The Daily Item, Sunbury, PA

Business

February 11, 2014

Find the right franchise fit

Jeff Oddo, president of the City Wide maintenance company in Kansas City, has worked with lots of midcareer people who want to be their own boss.

He meets them when they check into buying one of his company’s franchise operations around the country. Some buy and succeed. Others don’t.

In the dozen years since Oddo began franchising his family’s 52-year-old business, he has developed a pretty good checklist to improve the odds for franchise success. He shared basic tips in a recent conversation with me:

-- If you’d like to explore franchise opportunities, work first with a franchise broker such as FranNet or The Entrepreneur’s Source to sort through reasonable possibilities.

-- Through the broker or potential franchiser, take a battery of skill, interest and personality tests to help choose a good fit for you. Oddo likes two assessments, the Culture Index and Wonderlic.

-- Be clear about the financial commitment. City Wide franchises, for example, are in the upper quartile of franchise costs, requiring $500,000 in net worth, of which at least $250,000 is working capital. There’s also a $90,000 franchise fee. Oddo said that’s out of reach for many interested buyers, but there are other franchise options to fit smaller pocketbooks.

-- Be aware of your business strengths and weaknesses. “Lots of people don’t have the time or aren’t good at doing it all on their own,“ Oddo said. “Be sure you assemble the right talent around you.“

-- “Don’t just buy yourself a job,“ Oddo said. “Analyze closely the opportunity for continued income.“

-- Look for a franchise that will give you financial security, a sense of belonging to a group or place and a feeling that you’re making a difference for the people you serve. That’s the combination Oddo has seen lead to the greatest franchisee success.

To reach Diane Stafford, call 816-234-4359 or send email to staffordkcstar.com. Follow her online at kansascity.com/workplace and twitter.com/kcstarstafford.

 

1
Text Only
Business
  • Fancy management systems won’t fix bad managers

    In violation of my long-standing “only watch TV” rule, I read an article recently about how Zappos is adopting a management structure known as holacracy.

    July 30, 2014

  • Your Office Coach: Supervisor-employee boundaries must be honored

    QUESTION: Two weeks ago, my husband “Barry“ unexpectedly came home from work with a large flat-screen television. He explained that one of his employees gave it to him as repayment for a loan. I was shocked, because I had no idea that Barry was lending people money.

    July 29, 2014

  • Silly mistakes that sink job applicants

    Some employers won’t care - or won’t catch them - but mistakes in word usage can put your application in the reject pile.

    July 29, 2014

  • Watercooler: Raised to the roof

    Q: Over 15 years, I have worked my way up the corporate ladder with the same organization. I have been given a raise every year and excellent reviews, as well as several promotions.

    July 25, 2014

  • Career Coach Q&A: job search follow-up; introverts as leaders

    Starting a business:

    Q: I have a stable job that I don't hate, but I have an idea for starting my own business.

    July 25, 2014

  • How to become a leader

    QUESTION: I’ve just been promoted into a leadership role. I’m excited, but also kind of overwhelmed. What do I need to do to be good at my new job?

    July 24, 2014

  • Balancing Act: How much is your time worth? Consider outsourcing some tasks

    Todd Paton has a booming business getting customers noticed on the Web. One tool he uses is generating online press releases to build brand awareness and create links that will send traffic to a customer’s website. But Paton, owner of Paton Internet Marketing, acknowledges that writing the releases is not his strong suit. Rather than spend his time doing it, he hires out the task.

    July 23, 2014

  • The Color of Money: No easy way to get out of debt

    Many people who are deeply in debt are desperate for a quick fix. They ask the question: What can I do to get out of debt?

    July 21, 2014

  • Watercooler: When to speak up if you see problems down the line

    Q: Our organization has hired a new director. I am one of a number of division heads; above us, there's the associate director, and above him is the director. The associate director is feared and disliked for his duplicity and dictatorial nature, though few have come forward because of his vindictiveness.

    July 18, 2014

  • Career Coach: Bringing a purpose-driven spirit to work

    Increasingly, religious beliefs and practices of employees are becoming more evident in the workplace. Religious diversity and concepts of spirituality are more prevalent in organizational settings.

    July 18, 2014

Business Video
Stocks