The Educated Franchisee Insider Newsletter

The Educated Franchisee
The How-To Book for Choosing a Winning FranchiseJuly 2010
Author ImageGreetings!

Earlier this month I was working on The Franchisee Workbook and realized that the Preface to the workbook really connects to the 4th of July.  It reminds us of a few things that are truly important.  Here is a first peak into The Franchisee Workbook.

"The United States is an amazing story of entrepreneurship. The United States was not "founded," it was "boot-strapped." And it was not built by the wealthy elite. It was built by brave and hardworking immigrants who believed in a better future. These immigrants started businesses, raised families, and built a country. This pioneering spirit is still alive. It is part of us-all of us."

As you enjoy the holiday, remember how we got here and say thanks to those who built this country - literally from the ground up.

Finally, for those for you who have been a member of this newsletter community for a while, you know that I do not produce a newsletter in August.  We always take an extended vacation and this year is no different.  This summer we will visit Europe to reconnect with our family.  The children are growing and they are very excited to see their cousins again and exploring new places.  I hope you have a vacation planned also.

Have a great 4th of July,
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Rick Bisio
Apple ImageStart Up, and Conquering the Numbers

Many people start a business because they want to support themselves doing what they love. Too often, though, they neglect to focus on the numbers side of the business. Creative types, especially, often say they're turned off by the "unappealing," "complicated" or "just plain boring" aspect of financial management.

If you want to be successful, you'll need to ramp up your accounting knowledge. While you can certainly rely on an accountant, bookkeeper, or trusted employee to provide advice on your company's finances, it's critical that you gain a comfortable understanding of the numbers. As the owner, you'll need to make important decisions concerning the purchase of inventory or equipment, expansion into new markets or the hiring of more employees. To do so, you'll need to have a handle on your company's finances.
Apple ImageGood-Bye Old-Line Industrial Capitalism, Hello Entrepreneurial Capitalism.
The rise in new business owners signals a historic shift in what will drive the U.S. economy in the future. Unlike past downturns, this one holds unique peculiarities. For one, many of the industries that helped pull the country out of past recessions - autos and banks - have faced devastating, irreversible problems this go-round and aren't likely to reprise their roles as labor market saviors.

"No way is the recovery going to happen without the increase in entrepreneurs," said Dane Stangler, research manager at the Kansas City, Mo.-based Kauffman Foundation, one of the world's largest foundations devoted to entrepreneurship. "In 20 or 30 years, we're going to look back on this recession, and it will be a mark on the historic timeline where we precisely moved away from old-line industrial capitalism into full-fledged entrepreneurial capitalism."

Go to Atlanta Journal Constitution, Click Here
Apple ImageThe Fathers Day Balance Sheet.
The meaning of Father's Day has changed for me over the years. My father has been gone a couple of years now, and my kids are almost out of the house. I've been a father for 28 years, an entrepreneur for 32. As with any demanding job, balancing the responsibilities of parenthood with the responsibilities of the business has been a challenge. My perspective has changed, and I write today's post for the benefit (I hope) of younger parents, fathers and mothers, who are dealing with this struggle.

People used to tell me, "There is no old man lying in his death bed wishing he would have spent more time at work." When I used to hear that, I understood and felt confident that I wasn't one of those guys who were out of whack. I didn't travel too much, I was usually home before the kids went to bed, and we took some vacations. The words I would use to describe my 32 years in business include drive, excitement, disappointment, resolve, adventure, fear, satisfaction and progress. I have a new word to add to my list: regret.
Apple Image10 Tips to Help You Break Away This Summer

The official start of summer may be just days away, but for many small-business owners, relaxing at a beach resort, touring a foreign city or camping in a remote forest is still tough to picture - at least not without a cell phone, laptop or other communication device by their side.

More than half-55%-of 750 entrepreneurs surveyed in May say it's been two or more years since they last took off for a week or longer, according to Discover Financial Services, which commissioned the study.

This year, 51% of business owners say they don't plan on taking a vacation. Of those, more than three quarters blame the sour economy for their inability to get away, with 47% looking to save money instead, the survey shows.

Go to Wall Street Journal, Click Here
The Book
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There is a reality in life.  Greater knowledge drives better decisions and better decisions reduce business risk.  Franchising is all about risk reduction but not all franchises are low risk.  The Educated Franchisee is designed to empower you.  By following the advice and guidance presented in this book you will recognize high quality franchises and confidently pass over those that are not.

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Author - Rick Bisio