West Coast Franchise Law - April 2022

West Coast Franchise Law - April 2022

April 2022

600 Stewart Street #1300, Seattle, WA 98101 | westcoastf ranchiselaw.com | 206-903-0401

The Smartest Investment: Taking a Chance on One’s Self

April 3 is National Take a Chance Day, which urges us to break out of our comfort zones and gamble on ourselves. Often, people think that someone who starts their own business is taking a huge chance. After all, they’re leaving behind the stability of a steady paycheck for overheads and profit margins. I think that viewpoint couldn’t be more wrong. While traditional employment feels safer to many people, it requires leaving your financial stability in someone else’s hands. Opening a business is not taking a chance as much as investing in your future.

many people are afraid of the unknown. We are among the few professional advisors that aren’t biased. We have no stake in whether you sign a specific franchise agreement or lease a particular space. So, we can give impartial, experience-based advice to our clients. We help them look at the issue frommultiple angles and determine what it will take to succeed. A new business has many considerations, including how many customers they’ll need to break even, how

many more they’ll need to generate a profit, and how many visits it takes the average customer to make a purchase. Every business relies on sales, and when I represent franchisees, I make sure they

I’m constantly amazed at how many clients I meet whose story starts with $20 in their pocket and a dishwashing job and ends with owning several restaurants. Many of these folks were not born in the U.S., and immigrants are four times more likely to become millionaires than natural-born American citizens. Why is that? I’m sure the experts have all kinds of theories, but mine is that someone who immigrated here has already shown willingness to take a chance on themselves.

understand what generating those sales takes. They also need to consider whether it will be easy to find employees and take the time to talk to other local franchisees about their experiences. Once you’ve done your due diligence, opening a business feels a lot less like a gamble.

In the end, I wish I’d taken more chances with my business. I probably

would have found faster success if I’d leased office space or hired an assistant sooner. I use those lessons when I encourage my clients to invest

My own story holds at least a few similarities. I moved to Seattle without a job lined up. As I sat in my new home looking at all the boxes and wondering what I’d done, some good luck came my way. An analyst I’d previously worked with called to ask if I

in themselves. I also remind them that life and business are both a series of learning experiences, failures, and recoveries. Not every business works out, but even failures teach you a lot

about yourself and life.

was still practicing business law. “Of course!” I answered. That’s how my business started — unconsciously and unprepared. I used a Yahoo email address to represent multi-million-dollar franchises frommy kitchen table. I didn’t stop to think long enough to consider whether I was taking a chance, but I quickly learned that I could be successful by working hard and investing in my clients. It’s our job at West Coast Franchise Law to make clients feel like they’re not taking a chance at all. Business owners must consider countless factors, and the logistics can feel overwhelming. Plus,

They say at the end of your life that you regret the things you didn’t do more than you regret the things you did. If you’re willing to go out on a limb, you’ll never find yourself looking back and wondering, “What if?” We should always aspire to live our lives as regret-free as possible — and yes, that involves taking a chance or two.

– Nate Riordan 1 206-903-0401

3 Insane Events That Happened at Augusta National Golf Club

Augusta National Golf Club in Augusta, Georgia, is one of the most famous golf courses in the world. The golf club was constructed back in 1933 and has enthralled golfers of every skill level. Augusta is mostly known for the Masters Tournament, one of the four major championships on the PGA Tour. In its nearly 90-year history, Augusta National Golf Club has seen some crazy events. From hostage situations to near-death experiences, there’s no shortage of unbelievable stories that have taken place on the course. Below you’ll find three of the most bizarre events that have occurred at this golf club. Ronald Reagan’s Bizarre 1983 Round Many presidents throughout our country’s history have enjoyed the game of golf, and Ronald Reagan was no exception. While Reagan was in the middle of a round at Augusta, a man named Charles Harris rammed his pickup truck through a locked gate, stormed into the pro shop, took five hostages, and demanded to speak with the president. Reagan left the course after Harris refused to speak to him over the phone, then the police handled the situation from there. Reagan returned the next day to play an uninterrupted round.

