected me to lead the financial position, to provide more timely and insightful financial statements and analytics, budgeting/forecasting, cash flow management, and strategic planning.  What I soon learned that the timing of taking on this assignment and the termination of the Director of Finance was problematic.  It was tax and reporting season, so I had to scramble.

 

Focus Areas and Results to Date:

  • Fully conformed financial statements to GAAP
  • Transitioned accounting package from desktop to the online version to improve efficiency and data security
  • Created a new monthly financial statement package meeting both internal & BOD requirements
  • Refined and extended forward view of cash forecasting, with a focus on liquidity management
  • Provided counsel/analysis to CEO leading to a favorable outcome in renegotiating a material vendor debt
  • Developed financial analysis to evaluate the profitability of various programs
  • Partnered with the CEO, to develop strategies and related financial plans for key programs
  • Developed annual budget for each dept and consolidated agency
  • Improved internal controls
  • With CEO, developed components of strategy and management template for execution of a first-ever, multi-year capital campaign
  • Ongoing training of new full-time CFO

 

A year and a half later, I’m still working with the client.  I provide ongoing support to the CFO with annual audit, regulatory reporting, cash flow forecasting, monthly financial package, and various financial analyses, as needed.  I also participate in BOD meetings, as required.

Jim likes to remind us of the importance of the Fractional CFO.  I believe the value-added services I provided for this client proves his point.  They were able to achieve their goals to improve the management of their business without compromising their financial resources.  Today, they are in a far better position to deliver on their mission.

Thank you for visiting our blog.

Jim Weber – Managing Partner, ITB Partners

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so; please leave a comment.

 

 

 

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

Author of: Fighting Alligators, Job Search Strategy For The New Normal

The Three Pillars of Success

Jim Weber Presents “The Three Pillars of Success “to the August Atlanta BENG Chapter Meeting 

Jim Weber – Managing Partner, ITB Partners

Jim Weber, Managing Partner ITB Partners, founder of New Century Dynamics Executive Search and the author of “Fighting Alligators: Job Search Strategy For The New Normal”  presented “The Three Pillars For Success”  to The BENG Atlanta Chapter in August.

This discussion is meant for career-minded professionals who are gainfully employed, or between situations, and independent business owners looking to become more successful.

To view this presentation, Click Here!

Thank you for interest in ITB Partners.

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so; please leave a comment.

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

Author of: Fighting Alligators, Job Search Strategy For The New Normal

 

 

Drew Garner to Lead ITB Partners Accounting and Finance Practice Group

Drew Garner

Drew Garner is a C-Level financial executive with over 30 years of progressive leadership roles with market-leading Fortune 100, privately held and private equity-owned companies in the consumer products, retail, construction services, manufacturing and foodservice sectors in both B2B and B2C environments. He has consistently demonstrated strong leadership through collaboration with executive teams to develop and implement strategy, gain organizational buy-in, develop execution methodologies, deliver profitable results and manage positive change in growth companies as well as turnaround scenarios. Drew is a Certified Public Accountant and has an MBA degree from the University of Georgia.

Drew Garner has been a member of ITB Partners since May of 2017.  For the past year, and currently, Drew has been engaged as a Fractional CFO for Creative Community Solutions, a Norcross-based not-for-profit.

Please join me in welcoming Drew to his new role as leader/facilitator of the Accounting and Finance Practice Group.

Our Business Is Your Success

 

ITB Partners

ITB Partners is a Consortium of independent
management consultants providing high value-added solutions to your problems.

We help Managers solve their problems by connecting them with high-quality
Independent Management Consultants.
Our consultants are experienced leaders, discipline experts, and project managers. Our clients are publicly and privately owned mid-caps; private equity groups and their portfolio companies, start-ups, acquisitions, and turnarounds.

Our industry expertise ranges from consumer packaged goods and
manufacturing to supply/chain, logistics, and the service sector.
Additionally, we have depth in consumer services franchising, specifically
restaurant, hospitality, retail.

Call us now to determine how we can help your business succeed.

Thank you for visiting ITB Partners.

Jim Weber – Managing Partner, ITB Partners

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so; please leave a comment.

