Planning for the Future: Buying A Recession-Proof Franchise

In our current US market, the economy is fortunately doing quite well! There is current expansion in job creation, GPD growth is continuous, interest rates are reliable and steady, and inflation is low! These are all very strong markers of a strong economy, or also known as the Goldilocks Economy.

The Goldilocks economy was named after the popular children’s story. Unlike Papa Bear’s porridge being too hot, or Mama Bear’s porridge being too cold, our economy is in the ideal “just right” state.  While this economy is most favorable for entrepreneurs, corporations and employees, how long is this economy realistically sustainable? How does one plan for the ever-unsure future, and create a defense for the potential of a fiscal downturn?

While business is satisfying and we’re comfortable in our current job market, preparing for the future should always be in the back of consumer’s minds. Creating your own business is always an excellent way to turn a profit, but it does come with added challenges compared to opening and operating a franchise business. There is always risks when opening a business, and losing your savings and investment is at the forefront of these risks. The safest bets of business being that of recession-proof franchise businesses, the places where people are going to spend even in the toughest of times.

This offers the question of which businesses have shown to be ‘recession-proof? Services seen as necessities are the most secure, being that regardless of economy, your hair is still going to grow, your taxes will still need to be prepared, and children will still be in need of an education.  Childcare education services continue flourish even in times of economic struggle. This market for enrichment programs includes sports, art, music, and more recently STEM (Science Technology Engineering Mathematics) education. Education franchises also have some of the higher pre-tax income margins, seeing an average of $106,205 yearly. Focus on education is often highlighted in times of high unemployment as a potential anchor for avoiding layoffs.

Franchising is the key tool in launching, operating, and growing your business. Many successful franchisers, like High Touch High Tech, assist franchisees in the structure of understanding their market, training and implementation, and strategic marketing plan initiatives. This benefits franchisees by offering a more focused, streamlined process than would be necessary with opening a business on their own. Opening a franchise offers the flexibility, entrepreneur status, and profit margins that are associated with being a business owner with the added collaboration and support of your franchiser.

High Touch High Tech is a franchise operation that has been offering franchise locations for more than 25 years, one of the longstanding names in STEM enrichment education.  We offer our franchisees the partnership of organization and foundation, in a market proven to be more resistant to bankruptcy and collapse. High Touch High Tech encourages those with a passion for education, independence, optimism and business savvy to secure business plan while the market is in your favor.

Sources cited:

Amadeo, Kimberly.  “How is the US economy doing?” The Balance, July 2019 Web.

Amadeo, KimberlyThe Balance, Glossary: Fiscal Terms, June 2019 Web.

Elgin, Jeff. “Starting a Business; Recession-Proof Franchises.” Entrepreneur, April 2009 Web.

Grossman, Rick. “Why You Should Buy a Franchise Instead of Starting Your Own.” Entrepreneur, December 2012 Web.

Stites, Eric.  “How much does it really cost to run a franchise business?” CNBC: Make It, May 2016 Web.

Why You Should Buy a Franchise Instead of Starting Your Own

 

It is very rare a person will have all the natural expertise in every area of starting a successful business. Franchises provide an organized way to start, operate and grow a business. If the franchise is successful it should give you the whole framework of how the business is started.

Each business is individually owned and managed, however it gets to use all the benefits of the organization with the support and care of the franchiser.

Including:
-Group advertisement.
-Benefit of using known and legit services, trademarks, proprietary information, patents and designs. 
-Training from head quarters successful operators.
– Lower risk of failure and loss than starting a business from scratch.
– Complete operational assistance from the franchiser, during the beginning of start up and after in financing, accounting, employee training and operational.

Government research in previous years has been found that the success of franchise owned businesses verse non-franchise owned/ small businesses are much higher than the non-franchise businesses.

 

Quick tip!
If you chose a franchise that is in an area/ skill you really love, there is a much higher chance of succeeding and enjoying your job and company! 

