When Tracy Toomer-Couvson was laid off from her position as VP of Operations for the largest fitness franchisee in the United States in 2020, she decided enough was enough. Tracy previously made four successful corporate moves, but her career success came at a cost. With elderly parents at home, Tracy could choose to make another corporate move and disrupt the family again or do something different. She chose the latter and has felt blessed every day since.
Tracy’s priorities include being present as a daughter, girlfriend, sister, friend, and most of all being present for herself. She began thinking about business ownership as a way to feel valued and appreciated while controlling her own time. In November of 2020, Tracy became the owner of CarePatrol Collin County Central. CarePatrol is the nation's largest and most trusted senior living placement organization, with over 150 Certified Senior Advisors throughout the country. It was founded to take the stress out of finding the best and safest senior care choices for families and their loved ones.
Tracy admits that owning a business is not all sunshine and roses, especially when you have a pandemic to contend with but feels so much appreciation for the life she's creating for herself and her loved ones through the meaningful work she's doing as a CarePatrol owner. "It's about finding ways to do what I love in service to others. I love supporting families while they are going through an emotional crisis and helping them make some of the biggest decisions in their lives. Being able to answer questions like, where will their loved one be cared for and treated with the utmost respect and dignity they deserve? That's what I am blessed to do every day".
Tracy worked with Seth Lederman, Franchise Advisor and Frannexus CEO, to determine the right business opportunity.
"The greatest value Seth and the Frannexus team offered throughout the process was in providing answers and insights around the important considerations like which financial business model is right for me. Should I look at a brick-and-mortar or an at-home business? How much and when will I break even? All of the answers to these great questions helped determine that franchising was right for me at this time in my life."
- Tracy Toomer-Couvson, Owner of CarePatrol Collin County Central
At the end of the day, Tracy feels good about her decision to invest in a franchise. "I absolutely love this business, and I know I am in the right place, at the right time to be of service to a population that truly needs it! Here's to 2022!!"
#1 Do your research! "The first piece of advice I would offer is that you can never do enough research."
#2 Talk to Franchisees. "Make sure you speak with Franchisees that have left recently. Why did they leave? How much were they earning by the end of their contract with the franchisor?"
#3 Dive into the Franchisor/Franchisee relationship. "It is like a marriage. Ask if they're happy with the franchisor and how their experience is different from what they expected?"
#4 Find out what positions are essential to hire. "If it is a business where you can work from home, ask other franchisees what positions were critical at the opening to the success of the business? Should you budget for an assistant?"
According to Fortune Business Insights, "the U.S. behavioral health market is projected to grow from $77.62 billion in 2021 to $99.40 billion in 2028". Mental health services continue growing at an incredible rate as State and Federal governments implement favorable policies.
One in five adults in America is diagnosed with a mental health condition every year. In addition, 46% of adults will match the criteria to be diagnosed with a mental health condition at some point in their lives. 50% of those individuals will develop it before the age of 14. With COVID finally easing, we are just beginning to see its effects on mental health across the nation. Treatment for anxiety and depression has increased significantly, putting a greater demand on mental health practitioners.
Currently, eight out of ten psychologists who specialize in the treatment of anxiety disorders report increased demand for treatment since the start of the pandemic, with an increase of 10% from just one year ago. Furthermore, the need for the treatment of depression has also increased by 12%. Other mental health conditions that appear to be on the rise include obsessive-compulsive disorders, sleep disorders, substance abuse, and addiction.
COVID hit just two short years ago, turning lives upside down. It forced us to reevaluate what we took for granted and what we thought we wanted out of life. Things like work/life balance and happiness were not at the forefront of many individuals' minds two years ago. Today, however, attitudes have changed, and many are looking at their lives and realizing that there are more important things than working a nine-to-five job.
According to Microsoft, at the beginning of 2020, 40% of workers were considering switching gears in their career to do something else, and since then, 4.4 million people have quit their jobs. Employees are looking to have it all. They want a career that provides them more freedom and a lifestyle that favors life more than work. Franchising is very attractive for those who desire freedom, flexibility, and wealth accumulation. Forecasters predict that the new post-pandemic mentality toward employment might lead to the biggest franchising boom in history.
Like most cliches in life, the midlife crisis, and its accompanying career crisis, have a basis in reality. Research has shown that the midpoint of most people’s lives is a period of dissatisfaction and re-evaluation, particularly in terms of their careers. In fact, satisfaction with life often resembles a U—with the first third of life starting high, dipping to a low point during midlife, and then rising again as people approach retirement. But why?
Coming out of the pandemic, we have all developed a different perspective on what life is about and what makes us “happy.” As we delve into the ways that COVID has forever altered our vision of mental health and what makes us feel fulfilled, a lot of focus has turned to the issue of entrepreneurship and mental health. It would be intuitive to expect that starting a business comes with a whole lot of risk and stress.
