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STOCK MARKET WOES AND WORLDCOM -TYPE FIASCOS KEEP LOCAL CONSULTANT BUSY More People Inquiring About Buying Their Own Business (Cleveland,Ohio)----With constant bad news concerning the stock market, tales of dishonest and corrupt CEOs running major public companies, local consultant Joel Libava is hearing his phone ring at an increased rate. Joel Libava is the local owner/operator of Franchise Network Group, or FranNet for short, which was founded in 1987 to facilitate successful matches between aspiring entrepreneurs and franchises. FranNet has 70 offices in North America and has helped thousands of people find a franchise that is right for them. “We help people understand what they are looking for and help them do the research to get the answers they need,” (Joel ) said. “We help them find out who they are, what they are interested in and what their dreams and hopes are. Now what we are hearing from callers is, ‘I am scared my investments won’t be there when I retire. I am scared my job will be affected by yet another announcement of a company that cooked their books. What if we are invested in that company? What if we are a vendor of that company?’ These are the concerns that are driving more people to inquire about buying a franchise.” To help find the best fit, FranNet consultants give clients an in-depth, comprehensive questionnaire about an individual’s aspirations, personality, risk tolerance, financial goals and personal dreams. These questions help determine, for example, whether a new franchise just getting started or a more established franchise would best fit their needs. Or whether a business with high public interaction is better for someone than a work-on-your-own scenario. Armed with this analysis, a FranNet consultant initially suggests between two and four franchises that the prospect might want to be referred to. From there, the would-be franchisees do the legwork, as FranNet helps them counter fear and uncertainty with information, information and more information. FranNet consultants guide the client with research tips and plans, and the consultant tries to make sure they contact, interview and visit other franchisees as well as the franchisors. FranNet works with between 50-100 franchises, each of which is thoroughly vetted and researched by FranNet before being included on their list. These companies pay FranNet a fee for inclusion. Franchisees make an educated choice and franchisors have a solid recruit who is aware of all aspects of the business and capable of succeeding. The cost does not go up by working with FranNet. While FranNet works with people in their 20s or 30s, a typical client is a successful businessperson in the 40-55 age range-precisely the experienced but expensive employee companies often eliminate. Some high-level employees realize this and leave on their own terms; others find out only after the ax falls. People in mid-career also check out franchises because they are looking to create a more lucrative retirement or, with children grown, they have more financial freedom to follow a dream. #######
TIPS FOR FINDING YOUR OWN BUSINESS FROM FranNet:
1. Make sure you know what it means to be in business for yourself. "Make sure that franchising is for you vs. working for somebody else. It's entirely different. You don't have the luxury of knowing you're going to have a regular paycheck coming in. You're on your own." 2. Have the support of your family. "This is a major decision in your life. It affects your family. You wouldn't buy a house without your wife looking at it and agreeing with you. You shouldn't buy a business without your spouse being involved in the decision process." 3. There is no correlation between what you spend for a franchise and how well it will perform. "That's important because when you are looking at things on your own, many franchises are expensive, but they're not necessarily going to give you more rewards." 4. Research, research, research. "Talk to other franchisees and make sure you understand the good and bad of that business."
5. Think out of the box. "Think longer term then what's going to
happen tomorrow. Think about where you're going to be five years
from now." { for more information on franchise opportunities that could be a fit for you, you can contact Joel Libava at [216-831-2610} or franpro@earthlink.net
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