 

 

References:  https://www.entrepreneur.com/article/286212

 

 

 

 

 

4 Factors to Consider When Selecting a Franchise

Understanding the facts and guiding criteria to identify the right business type and brand!

 

There are many good reasons to pursue your dream of owning a successful franchise. For starters when you buy a franchise, the idea and the process of running this business have already been proven. However, owning a franchise doesn’t guarantee success, but it does minimize the risk. 

After understanding the facts, and looking at the guidelines, responsibilities and obligations of franchising, aspiring franchises need to do a self assessment to determine whether this form of entrepreneurship is for them or not, suggests Kevin B. Hicks, a partner with Blackman & Associates, a franchise consulting firm with offices in New York and Atlanta, which provides advisory and acquisition services for individuals and companies. Blackman & Associates identify viable and lucrative franchise opportunities for both startups and existing businesses.

Whether it is a food concept or business service concept, there is a litmus test and guiding criteria you can use to select a business type and brand. Hicks, who has also been a multiple unit owner of several food franchise concepts, shares four minimum factors one should consider in choosing a franchisor’s brand that is right for you.

 

1. Skill: There are some franchises in specific professions or where certain skill sets increase the prospect for success, says Hicks. For example, a mechanic and Midas Muffler; an educator and High Touch High Tech;  a real estate agent and a ReMax or Century 21 office. If you are outgoing, affable, and service oriented, you may do well with a food concept, Hicks says. “If you are good with math, you may do well in a Jackson Hewitt or Liberty Tax Service franchise.”

2. Interests: There are franchises that present opportunities for individuals to pursue their personal passion or interests. Cooking and food service (Subway, T.G.I Friday’s), cleaning (Coverall, Molly Maid), fitness (Anytime Fitness, Curves), hair styling (Supercuts), floral arranging (1-800-Flowers), massage therapy (Massage Envy), traveling (Travel Advisors), pets (Petland), real estate (Hilton hotels), staffing services (Express Personnel), health or nutrition (GNC) or child related (High Touch High Tech Science Made Fun)

3. Need: One of the most desirable features of franchising is that these businesses provide a high quality standard of goods and services. Hicks notes that in many lower income communities there is a lack of quality goods and services. For example, he cites an area in Southeast Washington, DC. “Through the advocacy of my firm and that of a corporate support manager at IHOP, Nicole Durham-Mallory, IHOP approved a Black franchisee (a professional athlete and police officer) who opened a new restaurant in the district of the current Councilman and former DC Mayor Marion Berry, an area where there had not been a new sit down restaurant for twenty years. Because of the support of CouncilmanBerry and the success of that restaurant, two other family style franchise brand restaurants are slated to open in the area in the next twelve months.

Hicks points out that service/gas stations, convenience stores, car repair shops, computer repair shops, and enrichment centers are examples of much needed franchise services in lower income communities. As well as After School & educational service providers such as those tied to the ever-growing STEM movement like High Touch High Tech-Science Made Fun. Moreover, many of these areas are now becoming gentrified, with new residents in need of service brands that they are accustomed to such as dry cleaners (Tide, 1-800-DryClean), shoe shine shops (Heel Quik), mail box and packaging services (UPS Stores), housekeeping services (Molly Maids, Home Helpers), and exterminator services (Terminix).

“So, part of your franchise selection should include researching what goods and services are needed in area neighborhoods,” adds Hicks. If there are many kids in the neighborhood, you may consider a child related franchise such as High Touch High Tech – Science Made Fun

4. Earning Potential: Another key consideration when selecting a franchise, much like any other investment, is how much you would like to make monetarily. Different franchises have different earning potential. “If you are just looking to supplement your household income, then maybe you pursue a cleaning, tax, or daycare concept, a home based or part time franchise businesses,” Hicks explains. “If you are looking to replace a salary, then you may want to look at other concepts that provide greater income.”

