The world of franchising can open the door to wealth for those willing to seek out this opportunity, but finding and selecting the right franchise for you is a major job in itself. Selecting the wrong franchise can lead to major losses in both time and money. My first piece of advice is, do not make your franchise selection based pure emotion. Many people see a hot franchise and jump on the bandwagon because they think there’re going to be shut out of the opportunity. Slow down. Many franchises start off fresh and exciting, but those same franchises sometimes stumble and fall just as fast, or even faster, than they grew. That’s when things get ugly.

Ask yourself these questions:

Does this franchise fill a need in the marketplace?
Will this need last for over five years or more?
Will this franchise hold up in any economy, good and bad?
Do you believe in the goods or services this franchise offers?
Does this franchise fit your life style?
Can you afford this franchise?
Is this franchise an investment tool, or is it you only income?

If you can answer yes to all these questions, then you need to explore and examine the franchise company.

There are many questions to ask during this examination:

How long has the company been around?
How many franchises have failed?
What kind of support does the company give its franchisees?
What type of marketing support does the company give?
What are all the costs involved in starting the new venture?
How much operating capital do I need?
Does the company plan on changing its products or services if the economy or demand for the current goods or service changes?

These are just a few of the questions that you should ask. The best way to really examine the franchise company is by talking to both the successful and unsuccessful franchisees. Study both the good and the bad outcomes. This is where the real truth comes out.

My recommendation is seek help when you are searching for a franchise, hire a consultant that has been involves in franchising, one that understands people and business. One last bit of advice, if you’re a person that wants to be creative and thinks you know better than the franchise company. DO NOT BUY A FRANCHISE! When you by a franchise, you are buying a proven system that works, if it’s not broken don’t fix it.

Paul Bensman offers business coaching and consulting.  Contact him to learn more…

We’ve already seen how the recession has provided some benefits for small business startups in Michigan through lower rents, a larger pool of talent available at affordable rates and good deals on advertising.  Now there’s more good news for budding entrepreneurs - a wealth of fantastic resources available at no cost or low cost.

Here’s a list of eight organizations offering support, counseling and training for small business owners and budding entrepreneurs in southeast Michigan – especially the Metro Detroit area.

Small Business Administration
The SBA has ramped up the resources on their web site in the past few years.  You’ll be pleasantly surprised at how much information and training is available, including:
Small Business Planner  - information on everything from writing a business plan to planning your exit strategy.
Small Business Training Center – a virtual campus of classes, publications and technical assistance.

Michigan Business One-Stop Shop
Information on licensing, permits and taxes, plus a wealth of resources including a 65 page “Guide to Starting a Small Business”.

SCORE Michigan
Free business counseling, e-mail consulting, low cost workshops and other resources including Startup Costs Calculator and E-mail Counseling.

Tech Town
Wayne State University’s Research and Technology park also provides an incubator for small business through various programs including: FastTrac , Mentoring Matters , SmartStart , and Detroit Micro Enterprise Fund

Oakland County Business Center
Business planning tools and information on how to start a business in Oakland County, Michigan.  Assistance for “individuals in the pre-planning phase of a traditional (retail or service) business, traditional startup companies or even new ventures, technology/emerging sector start-ups, existing businesses”.

Michigan Manufacturing Technology Center
State and Federal funding allow MMTC to offer direct technical assistance and services at affordable rates for small to medium sized manufacturers.

Michigan Small Business & Technology Development Center
Low cost training, low or no-cost workshops, online counseling,and information on financing and incentive plans.  Lots of great business tools including a Readiness Assessment Tool  to help you determine your needs.

SPARK – Ann Arbor, MI
Check out the SPARK Business Accelerator and Spark Entrepreneur Boot Camp.

There’s never been a better time to start a small business in Michigan.  The encouragement, support and resources available to help you every step of the way have never been stronger or more readily available.

Here’s how Dr. Pan describes his journey into business ownership:

“I might seem like an unlikely entrepreneur but the economic downturn offered me a chance to explore options I would never have considered before. 

I earned a doctorate degree in chemistry and spent some 30 successful years in the corporate world.  I know, first hand, that education is vital in today’s competitive global environment.  As the economy declined, my job in the corporate world disappeared, along with so many others. Seizing the opportunity to make a change, I decided to embark on a new venture in the education field.  Recognizing the importance of education, and realizing that students always need supplemental help, I decided to go into the tutoring business.

