It’s no secret that some franchise coaches are better than others. While many offer an honest and valuable service, many myths still persist in the business world about what franchise coaches do – or don’t do. Here, I’m revealing the six most common myths about franchise coaches.
Don’t let these misperceptions steer you away from engaging a franchise coach. Rather, let these debunked myths guide you to the right coach who can help you with your franchise exploration. Now, those myths:
1. Franchise coaches believe all franchises are good
An experienced franchise coach understands that some franchises are good and others are not. You can’t generalise because franchising is not an industry; it’s a way of doing business.
It is the franchise coach’s job to make sure you are looking only at high-quality franchise systems. It is your responsibility to make sure you do your due diligence and determine good from bad. A franchise coach can help you in that process.
2. A franchise coach will prey on your emotions
Emotions can cloud your vision, making you vulnerable to seeing what you want to see – or what someone else wants you to see. When you are emotionally attached to an idea, you tend to listen to the information that supports your idea, and dismiss the information that does not support it.
An experienced franchise coach will convince you to look at the facts and gather information for a sound business decision. Above all, good franchise coaches understand that emotion should not come into play until you have laid a foundation built on facts.
3. Franchise coaches will always tell you to “Do what you love”
We’ve all heard the advice, “Do what you love.” But an experienced coach will help you sort out vocation versus avocation. He or she will help you decide if your love of golf will translate into a successful business or not.
You’ll be advised to carefully analyse your options, to ensure a good match between your interests/lifestyle goals and your skills/abilities.
4. Franchise coaches always claim to be experts
It is probably true that franchise coaches will tell you that they are experts in franchising and business ownership in general. However, an honest consultant will tell you if he or she can provide relevant advice and consult based on your particular needs. Regardless, it is your responsibility to make sure you work with a proven coach. Want to be sure you’re getting an expert? Follow this three-part litmus test:
- Is the franchise coach truly an expert in his or her area of self-proclaimed expertise? A minimum of ten years in the world of franchising is necessary. Ideally this will include experience on both the franchisor and franchisee side of the equation. Additional experience owning nonfranchised businesses would be helpful, as well.
- Does the franchise coach add value to your process? Franchising is about systems. Does the franchise coach have a system to help you make a better decision? Does the system make sense to you and will it help you make a better decision?
- Does the franchise coach have your best interests in mind? The coach should always focus on making sure that you feel protected and safe. You should never feel pressured during any part of the process.
5. Franchise coaches will monopolise the conversation
It’s easy to think that your coach will try to control the conversation. But a quality franchise coach should do more listening than talking, guiding you in the process so you can make the best decision. That’s why a quality franchise coach will actually steer you to have meaningful dialogue with both the franchisor and franchisees.
As part of my coaching practice, I provide a downloadable list of questions to ask franchisors and a second list to ask franchisees. You can find these questions in the “Download” section of my website.
These questions will allow you to pay attention to detail during the process so you will have a solid understanding of what it takes to be successful in the franchise.
6. Franchise coaches care only about the signature
Possibly the No. 1 misperception is that signing the franchise agreement is the end. That goes for you as the new franchisee, and for the franchise coach. In fact, signing the franchise agreement is only the beginning.
Yes, the investigation and preparation stages seem long and arduous. But once you’ve signed the franchise agreement, the real work begins. Part III of The Educated Franchisee shares advice on reaching your full potential as an owner. Read this section carefully and know that the future is in your hands.
This article was originally posted here on Entrepreneur.com.
How To Apply Lean Principles To Your Start-up’s Productivity And Time Management
Focusing on one thing at a time is a very good start.
If you’ve recently launched a start-up, I’m sure that you’ve heard a lot about being “lean.” But I’m not here to discuss the methodology popularised by the likes of Eric Ries.
The lean principles from a Toyota exec
I’m actually writing about the term and concept of “lean” that was originally developed by Toyota executive Taiichi Ohno during the reconstruction period in Japan following World War II. The process was so successful that more and more organisations around the world began to embrace it. However, it didn’t hit the mainstream until James P. Womack and Daniel T. Jones released their book Lean Thinking, in 1996.
Applying “lean” to productivity in start-ups
Today, lean principles have been applied to almost every industry both large and small scale. For instance, lean principles in the healthcare industry have been able to reduce costs, while improving efficiency. On a smaller scale, employees have used these principles to organise their workspaces.
Here are four ways you can apply lean concepts to your startup to improve both productivity and quality.
