Are you looking for the right franchising opportunity to reach your goals? Look no
further. In this blog, I’m introducing you to Sue Petrowich, a former teacher and
public school employee who used franchising to take control of her financial future.
Along with her husband Jim, Sue purchased her first Great Clips salon in 1993, and
quickly became a model student in the field of franchising.
She learned the important lessons of recruiting, retaining employees, and creating a business using
a time-tested recipe for success. Great Clips had it all. Plus, Sue shares her
inspiring story of how Jim followed her lead, and exited his career as a corporate
executive to partner with her as successful business owners. In this blog, I’ll outline
in detail how Sue Petrowich and her husband used their skills and knowledge to
find the right franchising opportunity and unlock their potential. So if you’re an
investor, corporate refugee, executive, or business owner looking to share
camaraderie and inspiration for your own business journey, keep reading to learn
how you can do the same.
About Sue Petrowich
Meet Sue Petrowich, the driving force behind her and her husband’s franchise
haircare salon businesses. Sue and Meg Schmitz go way back to the early days of
the Chicago market, when they both opened Great Clip Salons and forged a
sisterly bond. Now, Sue is being featured on Meg’s podcast to share her inspiring
story of taking control of her financial future, finding personal freedom to enjoy their
children as they grew, and becoming a super successful speaker and business
owner. With a background in public school teaching and a passion for developing
others, Sue was determined to make her self-employment dreams come true. In
the podcast, Meg and Sue reminisce about their journey from corporate refugees to
business owners, their mistakes and successes, and how they turned their salons
around. Tune in
Why is it important for entrepreneurs to find the right franchising opportunity
for their goals?
It is essential to find the right franchising opportunity in order to achieve your
business goals. Franchising provides entrepreneurs with the opportunity to
leverage existing infrastructure, brand recognition, and support services provided
by the franchisor. Furthermore, the franchising model allows entrepreneurs to save
money on marketing and advertising costs, as well as on the cost of setting up a
business. Additionally, franchising can provide entrepreneurs with access to a
larger customer base and a more established network of business contacts.
Choosing the right franchising opportunity also ensures that your business is aligned
with your goals. For example, entrepreneurs may want to consider the franchisor’s
reputation, financial stability, and the potential for growth. Additionally,
entrepreneurs should evaluate the training and support offered by the franchisor, as
well as their ability to substantiate and massage a successful business model that
will thrive in any economy. Finally, entrepreneurs should thoroughly research the
franchise agreement to make sure that it is in line with their goals and objectives.
By finding the right franchising opportunity, entrepreneurs can find camaraderie,
inspiration, and success in their business journey.
Here are some tips for your research:
1. Take stock of your desired skills and flexibility.
2. Research franchising and business ownership options.
3. Speak with a franchisee recruiter.
4. Review a video or information packet.
1. Take stock of your unique skills and outcomes
The first step to taking control over your financial future is to take stock of your skills
that you bring to business ownership, and the goal that hope to achieve. Taking
stock of your desired skills and flexibility involves assessing the type of skills you
have and what kind of flexibility you need or want to have. For example, Sue
Petrowich wanted more flexibility than her job as a public school teacher could give
her, so she decided to look into franchising as an option. Sue started off by looking
at what she didn’t want to do, such as food, banking, and real estate, which all had
a level of repetitiveness that didn’t interest her.
She then got a call from a Great Clips franchise recruiter, watched their promotional
video, and decided to take the next step forward. Sue took advantage a one year
guaranteed leave that the school district was offering, so she could learn the business
and see if it was something she could commit to full-time. After three years of full-time
teaching and building the business part-time in the salons, Sue made the decision to
quit her teaching job and focus solely on salons. From there, she reinforced her business’
growth by utilizing her teaching skills to develop her team.