How do you determine what a franchise makes? Several methods to do so are earnings claim statements that can be found in franchisor’s disclosure documents, interviews/conversations with current franchisees, and discussion boards.   

To explore franchise opportunities across segments (food, service, education, etc.) as well as get background information, visit the International Franchise Association‘s website. The IFA’s Franchise Opportunities Directory  is a database of more than 1,100 franchise systems searchable by industry, keyword, start up cash, total investment, and other criteria.


To learn more about fun business opportunities with High Touch High Tech, visit us online at ScienceMadeFunFranchise.net.

High Touch High Tech is the leader in innovative hands-on science and nature experiences for children, serving over 4 million children annually with 27 franchise locations across the United States, Canada, Turkey, Singapore and South Korea.

Simple Steps to Effective Marketing

A favorite adage of my college journalism professor was this: “Assume the reader knows nothing, but don’t assume the reader is stupid.” In other words, deconstruct the complex to make it easily understood, but don’t dumb it down. In my years since school, I’ve realized the wisdom of that approach applies not just to journalism, but to business & marketing too.

Products and services can be complex. Your job as a marketer is, in part, to make the seemingly impenetrable easily understood, to lose the corporate terminology and convey your business’s value in human, accessible terms. Human terms may stir up passion on the part of the reader. So be genuine! Perhaps it is the story about how the business began?

High Touch High Tech – Our Story

Businesses that develop buyer personas for their products or services exemplify the “keep it simple” mantra. A buyer persona is a representation of the type of consumer you believe will be interested in what your company is selling. The idea is to address customers’ wants and needs directly–speaking to their specific pain points from their specific points of view. More broadly, it can be handy to envision intended prospects as people who–like my college prof–demand clarity and simplicity. This will help you to market effectively.

Here’s a checklist of how to keep it simple, without getting stupid.

Speak your customer’s language. Former West German Chancellor Willy Brandt once said, “If I am selling to you, I speak your language. If I am buying, dann müssen Sie Deutsch sprechen [then you must speak German].”

How do your customers describe your products? What words do they use? Be sure to use the same ones. You might refer to your online educational program as “professional services development,” but if your prospects are searching for “training” or “virtual seminars,” they won’t be able to find you.

If you can’t directly survey the people you are trying to reach, you can gain insight into their language online: Read the same publications or blogs they do; listen in on conversations on facebook,  twitter, LinkedIn; and use keyword research tools (like Google AdWords or Keyword Discovery) to see exactly what terms people are using in searches.

High Touch High Tech Marketing

Solve problems. Consider the world from your prospects’ point of view: How does what you sell improve their lives? Shoulder their burdens? Ease their pain?

Remember, your value is not in what you do–your value is in what you do for others. So, don’t just talk about your product’s features; rather, talk about what those features can accomplish for your customers. That seems simple enough. (In fact, it’s marketing 101.) But for entrepreneurs who live and breathe their businesses, it can be tricky to view the world via a customer-centric perspective.

Simon Sinek, author of Start With Why, preaches that people don’t buy what you do, they buy why you do it. So consider how that perspective might alter your explanation of your goods. For example, at High Touch High Tech what we sell is a service that provides hands-on science experiences for kids. But why we sell it is to stimulate the imagination and curiosity of children in science, so that they may develop a lifelong love for science.  With this new passion for science the children are more likely to enter careers in the sciences, engineering, medicine, etc.

High Touch High Tech Mission Statement


Make the customer the hero of your story. The best marketing has a human element to it. Your customers are people, which means they will relate better to your story if it’s somehow about them. Said another way: The more you align yourself with your customers, the more likely you will be to win their hearts (and their business!). Even if you sell something mundane (e.g., toasters) or seemingly intangible (e.g., back-end technology), put the focus on how it can touch people’s lives.