1. Improve your workplace using the five principles of lean
According to the Lean Institute, which was established by Womack and Jones in 1997, there are five core principles of lean:
Value: Value means putting yourself in your customer’s shoes and knowing what their needs are. This helps you determine timelines, pricing and expectations instead of constant trial and error. For your team, letting them know how they fit into the bigger picture can keep them motivated.
Value stream: Value stream is where you create a “value stream” of all the steps and processes required in getting the final product or service to your customers. This could include design, production, delivery, HR and customer service. Knowing this information allows you to eliminate any wasteful steps.
Flow: After you’ve removed any unnecessary waste from the value stream, you want to make sure that everything runs smoothly. Flow means not having any interruptions or delays. The flow involves breaking down steps, leveling out workloads, creating cross-functional departments and training your team so they can develop multiple skills.
Pull: When flow improves, so does the time it takes to get your goods or services to customers. As a result, they can “pull” whenever needed so you’re not constantly under- or overproducing inventory, content, etc.
Perfection: Even after successfully completing the first steps, you still need to constantly keep working to improve processes so that you can eliminate waste. Perfection may be an exalted goal in whatever endeavour we are pursuing – but we still must always be moving forward toward being the best and achieving the best.
2. Use the concept of 5S to get yourself organised
5S stands for sort, set in order, shine, standardise and sustain. You can use this concept to organise your workspace so you and your team are more productive by doing the following:
- Remove any items that you no longer need (sort)
- Organise your remaining items so you’re more efficient (straighten)
- Keep your workspace clean and tidy so you can find items and identify problems more quickly (shine)
- Color-code and label files and calendars to make you more consistent (standardise)
- Develop repeatable behaviours and habits that will keep your workplace clean and organised, such as completing one task before moving onto the next (sustain).
You and your team – even if they’re virtual employees working from a home office – can get started by throwing away anything unneeded. Place files into cabinets – colour-code your calendars – and keep items you frequently use nearby.
But these principles aren’t just limited to physical items. Digitally, you can use a project management system to assign tasks, quickly see the progress of projects and share files and comments in one organised dashboard.
3. Standardise your work to become more efficient
In manufacturing, there’s a standard process for everything. The reason? By doing something the same way time and time again you will eliminate waste since you’re not constantly trying out new techniques. Standardising also prevents errors and forgetfulness because there’s a checklist for ever step of the journey. For example, when a car is on the assembly line, it can’t move forward if someone forgot a bolt or installed a faulty steering wheel.
4. Standardise what makes sense
Start by keeping a time log to see when you’re most productive and how you’re spending your time. You may notice that you’re most productive in the mornings. If so, that’s when you should work on your most important task.
If you discover that you’re checking your email and social accounts too often, schedule specific times throughout the day to check them. To prevent wasteful meetings, you can standardise meetings. Make sure these meetings are necessary and include only key people pertinent to the information. Keep all meetings as short and concise as possible.
Get into a good flow to optimise your and your team’s performance
Flow is simply how work can progress through a system. When your system is running smoothly, flow is good. When flow hits a snag, it slows down the process and waste occurs.
Manufacturing facilities make it a point to ensure that the flow is good. Unless it’s an emergency, production lines rarely stop running. Everyone has a specific job to do, and that’s all they’re focused on. That’s not the case at your start-up. You must wear multiple hats, as well as deal with constant interruptions. How many times have you been in “the zone” and gotten distracted by a phone call or have no choice but to go put out a fire?
One way you can improve flow in your start-up is by focusing on one thing at a time. That means no more multitasking. Give your 100 percent focus to what you’re working on at the moment and then move on to your next task. This may take some self-discipline. But you can start by turning off all push notifications, closing your door, block scheduling and setting boundaries.
You can also help your team improve their flow by setting “do not disturb” zones and time frames. Another tip is to schedule a “no meeting” day. This way you and your team can maintain focus without getting interrupted by a meeting.
Finally, you may want to consider outsourcing and delegating certain tasks. Instead of worrying about your inbox all day, hire a virtual assistant to manage your email. If you need to get your books in order, then bring in a bookkeeper. This frees you up to work solely on growing your startup.
This article was originally posted here on Entrepreneur.com.
Which eCommerce Platform Should You Build Your Store On?
This is an important decision to make and with so many options out there it can become a bit overwhelming and confusing to decide which platform is the best option for you. So which platforms are best suited for a South African eCommerce entrepreneur?