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

Author of: Fighting Alligators, Job Search Strategy For The New Normal

 

 

Convergence: Applications to Ensure Compliance

SharePoint Logo

Have you ever had one of those weeks where your conversations all seem to be about the same type of issue, converging on one theme or course of action?  Well, I just experienced one of those weeks. Then again, it could be the way my mind works, as I continually look for links and connections. Whatever the case, I experienced a very interesting convergence of situations which I believe is was worth sharing.  The week began by talking with one of our consultants, Stan.  He is working with a client that helps companies optimize the benefits of SharePoint.  We are helping this client on several fronts, so the conversation lasted a little longer than usual. Before he signed off,  Stan told me how impressed he is with SharePoint‘s ability to improve communication, collaboration, and productivity for the enterprise.

 

A few days later I was talking with another consultant, Paul, regarding his progress marketing an integrated program/project management software product.  This SAAS product provides a comprehensive solution for franchisers to better manage its business development program.  The program enables management to easily determine the company’s progress toward meeting their goals and gaps at every stage in the process.

 

Convergence occurred when I remembered a conversation the prior week with another consultant, Faith.  She had told me about an adverse situation created when a patient received a new heart, but the system hadn’t been updated to reflect the candidate’s eligibility for a transplant.   That breakdown in the process created a question as to who’s responsible for the $1.4 million approximate costs of the procedure.  Faith explained that this glitch was an administrative error as the candidate still needed the heart and was qualified to receive the transplant, however, an updated authorization wasn’t secured.    I can only imagine how bad the situation could have been if the patient had died, prevented from receiving the transplant due to an administrative mistake.  It occurred to me that the system has a fundamental flaw that can be mitigated with a technical solution.  Faith continued by providing an overview of additional risk and complexity created by Federal Agencies and Laws regulating the Health Care Industry.

 

Federal Agencies and Laws regulating the Health Care Industry

  • Equal Employment Opportunity Commission (EEOC) and Health Care
  • Department of Labor and Health Care
  • Americans with Disabilities Act and Health Care
  • Homeland Security and Health Care
  • Occupational Safety and Health Act (OSHA) and Health Care

 

The mandate of the EEOC is to facilitate good management by ensuring that employment decisions are unaffected by discrimination.  Toward this end, hiring decisions, performance reviews, pay and benefits packages, and other employer offerings should exclude consideration for race, sex, age or religious affiliation (Gómez-Mejía, Balkin, & Cardy, 2016).

The Department of Labor (DOL) mandates that employers are responsible for scheduling, recording and reporting hours worked; including pre- and post-shift duties, scheduled travel time from job site to job site, or travel time related to training or on-site client meetings. Wages and deductions for all hours worked must be monitored and reported.  Overtime must be paid for hours worked exceeding 40 hours in a 7-day workweek.

The American with Disabilities Act (ADA) prohibits discrimination against individuals with disabilities.  The original bill was passed in 1990 and amended in 2008 with clarifying definitions.  If the applicant or employee is qualified for ADA purposes, reasonable accommodations must be made for the employee.  ADA provides guidance as to when and how applicants or employees may be asked about their medical condition or requirements for a medical examination.

Homeland Security relies on the health care community’s readiness to respond to disasters, natural or man-made.  Preparedness depends on staffing and training.

The Occupational Safety and Health Act, (OHSA) was passed in 1970 in response to the deaths of 78 coal miners working under questionable safety conditions.  Medical practitioners are exposed to a wide range of workplace hazards. Today, the health care and social assistance sectors experience more worker injuries and illnesses than any other industry.

These regulatory requirements, whatever the justification or good intentions, have injected additional complexity and risk into the Health Care Industry.  Failure to comply with these regulations may result in fines, litigation costs, lost contracts, and damage to brand equity.  Proactive expenses include continuing education to help employees stay current with relevant changes in laws and regulations.  Ignorance is no excuse for non-compliance and it can be costly.

