by UFG | Jul 8, 2024 | News
More people are moving from their cramped city apartments these days and into bigger (and often cheaper) spaces, and employers are following them. The suburban migration can be a perfect fit for coworking providers, considering that our industry is about flexibility and meeting workers where they need to be.
Real estate and operational costs are generally lower in the suburbs than in large cities, and you’ll have less competition while the industry is still exploring the trend. Smaller communities often have a strong sense of identity and camaraderie, which can be beneficial for networking and collaboration. Also, building amenities like parking, childcare services, fitness centers and restaurants, which add value to the member experience, can typically be negotiated more easily.
Some operators have managed to offer both urban and suburban locations, which can provide flexibility for members and increase the overall reach of the business. However, it also requires managing multiple locations and potentially dealing with different local regulations and market conditions, not to mention careful brand positioning and resource allocation.
It’s essential to conduct thorough market research online, visit local workspace alternatives, and engage with the community before opening a coworking space. This can help to ensure that the space meets local needs and is well-received.
As you explore whether the suburbs should be the next workspace home for your members, here are some factors to consider:
1) Member Needs
Members in suburban and urban areas have different needs in a coworking space. Suburban members often seek the flexibility and convenience of working close to home, with free parking, outdoor spaces or family-friendly amenities on their list. In contrast, city members tend to prioritize networking opportunities, walkability and closer proximity to business districts.
If your members enjoy living in the city, you can still attract them to a suburban work location with a shorter commute. Look for a location within 20-30 miles of the city or 30-60 minutes if it’s a major city.
Depending on the local infrastructure, locations near public transportation, restaurants, and shops are often desirable. Placing your coworking space in the heart of the community, near a town center or a popular retail complex, could provide visibility, accessibility and convenience.
2) Costs
Real estate is typically less expensive outside major cities, but you may have to make some tradeoffs.
Lower rent can lower your startup and operational costs, but renovation or construction costs could be higher, depending on the condition and suitability of available properties. You may have to invest more in marketing and advertising to educate residents on the benefits of coworking while attracting new members.
3) Amenities and Hours
Amenities and hours might be similar to those in urban locations but with some adjustments to meet local needs and preferences. For example, there might be more demand for smaller private offices or meeting rooms and less for team offices. Access demand for the space can also vary, whereas some markets might value weekend access to the space over a 24/7 opening throughout the week.
Suburban coworking spaces may offer different amenities like more outdoor areas and family-friendly facilities.
You’re Moving In – Now What?
You’re likely to encounter some rivalry in a suburb, even if there are fewer direct competitors than in the city. It’s essential to be sensitive to local dynamics and seek ways to collaborate with area businesses rather than directly compete with them. Coworking spaces can complement local businesses by offering additional services and collaboration opportunities.
If you want to survive long-term and be seen as an amenity to the community (not just another business), I recommend engaging in extensive outreach to integrate into the populace, build brand awareness and attract diverse members.
Be sure to come with your “give” first, before your “ask.”
Demonstrate commitment to the community and respect for their traditions and values. One way to do that is by incorporating some of their history into your space. For example, you could work with a local artist to design a mural for one of your walls that reflects or represents the area. Consider naming conventions for your breakout spaces and meeting rooms with a callback to something only a hyper-local would recognize.
No matter where your coworking business is located, always look to “future-proof” the design of any flexible workspace community by emphasizing versatility, usability, sustainability and technology integration, with some local community flair to appeal to nearby modern professionals and align with future work trends.
by UFG | Jul 4, 2024 | News
Selling a franchise can be a complex and challenging process, requiring careful planning and professional guidance. StacheCow spoke with Jessica Fialkovich, founder and president of Exit Factor, to explore key aspects of determining fair market value, tips for avoiding common mistakes and guidance on attracting potential buyers. These valuable insights will help you navigate the sale process successfully and maximize your return on investment.
StacheCow: How can a franchise owner determine the fair market value of their franchise?
Jessica Fialkovich: I think the best way to determine the fair market value is to have an opinion of value or evaluation done on your business and, depending on if you work with a business broker or an exit planner like myself, it can be a few hundred to a few thousand dollars, but it gives you so much information. It can empower you to understand the true value of your company — and not just current value of your company, but also how to achieve a goal sale price. Say the company’s worth $500,000 today — that might not be good news for a franchise owner, but if you have done what we call an exit assessment, and you want to sell it for a million dollars, the information in the report can tell you the metrics you need to hit to achieve that goal.