The Years Without the Masters During World War II, golf was one of the last things people thought about. After seeing the bulk of their members sent overseas to fight in the war, the owners of the course came up with an alternative way to make money. They decided to allow cattle and turkeys to roam the course before they were ready for market. It took years for the foliage to return to playing shape. Death and Return At the 2018 Masters, a man named Johnny Pruitt got to live his dream by attending the championship as a spectator. He never made it to his seat though as an irregular heartbeat stopped his heart. Pruitt was taken from the course, and his heart was restarted with a defibrillator before he went into a coma. He awoke from the coma a week later, and Augusta invited him back to attend the 2019 Masters.

The Cost of Doing Business

WHEN AND HOW TO RAISE PRICES

It seems all economists can talk about these days is inflation and supply chain issues. Both of those factors are probably affecting your bottom line. Selling the same product for less profit isn’t sustainable

If annual increases don’t feel right to you, or you’re thinking about doing a second price increase in one year, there are several factors to consider. First, check out the competition. If similar businesses are charging significantly more than you, you’re probably in the clear. Similarly, if you have so much business that you’re having trouble keeping up with it, you can probably stand an increase. Finally, are customers satisfied with your service? If so, rising prices should make little impact. Once you’ve decided it’s time to raise prices, your mind has probably turned to the question of “how?” Start by choosing your time wisely. If you’re currently resolving customer service issues, hold off until your customers are happy. Next, consider ways to add value to your current offerings — giving customers more makes a price increase go down easier. Give your customers notice so they don’t face sticker shock, and be honest about your increased costs. Finally, be confident. If you receive questions about the increase, explain it, but don’t apologize for doing the right thing for your business. In the end, you’ll never make every customer happy. There will always be people angry about price increases, but the truth is that most of them will still keep coming back. A few won’t, but that’s okay. If you’ve got a solid product and strategy, you’ll have plenty of new customers to take their places.

in the long term, so price increases have followed.

If you haven’t raised your prices recently, it’s time to take the

matter under consideration. Still, the idea is scary. What if customers rebel? And how do you know if you really need to raise prices?

First, we would do well to remember that inflation is always an issue — we’re just paying more attention to it than usual. More often than not, prices go up over time, and many experts recommend building an annual price increase into your business model. At the very least, increase prices at the same rate as your costs. Otherwise, you’re doing the same work for less.

2

westcoastf ranchiselaw.com

Get Sprung 4 Ways to Harvest Positive Vibes in Spring

Welcome spring- cleaning.

Have you ever noticed that springtime just feels lighter and brighter? That’s because, believe it or not, the seasons affect us. When spring rolls around, the energy shifts, and it’s up to us to maximize those positive vibes. Let’s examine how we can make the most of spring and inject some color and vibrancy into our lives again after a long winter. Rely on color. Colors have the ability to elicit certain emotions and feelings. Tropical tones and pastels are everywhere in spring — the clear sky, grass, and flowers — so allow them to fill your space and take them with you as constant reminders to smile. If you’re up for it, wear some new colors to brighten up your wardrobe, and don’t forget to take in a sunset when you’re able! Enjoy more hours of daylight. Spring brings more hours of sunlight and warming temperatures that can give you more time to enjoy your morning cup of coffee outside. You can take an early stroll around the block, get in a workout outdoors, or just enjoy the fresh air. Also, many areas observe daylight saving time, which extends sunlight into the evening, so no matter how you choose to spend your extra daylight, make it an adventure.

It isn’t called spring- cleaning for nothing! Decluttering, dusting,

reorganizing, and tidying up feels great! It’s empowering and refreshing. There is something

special about creating more space in your living space that gets the positivity flowing.