I felt the low risk way into business ownership was to take the franchising route.  I met franchise consultant Mark Cory at a FranNet Seminar.  He recommended a number of franchise companies for my consideration.   After several months of research and countless interviews with prospective franchisors, I decided that my best option was to go with the Huntington Learning Center.  

Although I had been in the business world for 30 years, there were many new challenges I encountered as I embarked on starting my Huntington Learning Center franchise.  In addition, at the time I decided to get into the Huntington franchise in late September 2009, the economy was taking a turn for the worse.  However, as difficult as it was to face the economic downturn, there were silver linings to be found.  Due to the extensive drop in market value of investments as the market took a free fall, taking funds out of my investments to fund a new business was not a good option.  As it turned out, despite all the talk that money availability was tight, I felt very lucky to have found four banks that were very willing to help fund my startup franchise.  I also discovered that during tough economic times, bargains were to be found in unexpected places and was able to realize savings as I built my Learning Center.  I used the savings to purchase advertising venues, which themselves were also offered with some discounts.  Furthermore, with the over-abundant supply of teachers, my Huntington Learning Center was able to hire the best qualified and certified teachers.

I started this adventure last summer.  It has been quite a roller coaster since then.  There were good days and bad days unlike anything that I had experienced before.  The difference is the good feeling you have of owning your own business, especially when things start to click.  To dampen the roller coaster effect, I had the good fortune of working with Paul Bensman of Details in Retail.  When I started looking for a space for the Learning Center, Mark Cory introduced me to Paul.  With his years of experience as an entrepreneur and commercial real estate broker, Paul became my business consultant and provided me with the guidance that I needed.  I also met several other business people whom I owe dearly for their help and support.  Building a network goes hand in hand with building your business.

My Huntington Learning Center has been open for about two months now and all the hard work in preparation, negotiating, marketing and networking has paid off.  I recognize that this is only the beginning and the economy is still skittish. I am prepared to continue to learn and my customers, teachers and countless networking contacts provide me with the platform for learning every day.”

More about Dr. Pan’s Huntington Learning Center in Canton, Michigan:
The Huntington Learning Center is a K – 12 tutoring center where students 4 years – adult are tutored in their basic academic skills so they can excel in the classroom or, for the adults, help them to obtain the GED.  The individualized tutoring program at Huntington and a conducive environment for learning with highly qualified certified teachers provide a unique learning experience for the student.  The extensive curriculum materials allow flexibility in programs that can be adapted to all kinds of students’ needs for improvements.

Huntington also provides tutoring help for high school students seeking to take college entrance exams such as the ACT or SAT.  This is a proven program that Huntington Learning Centers across the nation have been providing to thousands of students.  With the significant improvements in ACT or SAT scores as a result of taking the program, students have been able to enter the colleges of their choices and also to win valuable scholarships.

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It might seem like all you can do is wait for things to improve, but there’s another option. You can make your own opportunity. Chances are, you’ve often imagined how you would do things if you could be in charge. Maybe now is the time to actually BE in charge.

The opportunities for small business are greater than ever. There are niche markets to fill and turn-key businesses for sale at rock bottom prices. And if you think franchises are just for fast food, think again. You can now buy a franchise for service businesses, senior care businesses and more. Commercial real estate bargains are everywhere. Professional buildings offer flat fee offices with everything you need. Set up an internet business and work from your home. To top it off, there’s a huge pool of skilled labor available at greatly reduced pay rates. These “bad times” have opened a lot of doors for small business owners.

If you’ve ever had an idea about starting your own business and being your own boss, now is the time to take the next step. For those of you in the Metro Detroit Area, Paul Bensman, founder of Details in Retail offers a one-stop solution. He’’ll give you an honest opinion of whether you’re on the right track and some ideas for what your next steps should be. Don’t let fear of the unknown stop you. If you decide to move forward, we offer affordable consulting services to guide you from start-up through marketing and expansion.

Bensman’s network also includes a business broker and a franchise broker. Maybe buying an existing business or a franchise is the right choice for you. It doesn’t cost you anything to explore your options.   Why not find out more?

The important thing is to realize that you’re not stuck in that dead-end job with limited prospects and no job security. You have choices – lots of them.   But you have to take that first step.