Why High Touch High Tech

Anticipate needs. Higher-ticket purchases can have a very long sales journey–sometimes as long as 18 to 24 months. In such a scenario, your buyer may already be 50 to 85 percent of the way toward a decision when he or she gets in touch with a sales rep, according to some estimates. That means you’ll want to anticipate his or her questions and answer them ahead of time, through the content you create (blog posts, FAQs, e-books, white papers, etc.).

Create marketing content that is honest, empathetic to the needs and wants of customers and seeded with utility. Your marketing content is on the front lines, playing the role a sales rep might have played in the pre-digital era.

So give these rules a go, because doing so can help you market more effectively, which calls to mind another fundamental rule of journalism, and of marketing, and perhaps of life itself: “No one will complain because you made something too easy to understand.”

To learn more about franchise opportunities with High Touch High Tech, visit us online at ScienceMadeFunFranchise.net.

High Touch High Tech is the leader in innovative hands-on science and nature experiences for children, serving over 4 million children annually with 27 franchise locations across the United States, Canada, Turkey, Singapore and South Korea.

The Five Broad Strokes of Marketing

A lot of marketing theory confuses people because it’s more complicated than it has to be. While wondrous new technologies can help you in your mission of raising your profits, marketers don’t let those technologies blur that mission. Keeping it simple is a powerful competitive advantage when it comes to speed and profitability.

The seller is happy when the buyer is happy. So make as many buyers happy as you can. That requires quality and service, but that’s why you’re here — and it’s not complicated. It starts out with a defined marketing strategy.

 

The entire process is made up of five broad strokes. Take those strokes and add as many bells, whistles, systems, technologies, apps and economic doodads as you want — but be sure that all five broad strokes are taken. Do that and you’ll never think that marketing has to be anything that Simple Simon couldn’t handle with his right hand tied behind him.

 

1. Listen to find a problem you can solve. The first broad stroke doesn’t require any of your hands — only your ears. The first broad stroke is your ability to listen. Be alert for problems. Be alert in social situations and the social media. Be alert in the attention you pay to the mass media. Are people talking about problems they have, problems that need solving?

Zero in on the problems that don’t yet have solutions. Pick a problem that you can solve. That’s how you respond to opportunity.

2. Pricing the solution. The second broad stroke is determining how much it will cost you to solve that problem. Maybe you can solve it with information and with service. If not, how much will it cost you to make it or buy it? Be very careful with this step, as with all the broad strokes, to overlook nothing. Broad strokes tend to magnify errors, so you don’t want to make even the most minor mistake.

3. Marketing. When you tally the costs of producing your offering, don’t overlook the costs of marketing it. And don’t overlook the necessity to market it.

If you build a better mousetrap, the world won’t beat a path to your door unless they know about that mousetrap. They learn about it from your marketing.

If you’ve come up with a truly nifty solution, the marketing for it will catch wind and fan out to others who have long been searching for a solution. It’s nice work if you can get it, and you can get it if you market.

It is now well understood why people patronize the businesses that they do. It’s known that they favor products and services that they trust, a human characteristic that has given rise to a phenomenon called “branding.” Branding helps people trust you. One of the jobs of a marketer is to convince customers to trust his or her offering.

Of course, quality is one of the factors that earn trust. And that’s why it’s part of the third broad stroke. Another factor that gains gobs of trust — and gives the little guy an edge over the big guy — is the ability to service what he sells. Don’t forget that one of your sacred goals is make your customers happy. Terrific service does just that.

4. Service what you sell. Terrific service is not necessarily free for you to provide. And yes, it does require effort. In particular, it requires a person who wants to deliver it and doesn’t do it just because he’s supposed to.

Factor in the cost of service right along with the cost of marketing and cost of goods. But be sure you are engaged in a business that you find worthwhile, or that you are passionate or enthusiastic about. Don’t forget enthusiasm is contagious!