No matter what your unique skills and goals are, franchising can provide you with
the ability to take control over your future with a road map to make it happen. There
are many different types of franchises available, ranging from home services,
virtual services, and brick and mortar. Depending on your investment of time,
money and resources, you can find the right franchise to help you reach your goals.
Additionally, franchises offer hands-on training and support to help you launch and
become profitable as quickly as possible.
For example, if you’re looking for a business that has a low overhead and requires minimal
staff, you might consider a virtual services business, like taxes, accounting and bookkeeping.
Business to business services are typically easy to start and often don’t require a large upfront
investment.
Additionally, you can operate the business from anywhere, so you
don’t need to be tied down to a single location. Plus, you can leverage your existing
business skills to network and generate referrals faster. Franchising is a great way
to take control over your financial future and turn your skills and flexibility into a
successful business. With the right franchise, you can make your dreams a reality
and start building a better future for yourself.
2. Research franchising and business ownership options.
Researching franchising and business ownership options can be an overwhelming
task, but with some guidance, it can be completed confidently. To start, create a
checklist of all the different options available. Business ownership includes
franchising, opening a business from scratch, buying an existing business, and
investing in a passive business. Then, work with an industry expert to do some
research to understand the pros and cons of each option.
Talk to people in the industry, read articles, attend webinars, try the product or service,
all with the focus to gain more facts, and more knowledge. Speak to experts in the field,
such as business owners, investors, and even franchise owners, to learn more about their
day to day challenges and experiences. Finally, make sure to consider your own
strengths and weaknesses when making a decision. Take the time to analyze the
information and make sure you are making the best decision for you and your
future.
When researching franchising and business ownership options, consider the cost
of each option. Franchising can be an expensive endeavor, but with the right
guidance and resources it can be a great opportunity to enjoy economies of scale
and risk mitigation. Buying an existing business or investing in an independent
business can also be costly, as there is no template. There will be unexpected and
uncontrolled costs associated with starting a business from scratch. Financial
distress will stop your momentum and enthusiasm.
Do your research and calculate the costs associated with each option and make sure
you are financially ready to take on the endeavor. Lastly, make sure to choose an option
that aligns with your personal and professional goals. Consider the amount of time and
energy you are willing to commit to the business, as well as the overall lifestyle you are
hoping to have. Once you have narrowed down your options, take the time to explore each
option and make sure you are making the right choice for you. Franchising and
business ownership options can be a great opportunity, but taking the necessary
steps will allow you to make the most informed decision.
3. Speak with a reputable franchise consultant.
If you decide to research buying a franchise, make sure you align with an industry
expert before you make any decisions about a potential franchising opportunity.
This process generally involves a phone call to the consultant, during which you
can share your background, experience, and goals. The consultant will then
provide more information about the franchising opportunities that are suitable for
your goals and investment parameters, and answer any questions you may have.
This is a crucial step in the process of becoming a franchisee as it is the first
opportunity to be professionally introduced to the franchisor and the franchising
opportunity. This transparent process is also a great way to determine if the
franchising opportunity is right for you. If you have additional questions or would
like to further discuss the franchising opportunity, they may schedule a follow-up
call or meeting with you.
4. Review a video or information packet
Review a video or information packet to get a better sense of the franchise. By
reviewing a video or information packet, an individual can gain a better
understanding of the franchise and the experience of those involved. Through this
process, one can gain insights into what it takes to be successful in franchising.
By doing research on the company, one can gain a better understanding of the
brand, its values, and the services it provides. You can also find information about
the costs and fees, the training and education involved, and the ongoing support
they offer. By doing this, one can gain a better understanding of the franchise and
the commitment involved in becoming a franchisee.
Franchising is a popular option for entrepreneurs looking to take control of their
financial future. It is important for entrepreneurs to find the right franchising
opportunity for their goals. With the right guidance, dedication, and hard work, you
too can unlock your potential and achieve the success you desire.
I’d love to hear how you can apply Real People Success Stories to get business
ownership success, schedule a stress-free consultation or leave a comment.
