Business coach offers workshop on franchise investments

Date: 10/16/2014

SPRINGFIELD – Dream of operating a Dunkin’ Donuts? Hanker to own a carpet cleaning service? If you have ever thought of buying into a business franchise, Steve Rosenkrantz has the answers to your questions.

Rosenkrantz is a long established business coach with The Entrepreneur’s Source, itself a franchise. His job is to find qualified people interested in investing in a franchise business, making sure they are a suitable match for the demands of the business.

Rosenkrantz will be conducting a free seminar on franchises for SCORE Western Massachusetts from 6 to 9 p.m. on Oct. 21 at the Business Growth Center, 1 Federal St., Building 101.

Rosenkrantz is no stranger to business as his family owned the Serv-U hardware store chain. He has matching franchises with potential owners for the last 13 years.

“I bring parties together through a meaningful validation program,” he explained. “I’m on a mission to educate entrepreneurially curious people.”

His services are free to the business owners as he is paid through a commission from the franchise, he added.

The process “starts with broad strokes: is business ownership right for you?” he asked.

For some people it is a career change, for others it’s an investment or a sideline, Rosenkrantz explained. Exploring which franchise business model is the best fit is part of the process as well as looking at financing programs.

He noted there is a trend right now in frozen yogurt franchises. The issue would be for a person interested in such a business to choose the right franchise to survive when the trend has faded. Rosenkrantz mentioned that Menchie’s is a frozen yogurt chain that considered the premiere such business in its field and is in 30 countries now. He added the company knows “that frozen yogurt [business] may need to be tweaked.” For this reason, he said the company has begun to refer to itself as being in the “frozen dessert” business opening itself up to additional product options.

Rosenkrantz said that while some franchises sell the same goods and services as non-franchised businesses do, others offer something unique. He said the German retailer VOM FASS sells a variety of cooking oils, vinegars, spices and other gourmet food items that have created its own niche. It is now expanded into the United States. He said that’s an example of a business people wouldn’t have thought of own their own.

Some franchise programs allow an owner to simply be an owner hiring a staff to operate the business, while others are quire the owner to be able to work at the business.

“Training to do the job is wise,” Rosenkrantz said.

The range of franchise business is considerable, he said, with enterprises designed to be operated out of home to companies that require their own space.

Rosenkrantz also has worked with business owners in franchising their own business. He said Extra Innings, a indoor baseball and softball training center, is one of his clients. It started in Middleton and has expanded across the country.

As he was once in business as independent himself, Rosenkrantz believes there is room for both privately owned and franchised retail and service businesses.