In years past, we were left to devise elementary processes to ensure compliance with legislation and its mandates.  Today, however, we have powerful technological alternatives.  More to the point, technical solutions are readily available to help minimize risk and ensure compliance.  Share Point is one of several tools worth consideration.  The question is how to know which application to select?  This is where professionals can be of tremendous value.  Credentialed, seasoned experts are available to advise us on evaluation, selection, and the implementation of alternative platforms.  A professional fee for services is much less costly than a civil crime for a legislative error.

Thank you for visiting our blog.

Jim Weber – Managing Partner, ITB Partners

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so; please leave a comment.

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

Author of: Fighting Alligators, Job Search Strategy For The New Normal

 

Benefits of Engaging Independent Consultants

Cutters, Alpharetta, GA

It was my kind of week! I was busy, but I enjoyed a lot of variety and entertainment. I had a productive meeting with one of my consultants, Paul, over cigars and brews; a conference call with my Latin America Managing Director; coffee meetings with two prospective new consultants; and a luncheon meeting with a potential client. I even had time to complete a few administrative tasks and worked on strategic issues. My visit with Paul took an unexpected turn (it became even better) when Jeff, an alumni buddy joined us at the bar. What a lucky break! I couldn’t have been happier to see him. Jeff is a master licensee developing a non-food franchise concept in the state of Florida. He is an excellent connection for Paul, given that Paul is selling an integrated project management software package for franchisers. It was great to catch up with Jeff, and even better because Paul was able to make an excellent new connection. Connecting great people is my favorite part of work.

 

The highlight of the week was meeting with my turnaround client to discuss the next phase of our work. The first item of discussion was her update on the remaining contract in Florida. She told me she had successfully ended that contract and helped her employees land jobs with the new contractor.  She said that she secured the equipment and supplies at a Lakeland, Florida-based storage facility. She went on to say that she plans to move this equipment to Atlanta when she finds an appropriate local storage facility.  This last point gave us an excellent opportunity to talk about coordinating Strategy with operations. I reminded her that the equipment left in Florida was purchased to support her employees. And, she has no further need for that equipment as she will be using subcontractors going forward. I applauded her for successfully extricating herself from her expiring contract. However, I advised her not to spend anything further on that equipment except as required for its sale. She took my recommendation to heart and will work with her attorney to ensure compliance with the bankruptcy court to dispose of that equipment. Resolving that issue, we moved on.

 

The first phase of this assignment resulted in clarification around my client’s business strategy going forward. Now, the client will use subcontractors to execute her contracts, to minimize her reliance on full-time equivalents. Making this change will increase margins, reduce risk, and result in the more effective use of her time. The client also agreed to move away from the public sector (State and Local Government Accounts) to focus on the private sector, both business-to-business and the consumer market. The next phase of my work is to rebuild the client’s business development function. This change in strategy requires an updated positioning statement and value proposition, key tools for generating new business. My responsibility is to help her grow the business through new channels, promoting existing products and services.

 

Key Deliverables for Phase 2:

  • Update Positioning Statement and Value Proposition
  • Update Promotional Material to Reflect New Strategy
  • Develop Ongoing Communications Forward/Public Relations Effort Via Email and Social Media
  • Update Online Presence i.e. LinkedIn and Company Website
  • Evaluate and Present Options to Employ a Service to Schedule Sales Calls

 

During our meeting, we discussed the importance of leveraging our efforts to ensure that we are generating the maximum benefit for the time allotted to that effort. We discussed following the Pareto Principle to guide our work. In other words, to concentrate on the 20% of the activity that generates 80% of the output. To transition out of Chapter 11, one cannot waste their time. My client must ensure that she is getting the maximum payback from her work.

 

Josh Sweeney Presentation on Culture First Hiring

One of the most significant benefits provided by outside consultants is to use us as sounding boards to work through issues big and small. As we have vast experience in various situations, we help our clients make sound decisions in real-time. For questions requiring further consideration, we understand the analysis needed to find the answers. The most important benefit we pass along may be our knowledge of the fundamental principles for setting priorities and managing time.

 

Thank you for visiting our blog.

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so; please leave a comment.

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

Author of: Fighting Alligators, Job Search Strategy For The New Normal

10 Industries You Probably Never Think of as Franchises – Leslie Kuban

When you hear the word “franchise,” what image pops up? Most likely, it’s a fast-food chain; and, even more likely, it’s your favorite fast food. Is it time for lunch yet?