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Are your members worried about
Their Job…Their Finances…Their Future…

It’s time for some good news and a positive outlook.
Schedule a FREE Presentation for your group.

“Taking Charge of Your Future, the Path to Business Success”

Paul Bensman, President and Founder of Details In Retail, Inc. and Associate Broker at Locations Real Estate and Investments, is reaching out with a message of hope and optimism.  He believes that there are outstanding opportunities for small business owners and new business ventures – even in these troubled times – right here in Michigan and Metro Detroit.  As a long-time business owner and entrepreneur, he can see past the challenges and share what his experience has taught him about the benefits of starting, buying or growing a business in difficult times.  He is passionate about helping people achieve the dream of successful business ownership.  His company, Details In Retail, was formed to help small business owners succeed.  Michigan’s future depends on a new economy and small business ownership is a growing part of that future.

LIMITED AVAILABILITY
Send requests to info@detailsinretail.com

A self-starter in the world of business, Paul Bensman has worked for the past three decades on all aspects of the retail and service industries. Through different business ventures, Bensman has seen first hand how the proper marketing mix and smart business decisions can make the difference in   the success of any business.

A regular contributor to the media, Bensman has been quoted extensively in the business pages of Crain’s Detroit Business, The Detroit Free Press and The Detroit News on commercial real estate, the potential of Detroit retail and the future trends of the market in Michigan.

For more information on Paul Bensman and Details In Retail,
visit www.detailsinretail.com

by Paul Bensman
Details In Retail, Inc.

Wake up people! Yesterday alone almost 50,000 job losses were announced in the U.S.  This does not include thousands more being lost every day from small businesses around the country.

If you truly believe that the job fairy will create a new one for you, it’s time to wake up.  If you’re waiting for the next stimulus package to save you, then wait. The number of layoffs in this county will outpace job creations for many years to come, so you’ll be waiting a long time.

Now is the time to take charge of your life. Start thinking about taking control of your future.  Even if you land a new job, is there a guarantee you’ll keep it?  Start being proactive and consider the possibilities. Should I start my own company?   Should I buy an existing business?  Should I buy a franchise?  Open your eyes and explore all your options. 

In today’s world that “lifetime job” does not exist anymore.  It’s time for you to make other plans. 

About the Author:  Paul Bensman, President and Founder of Details in Retail, is a lifelong entrepreneur who specializes in helping people choose, start and grow a small business.  Details In Retail is a network of consultants and service providers designed to help you find your path to success.  If you live in the Metro Detroit area, just schedule a free initial consultation to learn more about the small business opportunities that are available.

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I take a look at this number and think 2.6 million opportunities for new companies.  Ok maybe not all 2.6 million can start new companies - but many can.

More Americans can, and will have to, start some form of business to replace the job they lost. Sure there is some risk to starting your own company, but by doing so you take control of your own future.  If you go back to work for someone else your job is never guaranteed.

I see 2.6 million potential success stories…will you be one of them?

In the B-movie version, you’re staggering through a fog-veiled graveyard of economic doom while zombies cling to your ankles shrieking, “you will fail…you will faaaaaail”.  In a flashback, we see you having coffee with friends and talking about how you’ve always dreamed of having your own business.  Flash forward again and the zombies are back. “Lawyers, government forms, funding, marketing, receeeeession…”, they wail, “Just stay here with us….where it’s saaaaafe.”  Vultures are circling overhead.

In real life, those zombies could be your co-workers, friends and family and the graveyard is the shaky ground that corporate American is perched on.  The vultures?  They’re still circling.

Be truthful now, haven’t you thought about being your own boss?  Thought about it a lot?  Maybe even come close, but let fear and pessimism and lack of support put you off.   Is it scary…starting your own business?  Heck yes!  It’s also liberating and exhilarating.  And, just like in those horror movies, someone will come along to help you navigate your way through that zombie-infested graveyard and set things right.  The difference is…you have to ask.

The number of small businesses is growing and so is the number of organizations ready to help small business owners find their path to success.  They can guide you through the maze of options and show you how to write your own happy ending.  Why go through it alone?

If you’re in Metro Detroit, Paul Bensman, founder of Details In Retail can help you with every step of the process – from choosing the type of business that’s right for you through starting or buying a business to marketing your business.  His experienced team makes the whole process a lot less frightening.  Call 248-358-6904 to schedule a consultation.

