From Teaching to Franchise Owner: 4 Pieces of Advice When Starting Up

Stacy ParkelA former teacher, today Stacy Parkelj is co-owner of a Tutor Doctor franchise in Dallas. She shares 4 wise lessons she has learned in starting her own business.

The journey towards doing what you love and being able to support yourself and your family is often fraught with obstacles, confusion, and innumerable questions. I myself have gone through several different eras of work, from being a teacher, operating a web design company, to managing a large sales team before returning to the classroom. It wasn’t until I returned to my love of teaching that I realized my passion for education could fit perfectly with my entrepreneurial spirit through opening a tutoring business.

Four long years ago, I took a leap of faith and opened my small business, a Tutor Doctor franchise location in the Dallas Ft. Worth area with the help of my father as a business partner. Since then, I’ve learned hard life and business lessons and have grown my business to support local community families. It is such a powerful blessing and gift to be able to do what I love every day, and I believe that everyone should be able to say the same for themselves.

Whether you’re going it alone, or entering business with a partner, it’s important to go into business with your eyes open and a set plan. Once you have the road map laid out and set the plan into motion, everything will fall into place with a little hard work and dedication.

Here are some pieces of advice that have helped me through the launch and growth of my business.

Be open to making sacrifices early on

Launching a successful business requires so much more than just a financial investment. Especially in the first few years, entrepreneurs should expect to invest a significant amount of time into their business, putting processes and systems in place to accelerate growth and move towards self-sufficiency. Because of this hard truth, dedication to launching a successful business forces you to shift priorities towards the business. Be prepared to miss sleep and events, and have a plan in place to help manage and care for your children.

Make Wise Hiring Choices

The employees you hire are unquestionably some of the greatest investments you’ll make into your business. It’s important to make strategic hiring decisions for the business, especially while the business is still being established. As much as it is possible, seek employees that bring more to the table than the skill sets required by their positions, and employees who compliment the business model and team members. Selecting employees who meet your criteria will create a synergy in your company that will drive it to successful heights.

Stacy Parkel
Stacy and her father and business partner

Seek out a support system

Business ownership can be a very lonely journey. As stress mounts and weighs on your shoulders, having a support system can mean a huge difference in your attitude, pool of resources and references and the future of your business. Finding a support system that will understand every inch of what you’re experiencing is crucial and sometimes requires reaching outside of your traditional circles. While your friends and family might be supportive and excellent listeners, unless they’re also business owners they may not completely understand your situation and not be able to offer helpful business advice. Finding a business-minded mentor will not only give your business the powerful resource of someone who has been through it all, but also an outside perspective.

Set a routine 

Without a doubt, the first few years of business ownership is punctuated by long hours, hard decisions and balancing the world on your shoulders. Thankfully, this phase of startup and extreme productivity doesn’t last forever. Once the dust has settled and the business is up and running, it’s vital to establish a proper schedule and routine. For me, that means that from nine to five o’clock every day I go into my home office and close the door. Simulating a real-world work environment while working from home establishes necessary boundaries for myself and my family and ensures that I can maximize my time. Even if you aren’t working from home, it’s important to find a way to end your work day and “turn off” your business brain.

Whether you’re going it alone, or entering business with a partner, it’s important to go into business with your eyes open and a set plan. Once you have the road map laid out and set the plan into motion, everything will fall into place with a little hard work and dedication.

 

Helping Others Find Financial Freedom through Franchising

Valentines photoJane Stein is President of Your Franchise Is Waiting, a consultancy firm which helps people in various stages of reinvention discover the possibilities offered by business ownership through franchising. She shares her somewhat bumpy ride from corporate financial services to self-employment and why she loves nothing more than helping people get out from under the corporate shackles.

I was a senior VP of Investments and Certified Financial Planner with Smith Barney (now Morgan Stanley) for more than 20 years in Houston, Texas. I got married at 35 to my 42-year-old husband and cranked out two adorable boys – time was a wasting afterall.  When you have a full time stressful job (is there one that isn’t?) it truly takes a village.  We relied heavily on the kindness of not only strangers but also family and hired help.