If you’ve dismissed franchise ownership because you don’t want to flip burgers or make sandwiches, you’re missing out on a vast world of opportunities.

Yes, the number of franchises in quick-service restaurants continues to grow, but these are by far not the only successful option. According to FRANdata, an independent research company for the franchising sector, there are more than 230 different industries represented in franchising; and, additionally, 200 new brands enter the market each year.

You may think most of these businesses are run by small independent owners or large corporations. Not true. Let’s take a closer look at 10 out-of-the-box categories crushing it in franchising.

1. Coworking Spaces

Responding to the increasing trends toward shared services, remote working, and short-term fractional work, more small businesses, and larger companies are opting for co-working environments over traditional brick and mortar leases. Can you say, “recurring revenue?”

2. Yoga and Dance

The boutique fitness industry is exploding and now yoga and fitness dance concepts are making their mark. Drivers include the demand for fun fitness activities in a community setting coupled with the high costs of healthcare.

3. IT Services

From cyber-security to strategic growth initiatives, managing your company’s IT services can be a huge headache. Outsourcing overseas often provides lackluster service. Businesses want trusted, local expertise they can count on for the long-term.

4. Drug Testing

It’s hard to imagine a private or public-sector employer without a substance abuse policy. The demand for reliable, fast, accessible testing options is intensifying.

5. Swim Lessons

When I was a kid, my parents taught me how to swim by tossing me in the neighborhood pool. Times have changed and parents are demanding more effective and healthier methods. Not just about learning to swim, the franchises in this category are addressing a safety need in underserved communities.

6. Nail Salons

Perhaps the best example of an industry once dominated by small, independent shops is nail care. The demand for more sophisticated, experienced-based nail care is driving growth. Franchising has nailed this industry with clinically clean, semi-absentee, multi-unit opportunities.

7. Retail Resale

We’re not talking consignment shops. Franchising is transforming the resale market by offering gently used specialty items at affordable prices. The sweet spot of this niche lies between expensive retail stores and low-quality, second-hand thrift.

8. Music Instruction/Enrichment

Music is more accessible than ever; yet, traditional schools are still reducing fine arts programs, thus, driving the demand for quality music instruction and enrichment. Gone are the days of the old-lady, piano teacher. Franchising has turned up the volume on music instruction, making it fun and cool to learn.

9. Tree Removal and Care

In my neck of the woods, trees are everywhere. Care and removal of trees is no longer a business for “Chuck in a Truck” (with a chainsaw) in this $17-billion industry. This is a classic example of franchising bringing professionalism and systematization to a fragmented, high-demand service…and reaping the rewards.

10. Digital Marketing Consulting

The majority of businesses in America are small businesses with a small marketing staff and even smaller marketing budgets. It’s no wonder B2B franchise models exist across the globe to assist businesses with their online marketing strategy and execution.

Because there is such an abundance of profitable franchise ownership opportunities that exist outside of fast food, me and 14 of my friends got together to dispel that myth in the Amazon bestselling book, More Than Just French Fries.

You too can grow a profitable business through the franchise model and it doesn’t have to cost a fortune or take up all your time. Semi-passive business ownership is accelerating as families look to side-gig options for a more secure future. I recommend that anyone exploring franchise ownership keep an open mind and consider a variety of different businesses in different industries, even the ones that surprise you.

If you’ve dismissed franchise ownership because you don’t want to flip burgers or make sandwiches, you’re missing out on a vast world of opportunities.

Leslie Kuban is a nationally recognized franchise industry expert, CFE (Certified Franchise Executive) and Market President of FranNet in Atlanta; a locally owned and operated franchise consulting firm. Leslie and her team have helped close to 500 individuals and families achieve their dreams of business ownership through a no-cost, extensive educational and coaching process.

Connect with Leslie online or call 770-579.3726 to start the conversation today.

Published by

Leslie Kuban

Leslie Kuban

Franchise Consultant | Franchise Owner | Best Selling Author | Speaker
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Author of: Fighting Alligators, Job Search Strategy For The New Normal