With the corporate office based in the Atlanta metro, Tax & Business expert Brian Joubert of L&B Tax Service Inc. clearly has a solid grasp on the power of duplicative success.
L&B stands for Lori (wife) and Brian. The business is currently in its 19th year with franchises in five states and three more locations scheduled for 2016. They have locations in Houston, New Orleans, Washington, D.C. and Baton Rouge, with Phoenix and Dallas projected for 2016.
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We spoke with Dale Elmore, Houston franchisee of L & B Tax Service Inc. on some key benefits and his experience.
“You can’t beat the financial and social freedom that it provides, essentially allowing you the opportunity to control your own future and create generational wealth. Secondly, a proven model is already in place for you to follow, allowing you to piggyback off of someone else’s success simply by being goal-focused and ambitious. As Brian always teaches that success leaves trails, you just have to follow. Lastly, it gives you credibility in the marketplace. When there are multiple locations, people tend to respect your business more.â€
The biggest lesson that Elmore has learned from having a franchise is learning EVERY aspect of running a business and understanding the importance of upholding the integrity of someone else’s brand. He didn’t realize of how hard Brian had to work to build L&B. This wasn’t an overnight success by any stretch of the imagination. Becoming a great steward of a company’s name, reputation, values, and customers is a marketplace demand that can never be taken lightly or casually.
We caught up with Joubert to share five foundation keys for someone who is considering the franchising business:
Passion To Be Successful: Becoming a business owner is an investment of time and money. You want to ensure that you REALLY enjoy going to work, in order to make the franchise a success. You have to be willing to share the dream and support the interests of the company, while being self-motivated.
Commitment To Excellence: Nothing can be achieved without it. No, it won’t be easy, but with the right guidance, coaching, training, processes, marketing, it will be worth it. Learn the culture of the franchise, and whether you’re “cut out for it.†For example, if the franchisee is uninterested in working nights and weekends, franchises that are open non-traditional hours probably aren’t a good choice for you.
Understanding The Importance Of Customer Service. There’s no way around it in
business. Excellent customer service has to be a staple in a franchisee’s culture, no matter what the size of your business is. Practice on all types of customers, including potential, new and existing. If done right, it can generate positive word-of-mouth for your business, keep your customers satisfied and engaged, and most importantly, create NEW business streams through referrals.(Continued on next page)
Understanding The Importance Of Networking And Connection. Building relationships create business. When someone is making a major decision of whom to do business with, they are much more comfortable doing business with someone they know, like and trust, and therefore relationships matter. Connections are keys to open doors that you cannot do on your own. I cannot stress enough to build strong relationships, no matter what kind of business you have.
Secure Adequate Amount Of Funding: Yes, you’ve guessed it–it takes money to make money! Just like any other business, a franchisee must finance the startup costs of running a new franchise. Therefore, the franchisee’s startup budget comes immediately into play. Some franchises are distinctly more expensive to start than others, such as opening up a restaurant versus a car wash. Most franchises typically are not in the position to take on investors for financing but there are other sources available, such as low interest personal loans and credit cards if you have good credit.
A franchisee can also get small business loans or grants, approach friends and family who see your vision and want to help you get off the ground. There are many options for a franchisee seeking funding, some are more obvious than others, and so do your due diligence in research, asking questions, and understanding the process from end-to-end. You can always start with your local Small Business Administration.
Touting 30 years of entrepreneurship, Brian is the brains behind RICHBOI (Really Interested & Caring How Businesses Operate Internally), a fully interactive business educational and business referral program where new and existing business owners and professionals can get help and guidance for their next level of success. Always giving back to fellow entrepreneurs, rising entrepreneurs, or standing strong as a community advocate, Joubert says, “I wholeheartedly believe to whom much is given, much is required. Therefore, I’ve always been a giver remembering that someone threw me a rope when I was trying to climb up. So now it’s my turn to throw the rope back down. When you have a certain amount of success and have lived many of your dreams and desires, something in you automatically makes you want to see others prosper and succeed.â€
His mission is to bring communities together, especially the black communities as he believes we’re still falling below standards in the areas of finance and business: “We will NEVER be a force in society if we don’t master money and ownership.†This is why he launched his youth entrepreneur platform that helps kids to learn finance, taxes and entrepreneurship. The MOCC Movement (Men Of Collaborative Change) brings black men together to strengthen communities, and be a thriving support system for one another.
Joubert has several speaking engagements lined up including kicking off my 20 Reasons Why You’re Not Successful tour for potential, new and existing entrepreneurs in Atlanta on Feb. 28th at the APEX Museum. This year, he will be hosting several book signings for three published works.
Roz A. Gee (@RozAGee) is an event speaker, media contributor and consultant, and CEO of The Rated Gee Agency with core service sectors in media relations, brand readiness and speaking/training. She has masterfully mixed over 20 years of cumulative experience and has worked professionally for industry titans such as General Electric, AT&T, AOL, IBM, and Northrop Grumman. Schedule a complimentary analysis at www.MediaMatchMaven.com. You can find Roz on Twitter: @RozAGee and Facebook: TheRatedGeeAgency.