Having owned and run websites using XCart, Magento, Shopify and WordPress, I’ve made enough mistakes and learnt enough lessons along the way to be able to help guide you to make the right decision about which platform is right for you…
When looking for options you’ll come across platforms like Prestashop, WordPress, WIX, Shopify, Squarespace, OpenCart, Magento, Shopstar, OneCart, ShopOn, LiquidBox, BigCommerce and endless more. All of which are trying to convince you that their platform is the best for you to use.
Reading international blogger reviews is helpful but they don’t account for how these website platforms perform in South Africa. They don’t review what the support is like in SA and which local software services are compatible. You see, these points are often neglected until you need them further down the line and only then find out how important it is that the platform you’re running your store on is made to work in SA.
Having worked with all the major website platforms I understand the importance of website support and how the site integrates with the local services which will make your life easier and your website better. Services like this include integrations into Rand (ZAR) based payment gateways, integrations into local courier services, API connections into marketplaces like Takealot and Bid Or Buy, and API connections into price comparison sites too.
The final factor to consider is the reputability of the website platform itself. There are many new and upcoming website platforms which I would love to support but when it comes to choosing a platform on which I’ll be building my business I need to know that I am going to be selecting a world-leading service provider.
So with this in mind I can help to narrow down your options to two platforms being WordPress with WooCommerce and Shopify. Which of these two is right for you will depend on how much you value your time.
Shopify will cost you $29 per month but the ease-of-use is such that even a novice can get a site live within a week. Operating WooCommerce on WordPress is complex for beginners and it will take you much longer to figure it all out before you can take your site live but the plus side is that it is free to use.
So ultimately you need to consider which of these two is right for you and your business but the most important thing is that you don’t spend any more time researching, take action and get started sooner rather than later so you can start to grow your online empire.
6 Ways Starting A Business Is Like Raising A Child
Here are six ways that embarking on your own entrepreneurship journey is like raising a child.
While you may think work and parenting are worlds apart, when it comes to starting a business versus having a baby, the two have more in common than you think.
After all, both involve bringing something new into the world, preparing for the unexpected, and riding the storm when things don’t go as planned. Here are six ways that embarking on your own entrepreneurship journey is like raising a child:
1. It involves new expenses
From nappies and school fees to food and clothing, there are a whole lot of new expenses involved when it comes to kids. In the same way, starting a business also involves various costs – whether it’s paying accounting fees, setting up your website, buying stock or employing people. In both instances, having a good financial plan in place can go a long way to help you manage these expenses.
2. It’s an emotional rollercoaster
Parenting invariably means you’ll experience every emotion under the sun, from unmatched joy when they’re born, to frustration at toddler tantrums, to wonder at seeing their little personalities develop. The same goes for a new business: Expect a range of emotions, from the highs of getting your first customer, to the satisfaction of making a profit, to anxiety if the market doesn’t respond to your product as you envisioned.
3. Expect the unexpected
Few things are as unpredictable as babies: One minute they’re gurgling contentedly, the next minute they’re crying for reasons you may or may not know. Just like babies, businesses can be highly unpredictable too. Product prototypes can fail and cause delays, employees get sick, an unforeseen tax bill could arrive on your desk – you’ll need to get comfortable with expecting the unexpected. And, if you run your business full time, you’ll need to bid farewell to your predictable monthly paycheque too (at least in the beginning).
4. It requires stamina
Late night feeds, helping your child with homework, washing, cooking, cleaning, answering all their burning questions – there’s no parenting “off” switch. In the same way, being an entrepreneur means it’s hard to stop thinking about your business at the end of the day as you would with a regular 9 to 5. This constant call for attention means it’s crucial to schedule in some downtime for yourself so that you get time to decompress and refresh.
5. You’ll need safeguards in place
While their immune systems are immature, young children get sick, which typically involves trips to the doctor, medication and possibly even the odd hospital stay. Having a good medical aid means you’ll be financially prepared for these intermittent expenses. And, just as you should ensure your child has the right medical cover, your business and your employees should also be covered properly. Fedhealth is one example of a medical aid that specialises in providing medical cover for SMMEs.
6. Love will get you through
As hard as parenting can be, the enduring love most parents have for their children means they keep caring for them day after day, no matter how exhausting it is. Similarly, if you love the industry your business is in and the work you do, you’ll have the fortitude to keep at it over the long term.
Both parenting and starting a business are hard work, but they’re hugely rewarding too. With both of them, it’s true that what you put in, you get out. Seeing your child grow into a well-adjusted, caring adult can be as satisfying as watching your business mature into a something that’s profitable and self-sustaining. Upon reaching these milestones, most people will agree that the journey to get there is definitely worthwhile.
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