There are obviously online resources and free calculators that you can access, but all of those calculators and free resources only provide generic data, using the same formula for every size business and every type of industry. The result is highly inaccurate at best.
StacheCow: What common mistakes do franchise owners make when selling their franchise, and how can they be avoided?
Fialkovich: The number one mistake franchise owners make is waiting too long to prepare to sell. The actual sale process, when you put your business on the market, find a buyer and close the deal, takes about a year.
Prior to that, you need to go through the valuation process. The value of a business isn’t determined just by one year of performance; it’s typically determined by the average of the last three-to-five years of the company. If you want to maximize what you can sell your franchise for, you can’t just have one rock star year. You’ve got to have three-to-five highly profitable years. This will boost your valuation.
What I see a lot of franchise owners do is wait until they’re done — they’re ready to retire, they’re burned out, they’ve got other opportunities and they think they can simply list the franchise for sale. At that point, it’s too late for them to really maximize the value. They really need to start the planning process three years in advance at a minimum.
Another mistake I see from franchisees is not engaging the franchisor. When you are part of a franchise system, your franchisor is going to have to approve your buyer. That’s a requirement for almost every franchise, so you need to engage them, and they actually might have buyers for your business, especially if you’re in a well established brand where a lot of the territories and locations have been sold out. They could have a wait list of people looking to open your brand in your market. Sometimes that can be a much easier process than going to market with a broker.
StacheCow: How important is it to have professional assistance during the selling process?
Fialkovich: Most business owners are going to sell one business in their lifetime. One of the things I like to say a lot is that life is too short to make all the mistakes ourselves. If there are professionals available — and usually we recommend three different professionals in the process — you should use them. Leading up to the sale, you want to engage an exit planner and exit strategist. That’s what we do at Exit Factor. They help with the pre-planning part, including the valuation. The second person you want on your team is an attorney. This is definitely, by far, the most important person to have. You need somebody that can write the legal documents. The third person you’re going to have on your team is a business broker.
These are people who do thousands of deals throughout their career; in any given year they may be working on 10 to 200 business sales. There are people that specialize in the franchise industry, too. They’ve already made all the mistakes and learned from them. Not only can it save you thousands of dollars in the deal process, but it can reduce your liability for post sale litigation. It can help remove any messiness between your franchisor and you.
StacheCow: What strategies can a franchise owner use to attract the best potential buyers and ensure a smooth sale?
Fialkovich: There are some things you can do in your business. The first thing you can do is maximize profitability. If we think about somebody who’s buying a business, they’re an investor. They’re going to invest in a business, and they want a return on their investment in the form of profit. The more profitability you have in your company, the more buyers you’re going to attract. Buyers just simply want companies that make more money. You can also benchmark your profit margins against your competitors, and if your profit margins are higher than your competitors or are higher than the industry standard, you are a better investment than another company so that will attract our buyers.
The second thing you can do, from an operational standpoint, is ease the transition. You do this by getting everything out of your head as an owner and documenting it, or delegating it to your team, because when you transition out of the business you want people to be working for and doing business with the company, not with you.
The last thing you can do is position the company for growth. Nobody invests in an investment and wants it to stay stagnant. They always want it to grow, so your company needs to be fundamentally sound and positioned for the next level of growth.
StacheCow: Any other thoughts or advice?
Fialkovich: Don’t forget the importance of confidentiality while you’re going through this process. As I said, it’s a three to five year process, and you don’t want anybody – employees or customers – to know you’re going through this exit planning process, because it can destroy the company. Customers and employees may be fearful of a change of ownership, so they may leave.
by UFG | Jul 4, 2024 | News
Artfully designed charcuterie spreadshave an inherent ability to elevate any event – from weddings and engagement parties to Mother’s Day gatherings, baby showers, graduation celebrations, and everything in between. They can also be a crowd-pleasing offering, appealing to a variety of different diets and taste palettes.
When sourcing and creating charcuterie spreads for a crowd, I’ve found that simplicity is best. It’s better to have more of a few key ingredients than a little bit of everything. Here are several things you can do to add thoughtful touches and elevate even the simplest of spreads.
