“Confessions of CEOs” is a series on how business leaders are changing the service landscape. Today we’re speaking with Jeff Levy, franchisee and business coach at The Entrepreneur’s Source (TES), a resource network for people who want to own their own franchise business. He shares his secrets about how to achieve lifestyle and income zen through self-employment and franchises, even through COVID-19.
Why The Entrepreneur’s Source (TES)?
TES helps people who want to own their own business, but don’t know how to start. We are not in the “brokerage” category; our main objective is not to sell companies or franchises. We focus on our clients and their respective lifestyle dreams. Based on our clients’ objectives, albeit income, lifestyle, wealth or equity, we coach them on how to evaluate specific franchise business options and how to start operations. I am very proud to have personally helped over 350 people start businesses during my 18 years as a coach.
Many of the people that I work with are out of a job for one reason or another. Perhaps they wanted to change, or were discriminated against, or were downsized. Often I get to work with young couples disenchanted with a lifestyle associated with corporate America. What binds my clients together is that they are looking for a safe place to learn and explore small business ownership.
It’s enjoyable and rewarding for me to help people launch a business; I love building meaningful relationships with these individuals and sharing their excitement!
What’s the best go-to industry for franchises?
There isn’t one, but our most active franchise categories tend to be in health and beauty, such as hair salons and gymnasiums. It all depends on the person and what they are trying to accomplish. One franchise can be the perfect fit for one person but a terrible fit for another. You need to think about what you’re good at, what kind of hours you want to work, and what type of income and equity goals you want to make before you can choose a path. The experience of my coaching usually lasts 2-6 months and may or may not result in a franchise award.
What kind of businesses have you helped launch?
It’s a comprehensive spectrum as franchising covers over 80 industries and is always expanding with new concepts. Recent franchise placements this year include coin-operated laundries, outdoor lighting, remote IT managed services and a variety of senior care businesses. Typically, my clients choose a company that they would never have thought of themselves. There is no perfect business; there are only businesses that, through your hard work and vision, can be made great for your own lifestyle needs. When asked, what is an excellent franchise, it ultimately depends on what is right for the individual.
What is something everyone should know about client acquisition?
People need to be respectful and thankful for those that send referrals. My client acquisition strategy comes from being a substantial contributor to the business community including the Small Business Administration (SBA), SCORE, and the Women’s Business Development Center (WBDC). I’ve lectured on a variety of topics that help guide others to make an informed jump into business.
For me, I’ve learned that each client is thinking of making a significant life change – I learned that I need to give those people every possible effort to support them in that endeavor. “Never sell, always coach” which has helped me become a better listener.
What have you learned about franchises that you wish you had known when you first started?
It is better to have a predictable, successful business that supported my life goals than it was to dream about controlling my fate but never doing anything about it. Franchising, and the experience of learning and exploring options, can be life-changing.
What’s the #1 mistake you see franchises owners make?
It usually takes more than one thing to undermine or fail at a franchise business. If I were to name one, it would be when a person does not become a student and follower of the franchise system in which they invested. Learning new things can be uncomfortable. The solution, look to the people who have successfully developed and own franchises in the same system. Follow what they did and only try to improve once you have mastered the basics.
What’s your mantra?
“You can get everything in life you want if you help others get what they want” per Dale Carnegie. Franchising is a wonderous area to explore because, with proper coaching, you can learn a significant amount about a business model before making the jump.
How do you give back to the community and why is that so important?
Through luck or circumstance, I have had the good fortune of varied and productive life experience in business. My experiences include buying and selling companies, partnerships, raising capital, taking a company public and of course, franchises. I feel like it’s my responsibility to coach, mentor and teach what I have learned. I was recently Chairman Of the Board at the SU Entrepreneurship Center, currently Chairman Of the Board of the Bellevue Business Roundtable and a past President of The Executive Network of Seattle. I taught entrepreneurship at Seattle Central College for three years based on a book I co-authored; the class is still ongoing. I also teach at King County library systems and several affiliates of the SBA. Whew. I’m grateful to have accumulated a lot of practical experience that can be shared and save my clients from making mistakes.
Any advice for business owners or potential business owners during crises like the COVID-19 pandemic?
New owners need to make sure they have a robust financial plan with enough capital to extend the runway through and beyond the current crisis. As long as we have our health, this pandemic (like any other challenge) will end. Even though we have had a late start in some areas of the country, the local government in Washington continues to amaze us. On the plus side, people are at home with more time to contemplate, so now is the time for researching and planning if you’re thinking about starting a business.
A new business owner has to have a vision and a belief in a brighter future and enough of a financial runway. Existing owners may be challenged if they haven’t planned for contingencies such as this. Fortunately, some wonderful federal programs emerging that will help existing business owners weather the storm. Owners should get a hold of an SBA affiliate, such as a SCORE counsellor, immediately to better understand what programs are available to help them over the next 3-6 months. I’ve been a volunteer mentor there for years, and I still learn a great deal from other mentors who bring their own industry experience.
When all is said and done, what do you hope for TES to achieve?
To leave a legacy in the business community that creates many jobs and financial security for all.
The Entrepreneur’s Source is a preferred partner on Beaze.