Franchising Trends as in with the Executives

Corporate executives are jumping into franchise ownership and are experiencing a whole new side of business. If you are already an executive and is tempted to leap from that position to one of a franchise but are confused whether your pocketbook can handle it; you may seek some expert’s advice on financing your franchise. While you were climbing the corporate ladder you must have put in a lot of time and toil to achieve the success. Then you may have felt that there must be something else for you and so decided to buy a franchise. Your corporate world experience will be of help for you even in this new arena. But the transition from executive to franchise may entail a lot more than you can actually think. Anyways there is nothing to get afraid of, all your knowledge and experience as an executive will count and help in transforming you into a franchisee. You can hear it from some executive-turned-franchisees who reveal what their previous lives prepared for them and what they had to learn along the way through there great adventure in franchising. William Kosti who was working as the Director of Business Development for a consulting company got his first taste of El Taco Tote Real Mexican Grill while on a business trip to

El Paso

,

Texas

. He thought the food was excellent and at the back of his mind he was thinking the franchise to his home in

North Texas

. There the closest Mexican food he would get was the TexMex. When Kosti was laid off in 2003 at the age of 44 he opened an El Taco Tote franchise in the

Dallas

/

Fort Worth

area. His corporate background proved beneficial, he had all the knowledge to develop a business plan, to forecast the sales, create a startup budget, secure funds for operation before and during the period; even when he was working on getting financing from banks and SBA lenders, his corporate background seemed to put bankers at ease. One of Kosti's most important advantages was his understanding of how vital information is to a successful operation. He set up an effective marketing plan to create a brand name in the market and also consumer awareness. He also realized that many of his employees would be earning hourly wages in an industry with high turnover, but he also knew he couldn't let that compromise the quality, cleanliness or the superior customer service. So he thought of empowering managers to oversee operations and employees. Soon Kosti got feedback that helped him to retool the schedule so that it's more efficient and instantly in on any problem that needs attention.