5. Earn profits. The fifth broad stroke is what marketing should be all about. Not sales. Not store traffic. Not turnover. Not responses to an offer. Not hits to a website. Not awards. Not sales records. Not any metric you can name. That fifth broad stroke is profits, what’s left over after you’ve deducted the cost of everything else in your business. No matter how glowing the other numbers in your business may be, it’s the profits that should glow, that keep you in business, that enable you to grow your business, that attract investors, that entice buyers of companies, and that ought to be the prime reason you went into business.

It’s your job to grow healthy profits every year. You owe that to yourself, your employees, your family, and your future. That’s why profits best reflect your success. Profits are elusive. Profits are honest. Profits are hard-earned. But profits are not complicated.

They are the fifth of the five broad strokes of success, and they are crucial to your company’s health. But earning them is not a winding road. Instead it is a straight road, possibly uphill, but always leading to exactly where you envision going.

To learn more about franchise opportunities with High Touch High Tech, visit us online at ScienceMadeFunFranchise.net.

High Touch High Tech is the leader in innovative hands-on science and nature experiences for children, serving over 4 million children annually with 27 franchise locations across the United States, Canada, Turkey, Singapore and South Korea.

6 Facts on Starting a Franchise Business

Thousands of people are getting involved with franchises. If you’re thinking about becoming one of the many franchise owners, there are 6 facts to know before you jump in:

1. Franchising opportunities are everywhere

When most people think franchising, they think fast food, but virtually every industry has begun offering franchise opportunities. Whether your passion is accounting, retail, or communications, there is a franchise opportunity out there that will interest you.

2. Franchises require an investment on your part

Starting up a franchise is often cheaper than starting up a business on your own. However, there are still start-up costs that you will be responsible for.

However, by starting a franchise, you will get to take advantage of bulk rates on things like your IT equipment, public relations services, and marketing materials. Because they are so big, franchisors tend to get discounts that “normal” companies could never get on their own.

United States Franchise Investment

International Franchise Investment

3. Franchising means you don’t have to start from scratch

When you open up a franchise, you get to use a product, a brand name, and a business model that has already been successful. Start-up companies work for years to get that kind of recognition. But by franchising, you get a good reputation right off the bat.

Franchise Marketing Strategy

4. Franchisors are highly regulated

There are national regulation measures in place to make sure that franchisors are acting properly. Those rules can actually make it easier for you to start a franchise, instead of your own private company.

5. Franchises can be operated from anywhere

Because there are so many different opportunities out there, you can find a franchise that fits your lifestyle. If you don’t want to work in a traditional office, there are plenty of franchises that allow you the freedom to work at home or in a mobile environment.

Franchise Locations

6. Franchising means having access to constant support

When you’re just starting out, your franchisor will provide you with training and support, so that you can get up to speed quickly. They may even put you in touch with other franchisees so that you can swap ideas. And, a good franchisor will also provide you with ongoing training, so that you can keep current on all of the latest trends and developments.

Franchisee Training 

To learn more about franchise opportunities with High Touch High Tech, visit us online at ScienceMadeFunFranchise.net.

High Touch High Tech is the leader in innovative hands-on science and nature experiences for children, serving over 4 million children annually with 27 franchise locations across the United States, Canada, Turkey, Singapore and South Korea.

7 Tips for Starting Your Own Business

1.Be Clear on Why You want to Start a Business
While the idea of starting a business may be daunting, the fatigue of looking for a job may be even greater. Taking control of your working life by venturing out on your own may be scary, but doing nothing can be worse. That said, don’t start a business because you’ve run out of options. If you’re truly interested in doing your own thing and you’re ready to go for it with gusto, then small business ownership can be the most frustrating and the most freeing avenue—with the possibility of the greatest financial security. A great business to start and do your own thing, is working with children. Within this industry, one franchise stands out, High Touch High Tech.

Business Opportunity & Demand

2.Determine Your Business Type
You don’t have to reinvent the wheel. The best idea for you may be tried and true with your personal twist. Look into franchising. It’s a great way to start a business with the help,  leadership and experience of the franchisor. Franchisees are people just like you, that found a franchise they could relate to and get passionate about. This leads to lots of satisfaction with your business.