Your support network is here

If you think it’s easy to pick up and move to another state, think again.  Try to replace the years of relationships you have created.  Think of all the family and friends that you have around you, not to mention your business contacts and social sphere.  It’s hard to hit the ground running in a new state when you’ve left your support system behind.

“If you seek a pleasant penninsula, look about you”

That’s our state motto and it’s true! There are geographic advantages as well.  From a natural disaster standpoint, Michigan is a pretty safe state. Sure it’s sometimes cold and snowy, but that’s not bad when you consider living in “tornado alley” or states that have water shortages, droughts, earthquakes, and hurricanes. Michigan’s seasons are wonderful and the Great Lakes are an unparalleled resource. We’re lucky to live in a state that’s a natural playground with something for everyone.  Visit www.michigan.org if you don’t believe me.  It’s all right here.

Change = Opportunity

What’s also right here is real opportunity.  Change creates opportunity, and you can’t tell me there’s not a lot of change happening in Michigan right now.  Why not take advantage of the momentum generated as our state reinvents our economy.  All you need is to discover the right opportunity for you.  Attitude is the number one factor in the career changing process.  You must always have “PMA” (Positive Mental Attitude) if you want to succeed.

Right time, right place

Most people consider starting or buying a business at one point or another.  Well, now is the time and Michigan is the place.  Michigan’s government is actively promoting small business development.  Just last week, Governor Granholm announced that the state will invest $300 million “to help diversify Michigan’s economy by retaining, attracting, and building successful small and mid-sized businesses…” There are more resources available for small business development than ever before.  There’s never been so much interest in helping small businesses thrive.  So stop making yourself sick worrying about changing careers - just do it.  Find the right support team and follow your dream.  Today is the day to start that new journey right here in Michigan!

If you’re looking for advice on how to start a business, buy a business or grow your current business, I can help you explore your options.  Just contact me at 248-358-6904 to get started.

Welcome to the new economy. The hits just keep coming…

I’m old enough to remember the days of job security.  It seems a quaint notion now, the idea that you can get a job and keep it – as long as you don’t screw up too badly.  Now employment is more like a combination of the stock market and a carnival ride.  Up, down…round and round…try not to lose your lunch.

What’s the answer?  Increasingly, the solution seems to be: create your own job.  Find a way to be your own boss and you can reduce the randomness in your career path.  No faceless bureaucrat will downsize you if you’re the boss. No one will ignore your experience, expertise or advice.  You won’t take the blame for someone else’s failures or have someone else reap the rewards of your success. Owning your own business also offers the advantages of low overhead and flexibility – allowing you to quickly adapt to changing market conditions.  In this economy, small businesses often have a competitive edge.

So why aren’t more people becoming business owners?

According to Paul Bensman, President and Founder of Details In Retail,  the two main factors are:  fear of the unknown and fear of failure.

Fear of the Unknown:
My neighbor was a model employee, but she became a casualty of the unknown.  She was diligently doing her job – going above and beyond, in fact – but she ended up as an extra 1/2 employee on a balance sheet.  Fear of the unknown is a fact of life.  This economy has brought fear of the unknown into every home.  There’s no job security anymore.  Your job could be on another continent or gone entirely by tomorrow.

Get over it!  If you want to start your own business, there are many resources available to help you.  Don’t think you have to know it all before you begin.  Knowing where to find the answers is as important as knowing the answers.  Learn a little and the great unknown becomes a lot smaller and a lot less intimidating.  Find an advisor with real-world business experience who can help you explore your options. 

Fear of Failure:
Failure is a given.  Everyone will eventually fail at something.  Wouldn’t it be nice if you weren’t always at the mercy of someone else’s failure?  My neighbor didn’t fail her employer, her employer failed her.

Again, GET OVER IT!  Every job is risky these days.  But if you’re the one making the decisions, won’t you have a greater chance of making the decisions that are right for you?  With a good idea, smart planning, professional advice, hard work and the right support team, there’s no reason you can’t succeed.   If you don’t have your own idea for a business, you can buy an existing business or franchise.  Why not consider the possibilities?

Is being your own boss the right path for you?  Maybe.  Maybe not.  Just don’t let fear decide.