Our second child was all of 4 weeks old when I felt that something wasn’t right. He didn’t make eye Boys at the Lakecontact (when he nursed!) and seemed to be in perpetual motion. I knew he had autism. This was 1997, and autism was just starting to be on the radar, as opposed to the full blown epidemic it has since become. Being the kind of person who believes “everything worth doing is worth overdoing,” I jumped into overdrive and surfed the internet until 2 am every morning researching every possible intervention known to man. We did gluten- and casein-free diets, sound therapy, supplements, skin brushing, as well as the traditional speech, occupational, and “floor play” interventions. By this point, my son was living in the back seat of my car and therapists’ offices. Needless to say, it was a crazy ride.  Not so great for the marriage either, which is another story.

Should I stay or should I go?

Then along came 9/11 and after struggling to get out of bed for six months, I was diagnosed with PTSD. I realized that I was seriously burned out and had not enjoyed what I had been doing for years. I was tired of the same conversations day in and day out and wasn’t learning anything new. I felt that crushing feeling of “is this all there is?” and of life being fleeting. I wanted to spend whatever time remained raising my own children (at this point, we had two full-time nannies) and living in a place where they could play outside without being covered by mosquito bites from head to toe in minutes. We Jane Steinresearched various cities that met our criteria (should be safe and have clean air and water, an educated community, and four seasons) around the country. We assessed our financial picture and where we could cut back, and took a leap of faith. We relocated the family to Boulder, Colorado, which had good public schools and more than its fair share of quirky kids. I figured mine would fit right in.

There’s only a few times in your life you will experience your soul talking to you. It’s tricky because it doesn’t come from a thinking place. Sometimes it goes against what you think you want. Those times are gifts – your soul is never wrong.  It will never steer you off course, in fact I believe it is pushing you TOWARD your course.

Cut to ten years later when my oldest was leaving for college, I began to feel restless and Jane Steinrealized I was bored, bored, bored. Hiking, golfing, going to lunch with friends and volunteering did not fill me up.

I did some deep thinking and realized I:

  • love working the way some people love weekends,
  • need an organizing principle in my life: for me it’s work
  • wanted to build another empire if I could – I missed the challenge.
  • missed having discretionary income to be more generous in my philanthropy and, let’s be honest, to spend.

There’s more I could say, but at age 58 I did a lot of research and exploration of various career options and eventually relaunched – as a franchise broker.

I work from home connecting people in transition into businesses that are a good match for them based on their investment parameters, skill sets, and income and lifestyle objectives.  Walking people through the steps of reinvention is very rewarding.

“There’s only a few times in your life you will experience your soul talking to you. It’s tricky because it doesn’t come from a thinking place. Sometimes it goes against what you think you want. Those times are gifts – your soul is never wrong.  It will never steer you off course, in fact I believe it is pushing you TOWARD your course.”

I love learning about new business concepts every day. I get to try to connect people to their dreams of self-employment and hopefully open the door to what will be their future financial security and the satisfaction that comes from “steering your own ship.”  Now I help people invest in themselves, instead of managing their passive investments, and it’s much more exciting and empowering for them.

This is a business I can do from anywhere there is a phone line and an internet connection.  There’s no reason I won’t do this well into old age.

Stepping past the fear 

Personal reinvention is hard.  Things have to be pretty miserable for you to overcome the hurdle of inertia and fear. But there can be great reward in taking the leap. Transitions are a part of life. Most of us will experience quite a few in our lifetime. The best ones are the ones you initiate yourself. It’s a great feeling to chart a new course. In facing your fears, ask yourself – in a year, will my situation improve if I do nothing? If the answer is no, you and I both know what the right move is.

When I decided to leave the financial services industry, I woke up every morning feeling free. After a while, that feeling was replaced with a sense of adventure. I was going to reinvent myself – again. Investing in a business is a bold move. But it just might be the right move.  And remember, women make great entrepreneurs!

Interested in learning more about franchising? You can connect with Jane on Facebook and  LinkedIn.