Use only the highest quality and freshest ingredients
Sourcing the highest quality and freshest ingredients is the easiest way to take your charcuterie spread from good to amazing. People are very discerning when it comes to quality and often willing to pay more for something they trust is better. Not only do fresher ingredients taste better, but they are more visually appealing.
When deciding what ingredients to include in your spread, consider the party size and bites that pair well together. If the spread you’re creating is for an appetizer, then you only need two to three ounces of meat and cheese per person. For example, for an event that will have 150 people, you’ll want to source 300-450 ounces of product total. From there, you can prioritize sourcing ingredients that are popular and go well together. Some of our favorites include prosciutto, smoked Gouda, and honey which create a delicious bite and soppressata which pairs perfectly with flavorful, rich cheeses. Brie is always a crowd favorite and has a mild flavor profile that will go with everything (you can eat the rind too!).
In terms of dips, spreads, and other accompaniments, I recommend having at least one jam, one honey, and one mustard (the amount of each scaled to the party size). A rich fig jam goes with virtually everything, and a stone ground or spicy mustard adds a delightful kick. Also consider integrating olives into your spread–this versatile addition acts as a palette cleanser.
Simple swaps can instantly elevate your spread. Try choosing a premium aged cheddar instead of a standard medium cheddar, or an artisanal salami instead of a generic one. These small changes can make a big impact and leave a lasting impression on your clients and customers.
Source locally
In that same vein, a wonderful way to instantly elevate a charcuterie board or spread is to source local ingredients. Depending on your existing vendor relationships and where you live, you can incorporate locally sourced produce, cheese, dips, and more. This is a great way to further curate your spread, support other local businesses, and create an opportunity for cross-promotion.
Incorporate seasonality into your design
Seasonality should play a big role in sourcing ingredients and developing your design aesthetic. This not only aids in the visual appeal of your spread, but it also helps keep costs down. Produce seasonality often determines its cost, so you should utilize fruits and vegetables that are in season. At Graze Craze, we recently rolled out a Springtime Spread board that incorporated the colors and flavors of the season including apricots, raspberries, kiwi, and watermelon radishes for a splash of color and a unique flavor.
Make dips from scratch
With meats and cheeses usually pre-prepared, making dips from scratch can be a great way to bring a home-made feel to a board. Knowing that most of us don’t have the luxury of time when fulfilling large orders or several orders at once, the easiest dips I’ve found to make from scratch are hummus and everything bagel cream cheese.
Add displays
The modern-day concept of charcuterie has been transformed by social media. What at one time simply meant “cured meats,” has become intricate and dynamic arrangements of prepared meats, cheeses, fruits, veggies, breads, crackers, and more. Creating visually stunning charcuterie spreads is now essential.
In keeping with simplicity of ingredients, adding displays (or garnishes) to a board or spread can add to its photo-worthiness without significant expense or requiring a huge undertaking. You can incorporate greenery such as eucalyptus or add in seasonal elements such as cinnamon sticks and pumpkins in the fall and rosemary and pomegranates in the winter. Personally, I don’t use anything that isn’t edible on the board so getting creative with the ingredients and making roses out of salami or flower petals out of strawberries is another way to dress up a spread with less waste.
No matter how you choose to elevate your spread, remember to be creative and approach it as a work of art because that’s what charcuterie has become–an art form. And the most important thing: have fun!
by UFG | Jul 1, 2024 | News
A CEO’s Review of Author Dusan Djukich’s best-selling Straight-Line Leadership: Tools for Living with Velocity and Power in Turbulent Times
By Ray Titus
Of the 40-50 books I read each year, few have had the impact on me that I felt from Dusan Djukich’s Straight-Line Leadership: Tools for Living with Velocity and Power in Turbulent Times. It’s a powerful look at how real success happens and how goals are achieved. The journey runs along a simple, direct path: the straight line.
As Djukich describes it, straight-line leadership means seeing our life and work with honesty and without fear. They see what must be done and then make the decision to move forward and then get it done. I’ve spent my career on the straight line, setting goals and driving toward them resolutely, and Djukich has handed me another tool for motivating my organization to follow the same path.
I wish I could claim credit for discovering this book, but it was given to me by one of our franchise owners. One reason it makes such a difference with people is that it’s written in short chapters, and they can fit in two or three chapters when time allows – if they can put it down.