Eat fresh, colorful foods. During spring, many delicious fruits and vegetables come into season. Berries, oranges, apples, carrots, avocados, cherries, spinach, and kale are all at their peak. Your local farmers market is a great place to get the freshest produce to fuel your body!

Spring is a time for new beginnings and positivity. Make the most of this spring season by welcoming a fresh abundance of love and life.

CROSTINI WITH RICOTTA, PEAS, AND MINT

TAKE A BREAK

Whether you need bridal shower hors d’oeuvres, the perfect appetizer for Easter, or just a Sunday snack, this easy and tasty recipe has you covered.

Ingredients:

Inspired by AheadOfThyme.com

• • • • •

1 French baguette, sliced 4 tbsp olive oil, divided

• • • •

1 lb fresh ricotta cheese Fresh mint leaves, sliced

1 tbsp and 1 tsp salt, divided 1 lb English peas, fresh or frozen

Sea salt, to taste

Freshly ground black pepper, to taste

2 garlic cloves, smashed

Directions:

1. Preheat oven to 375 F. 2. On a large baking sheet, place baguette slices. Drizzle with 2 tbsp olive oil and sprinkle with 1 tbsp of salt. Bake for about 7 minutes, but do not brown. 3. In a medium pot, add water and 1 tsp salt, then bring to a boil. Add peas and cook for 3 minutes. Drain peas and place them in ice bath. Cool for several minutes before draining. 4. In a medium skillet, heat 2 tbsp olive oil over medium-high heat. Sauté drained peas with garlic until cooked through. The peas should still be firm, not mushy. 5. On a large platter, layer crostini with ricotta, peas, and a few slices of fresh mint. 6. Season each crostini with sea salt and freshly ground black pepper.

Solution:

3

206-903-0401

600 Stewart Street #1300 Seattle, WA 98101

westcoastf ranchiselaw.com | 206-903-0401

IN THIS ISSUE 1

Taking a Chance Is Making an Investment 3 Insane Events That Happened at Augusta National Golf Club When Should You Raise Prices? Welcome Spring With Open Arms Crostini With Ricotta, Peas, and Mint ‘Chatter’: Your Guide to Thriving Under Pressure

2

3

4

Take Your Internal Pep Talks Up a Notch With Tips From ‘Chatter’

You probably know about the benefits of positive self-talk, but have you mastered it? If not — or if you’ve never heard that phrase — “Chatter: The Voice in Our Head, Why It Matters, and How to Harness It” by Ethan Kross may be the most important book you read in 2022. Positive self-talk is something most of us engage in daily. It’s the “you can do this” nudge you give yourself to combat dark thoughts like “I don’t know what I’m doing” and “no one will take me seriously” before a big presentation. But few resources give you precise strategies for how to engage in positive self-talk effectively so you can make those negative impulses go away.

“Chatter” is an exception to the rule, perhaps because it was written by an actual psychologist! Leaning heavily on scientific research and engaging case studies, Kross offers concrete tips for reducing negative thoughts (what he calls “chatter”) and giving your self- confidence a boost. One of his biggest tips, which drives a big chunk of the book, is the importance of creating “mental distance” during your internal pep talks. Mental distance is exactly what it sounds like — stepping back mentally from your worries and problems so you can gain a new perspective. Kross goes over several ways to do this, including trying to “look back” at your current situation from one, five, or 10 years later; comparing this hurdle to tougher ones in your life; and shifting your internal monologue to third person so you can try talking to yourself as if you were your own friend. With these strategies, we can transform our thoughts, rather than avoid them. Of course, those suggestions just scratch the surface of what’s offered in the book. Kross also goes over how to help your friends, colleagues, and employees eliminate chatter, and how mastering your inner voice will help you thrive under pressure. The magazine Inc. named “Chatter” one of the “4 Business Books That Will Accelerate Your Success In 2022” — don’t miss it.

4

westcoastf ranchiselaw.com

Published by Newsletter Pro • www.NewsletterPro.com