Meet Our Franchisees

3.Create a Simple Business Plan
Most new aspiring businesses owners think they’re supposed to sit down and write a detailed and lengthy business plan, making all sorts of wild assumptions about how much money you’ll make in five years, and so on. Some people worry so much about dotting every “i” and crossing every “t” until their plan is just perfect, they never start their business. For a basic business, I favor a one-page business plan that covers what you offer, who you’re targeting, how much you’ll charge and what you’ll do to make it happen. It’s a fluid process that will change once you dive in, so keep it simple at the start. If you consider a franchise, you learn the successful business plan from the franchisor, during your training.

Curriculum

4.Nail Your Target Customer
Determine exactly who your customers are with great specificity. If you’re creating a skin cream, don’t say “all women” or “everyone with skin” could buy from you. Is it targeted to women who visit a dermatologist for monthly facials or to women who grab anything from the drug store aisles? Your ingredients, process, packaging and pricing will all determine who the customer is. Be specific: I’m going to provide bookkeeping services for restaurants; I’m going to create social media campaigns for self-published authors. The more you can pinpoint your targeted client, the more focused your marketing efforts will be to reach them. You’ll be able to ask for the right referrals and you’ll know who and what to search for on the Internet.

Marketing

5.Perfect Your Pricing
Your pricing shouldn’t just cover your costs; it must also generate a profit for your business. Don’t undervalue your time and talent, which is a classic mistake. One option is to work the numbers from the top down: What are you looking to make annually? How does that break down monthly and weekly? How many products must you sell or how many clients will you need to bring in to meet those numbers? What are all of the costs associated with delivering that product or service? None of this requires fancy charts or advanced accounting skills. Play around with the numbers so you know what’s realistic as you get going—and revisit your numbers monthly. Pricing however, is not the only path to success. It turns out it matters what you do. Try to help people in some way.  A business that helps children is very rewarding.

Why High Touch High Tech

6.How to Find Start-Up Money
Until you start bringing in sales, you must keep costs down. Think creatively: it would be great to rent a fancy commercial kitchen to bake those cupcakes, but use a cheap or free church or community kitchen in off-hours instead. I worked with a woman to launch a series of art classes for kids, but she didn’t have money for supplies. The solution: she required parents to purchases the supplies and pay for the courses upfront. Forget hiring a full staff; ask friends for help and train interns. Barter for key services.

If tapping personal savings isn’t an option or if you need a more creative financing option, one of the fastest growing now is crowdfunding, which allows your network of friends and family to contribute to your start up costs if they like you and want to support your small business idea.

Another avenue is franchising. Many franchisors have their own financing that you can arrange with them. This financing is really helpful, and you pay the loan back with your profits!

Financing

7.Go Out and Get Customers
This is where the magic happens. Nothing else matters if you don’t have customers. The majority of your time and effort must focus on sales. Having a smart marketing plan to attract interested people, and then convert them to customers is your number one priority. Don’t get overwhelmed about how to dive in: just start where you are. Create a list of 50 potential prospects that you’ll go after and begin making calls one by one. Build a serious social media presence for your business where you can engage directly with your target market.

Dreaming about how fabulous your business can be is good; but doing something to get it there is sensational. It’s all about the hustle: the decisions you make and the actions you take each and every day – that’ll get you where you want to go. Take that dream and look at all your options with franchises. Does any of these franchise opportunities resonate with you? Try to find a franchise opportunity that you can be passionate about. This is the path to success.

Mission Statement

To learn more about franchise opportunities with High Touch High Tech, visit us online at ScienceMadeFunFranchise.net.

High Touch High Tech is the leader in innovative hands-on science and nature experiences for children, serving over 4 million children annually with 27 franchise locations across the United States, Canada, Turkey, Singapore and South Korea.