Takeaway #1: It all begins with the Inner Stance.
Turning uncertainty into action starts by analyzing what Djukich calls your “inner stance” – the place where you begin your journey. He defines the stances of three common personality types: Circle people, who delay action because they think they need more information; Zigzag people, who constantly shift from high energy and excitement one moment to uncertainty and confusion the next; and the ideal, Straight-line people, who simply get things done by focusing on the road ahead and move decisively toward it.
Takeaway #2: Decisive action is the cure for fear.
Fear has always been a great motivator for me – not mine, but other people. I learned early in my business career that I could surpass others by outworking them, especially those who were so afraid of looking bad if they didn’t even try. Djukich sees fear stopping people from accomplishing their goals; they’re so afraid of looking bad, they’re paralyzed. His solution: “decisive action.” Define the actions you need to take and then – well, to steal a famous slogan, just do it.
Takeaway #3: It’s all about attitude.
One of the ideas in this book that most resonated with me was the optimism, the message that it’s all in your attitude and how you approach things. I’m a very positive person; that’s how I live my life. But for someone who is maybe a bit more negative, they might find it hitting them right between the eyes. It’s all in your approach and your attitude and the way you accept things. For instance, there’s worry versus concern. Worry is a negative emotion that does nothing to move you forward, while concern will focus you and lead you to action.
Bottom line: Don’t stand still.
That’s where it begins, with realizing what you must do and taking action to do it. Don’t stand still worrying and delaying. Focus on the future. How are you going to make the decisions you need not just to grow as a person but to grow your business as well.
Bonus Read: Selling Today, by Ray Titus
I love to help people achieve what they’re looking to achieve – being a connector and connecting the people with their dream – and sales has been so important in growing United Franchise Group. I get so many questions about selling from our franchise owners, I decided to write this book sharing time-tested principles of selling.
The book runs through all the sales techniques and attitudes you need, from cold calling to closing, with advice in between like dressing professionally and carrying a positive attitude into every interaction. Of all of them three have made the biggest difference for me:
Every salesperson should use consistent messaging, with a standard presentation template for every call. You’ll customize it for each prospect, but every presentation should have the same overall message every time.
Salespeople should make cold calling a regular part of their daily routine, and that includes attentive follow-up. It’s what sales is all about. It amazes me how many sales never come to fruition simply because the salesperson didn’t follow up and ask for the business or check in with an existing client to make sure they keep the business.
The selling process should also include a daily sales review. Set your sales goals and then work backward to plan the steps it will take to get you there. Like Djukich, I believe in setting a clear path for where you want to go and then taking decisive action to get there. Before you can move forward, you must know where you are, and then choose to move forward.
There’s an old saying that nothing in business happens before you have a sale. Selling Today will help you get it all started.
by UFG | Jul 1, 2024 | News
Cannoli Kitchen Pizza™, the growing pizzeria brand known for fresh Italian favorites made with authentic recipes, announces its first eight franchise developments which includes several locations throughout Florida in Boca Raton, Coral Springs, Coconut Creek, Fort Lauderdale, and Orlando, as well as locations in Alabama, Michigan and Georgia.
“Cannoli Kitchen Pizza has been serving families in Florida for 28 years, and we are eager to bring this concept to other states in the U.S. as we are confident new guests will make visiting our restaurants a weekly family tradition,” said Austin Titus, President of Cannoli Kitchen Pizza. “As we scale the brand, we will remain committed to sourcing the freshest ingredients to create a craveable and efficient dining experience. It’s rare to cultivate a restaurant brand with a mom-and-pop vibe that’s consistent across multiple locations, but that’s exactly what we are doing with this pizza franchise.”
Cannoli Kitchen Pizza operates four locations in South Florida – Boca Raton, Pompano Beach, Fort Lauderdale and Deerfield Beach – and plans to seal 30 new franchise deals and open five locations by the close of this year. During the expansion, the pizza franchise remains focused on maintaining its reputation for serving guests authentic Italian dishes at reasonable prices from friendly and knowledgeable staff.
“We’re executing a growth strategy designed to expand the brand and encourage anyone who is interested in owning a pizza franchise to reach out and set up a discovery day with our team to learn more about the perks of franchise ownership,” added Titus.
Cannoli Kitchen Pizza is a part of United Franchise Group™ (UFG), a family of affiliated brands.