The first couple of years can be grueling and intense, which you might think could be the road to misery. But the research about entrepreneurship and positive mental health shows the exact opposite. Although there will always be some people who suffer from mental illness regardless of their career path or chosen work position, according to research, entrepreneurs enjoy more health and happiness on average than employees.
As 2021 rages on, many who found themselves having to get creative with working restrictions due to the pandemic are anxious to return to life as we knew it. But not all are excited about going back to the daily grind. That has workers around the nation considering the potential of becoming a business owner. Business ownership is a risky proposition. Luckily, opportunities like franchise ownership can help reduce the risk of going at it alone. However, with every new opportunity comes inherent risk. If you are ready to start down the path to franchise ownership, these are the best ways to mitigate your risk.
Before investing in a franchise, you should take several factors into consideration including; your risk tolerance, expected return on investment, salary replacement requirements, and the capital you’ll need to reach success, however you define it. Another factor that new franchise owners don’t consider often enough is how quickly you’ll reach those goals. Sometimes getting where you want to be financially isn’t feasible with just a single franchise unit.
Owning multiple franchise units can be an excellent way to hit your revenue goals faster if you proceed with due diligence, realistic expectations, and a plan to optimize efficiencies across your units. It is possible to obtain your goals, regardless of how lofty they are, but sometimes you have to go big or go home.
Franchises have the advantage over other new businesses of less risk. When you buy into a franchise, you get the golden keys to making it work and reach profitability. You are more likely to obtain funding since traditional lenders see less risk funding franchise businesses. Franchisors will give you a discount on franchise fees when you buy more than one unit. Owning multiple units is quickly becoming one of the preferred ways of lowering operating costs and boosting earning potential for franchise owners.
Has money held you back from realizing your dream of owning your own business? Financing a franchise may not be the impossible task that you think, especially once you understand the ins and outs of finding a franchise that fits your budget and how to apply for financing to make that dream of business ownership a reality.
To start, be sure you know not only the total estimated costs of opening your chosen franchise business but also the realities of the franchise’s revenue generation and how long it typically takes the franchise you have chosen to generate a profit. Armed with this information, you can begin your search for a franchise loan and a franchise that fits your dreams and budget.
As we return to a post-pandemic world, many wonder what the stock market will do and how the recovery period will affect their retirement accounts. Although no one can ever say for sure what the best place to invest money for your future is, there are ways to minimize risk while maximizing asset accumulation.
The problem is that the closer you get to retirement, the less risk you want to assume in your investments. But if you don’t have enough and are inching along, you might have to scale things back after retiring. The good news is that funding a franchise might be your ticket to living more than comfortably during retirement without assuming a significant amount of risk.
When you work for someone else, you are doing just that - working for their wealth accumulation. The only natural way to build personal wealth is by working for yourself, either by starting your own business or buying into a well-established franchise. When you own your own company or franchise, you no longer work for someone else’s financial health - you build your own.
Achieving a comfortable life can be a challenge in today’s economy for workers of all ages and levels. Economic uncertainty can mean anyone is at risk of a layoff, and older workers often struggle to find employment that reflects their experience and salary expectations. But there is an option that puts you in the driver’s seat and can provide a secure future for you and your family — owning a franchise. When you invest in yourself, you open up a world of possibilities. But where can you find the necessary funds to establish your franchise? What are your options?
With hopes of a better year ahead, there is one thing that is not changing from the year before, the lack of satisfaction workers find at work across the United States. The average worker is fed up, dissatisfied, and underpaid, that is, if they can even find and keep gainful employment. Although things appear bad now, the economy is forecasted to just get worse in the coming year ahead.
Employment took a hit during 2020. Over 30 million unemployment claims were filed between the third week of March and the beginning of May. The unemployment figures soared 3.5% in February, climbing to 14.7 percent in April. That resulted in 25 million-plus people losing their job and a record reduction of 8 million in the total labor force.
Analysts see a trend of record low employment in 2021, which has the average worker considering a different path to financial and job security through avenues other than traditional employment. If there is one lesson that many can take from the pandemic of 2020, life is too short to spend a majority of it stuck in a job that neither satisfies you nor pays you well. Also, the ability to remote work and leave the nine to five confines of an office has given many a taste of freedom they hadn’t considered, and they aren’t willing to give it up.
As we roll into 2021, we remain optimistic that things will soon return to normal. But not everyone is ready or willing to go back to the status quo. Many who were forced to remote work or changed from full time to flex-time out of necessity are considering switching gears rather than heading back to the same daily grind.
There appears to be a surge in those willing to try their entrepreneurial legs out by becoming a business owner and finding more work stability and freedom. Franchising is an excellent way to realize your dream of business ownership without all the risks associated with going it alone.
If you are ready to take the leap, don’t do it out of faith; do it because there is a proven track record of success. But where do you even begin? Many entrepreneurs worry that franchises are too expensive, and they won’t be able to come up with enough capital on their own. The good news is many franchise opportunities are not only within reach; they are under $100,000, which for the average person, is economically doable.