Ever wondered what it would be like to go into business for yourself, yet find yourself unsure of how to begin? Roxanne Rapske, a seasoned franchise specialist at FranNet, draws upon her two decades of experience in Corporate America, and her firsthand knowledge of launching a successful business to assist individuals in identifying the ideal business opportunity that optimizes their chances of success.
After spending 20 years as a mortgage banker in Corporate America, Roxanne says she faced a sudden loss of income during the 2007 recession, prompting her to re-evaluate her career path. Following extensive research, she transitioned to become an independent franchise consultant. In 2013, Roxanne joined FranNet as a franchise specialist, drawing on her personal experience to guide others through similar career transitions.
Reflecting on her journey, Roxanne emphasizes her unique perspective as someone who weathered challenges and found success in the franchising industry.
She shares, "I have personally experienced the impact of the great recession, transitioning into franchising during a challenging economic period. Despite the adversity, this journey has been a transformative experience, allowing me to reclaim my life and become a better mother, wife and daughter.”
When considering franchise opportunities, Roxanne says it's important to understand the three main types available.
First, there are brick-and-mortar franchises, encompassing businesses such as retail outlets, restaurants, hotels and car service shops. Initial investments for these ventures typically range from $300,000 to $1 million-plus. Second, service-based franchises, such as roofing or housecleaning companies, offer non-brick-and-mortar options with lower investment requirements, typically falling between $100,000 and $300,000. Last, business-to-business franchises, such as signage or direct mail companies, some of which can begin as home-based operations, offer a more affordable entry point for prospective franchisees.
Roxanne sees her role as a franchise expert as playing matchmaker, with a portfolio of approximately 300 vetted franchises at her disposal.
Using her clients' entrepreneur profiles and assisting them in constructing a solid business model, she says she gains insight into their skill sets, interests, experience, finances and goals. This information allows her to carefully match them with franchises that align well on both ends.
Emphasizing that franchises are awarded rather than purchased, Roxanne highlights the selective nature of franchise companies in the process. Typically starting with four different franchise options, she says a client will typically invest 10 to 15 hours per week engaging with and learning more about each one.
Roxanne meets with her clients weekly to ensure their questions are thoroughly addressed. Through a process of elimination, she guides her clients in gathering the necessary information to make informed decisions, typically taking 30 to 90 days.
"It's important to make a well-rounded decision based on logic, intuition and careful consideration rather than solely on emotion," she assures.
Committed to her client's success, she says she's deeply involved in every step of the process, ensuring no crucial details are overlooked and no shortcuts are taken. "My goal is to see my clients thrive, using a hands-on approach to set them up for success."
Roxanne's clientele is diverse, including transitioning or laid-off executives, the underemployed, and individuals seeking a change from their corporate environments. She says she's observed a growing interest among teachers and nurses looking for new opportunities and specializes in assisting military veterans transitioning to entrepreneurship.
Many of her clients seek guidance on exiting their current career paths or diversifying their income streams.
Roxanne also works with individuals nearing retirement who wish to pursue post-retirement endeavors, as well as spouses seeking to re-enter the workforce or supplement their income. Whether they are existing business owners, investors or employed individuals, Roxanne says she provides tailored franchising solutions. She notes the evolving landscape of the franchising industry, with an increasing number of women and individuals of varying ages exploring franchise opportunities.
"The trend of multi-generational families entering franchising is on the rise, offering a pathway to leave a legacy," she adds.
Roxanne has noticed a significant increase in interest compared to just a year ago, with more individuals seeking to establish additional revenue streams amidst potential layoffs. Many are proactively exploring franchise opportunities as a contingency plan. The Dallas market stands out for its rapid pace of franchise concept sales and remarkable growth. A trend observed is the upfront purchase of multiple franchise units, often in three-pack or five-pack configurations, with a focus on territory ownership for scalability. Initial investments are typically concentrated in a single brand, with diversification occurring after establishing several units. Many investors are drawn to semi-absentee business models that can be managed by hired personnel, allowing for a hands-off approach once operations are established. Despite concerns about inflation and high interest rates, Roxanne notes the franchise industry in the Dallas region remains resilient.
Clients incur no costs for Roxanne's services, as she is compensated by the franchises seeking assistance in finding the perfect match for their concept. Success in franchising hinges on leveraging a proven business model to provide clients with the optimal opportunity for success as business owners.
"I firmly believe that individuals are in control of their own destinies and I find great fulfillment in advising those interested in embarking on a franchise journey and seizing control of their lives," she says.
"When embarking on a business venture, there is inherent risk. However, by franchising and investing in a proven model backed by thorough research, you effectively mitigate that risk," explains Roxanne. "By aligning with a proven concept, you are tapping into a foundation of success rather than reinventing the wheel."
Entering the world of franchising can be a daunting task, with the overwhelming amount of information available online and the fear of missing out on the perfect opportunity. To navigate this process successfully, Roxanne recommends these five tips.
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Seek guidance from a local franchise consultant: Instead of relying solely on Internet research, find a franchise consultant in your local market with whom you feel comfortable and trust. Their expertise can help navigate the complex world of franchising.
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Take Time: Rushing into a franchise agreement can lead to regrets down the line. Allow yourself 30 to 90 days to thoroughly research and evaluate potential opportunities before deciding.
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Consult with a franchise lawyer: Before signing any agreements, it's crucial to have a franchise lawyer review the terms to ensure you fully understand your rights and obligations.
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Financial preparedness is key: Understand your household expenses and create a budget that includes reserves to cover your household for at least 12 months, as well as the cash portion of the franchise purchase.
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Align your skills and passion: Choose a franchise that aligns with your skill set and interests to ensure a fulfilling and sustainable business venture. Avoid falling into the trap of buying a franchise that feels like just another job; aim for something that excites you every day.
Roxanne and her colleague Sara Waskow co-host the podcast "Unpredicted Entrepreneur," offering listeners insights into the benefits of franchising as a pathway to business ownership. The show features firsthand accounts of entrepreneurial triumphs, providing a valuable resource for aspiring business owners.
rrapske@frannet.com
972.244.3652
Podcast/YouTube: FranNet of Dallas, Ft. Worth, OK
DFWFranchiseExperts.com
Franchising is a frequently misunderstood form of entrepreneurship that's often overlooked. FranNet collaborates with national lending partners to assist clients in identifying the most suitable funding options. Clients incur no costs for Roxanne's services.
“I'm drinking the punch and want that for my clients. I’m very hands-on and make sure there are no skipped steps. We aren't rushing to the finish line.”
"By aligning with a proven concept, you are tapping into a foundation of success rather than reinventing the wheel," - Roxanne Rapske, franchise specialist at FranNet.
