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Franchise fees and costs to consider

Here is a list of the most common investment required to own a franchise: Franchise Fee Furniture, fixtures & equipment Leasehold improvements Lease deposits Other deposits Franchise training Travel expense Supplies Advertising and brochures Grand opening advertising Initial national fund contribution Inventory Pre-opening staff costs Working capital until breakeven...

Ten questions to ask yourself before you buy a franchise

What are the 10 questions to ask yourself before you buy a franchise? Do You Know the Franchisor?
 You need to know a potential franchisor on a deeper level than just as a nice person with a winning smile and a great golf swing.  In addition, you need to...

Ten keys to success

Ten Keys to a Successful Franchise Making any business reach its full potential takes talent, and ensuring that your customers are always satisfied isn’t that easy.  If you’ve selected your franchise well, your franchisor will be able to help you avoid many of the mistakes new independent start-up businesses...

What is a franchise advisory council?

Many systems have a franchise advisory council (FAC), which is a committee of franchisees who provide input to the franchisor on ways to improve the system. The name given to this committee may vary from one brand to the next, but the underlying principle of a panel of franchisees...

Can you franchise your own business?

What do you look for to determine whether your business can be franchised successfully?  That all depends on your business.  One size does not fit all.  The following are some general criteria that you need to look at. Do you have a unit prototype? If you don’t have an...

Selling your business

Smart franchisees orchestrate their exit strategies meticulously, from the overture to the finale.   They devise a personal business plan, plotting when and how they want out.  In this way, they can continue to have one foot firmly in their franchise while the other foot is inching out the door....

Looking in the mirror: Are you ready for multiple ownership?

Successfully shifting from a single to a multi-unit operator depends largely on your personality and personal issues: Are you a team player?  The more units you own, the more staff you’ll need, including some in managerial positions.  Be sure you can handle coaching a much bigger team.  Be sure...

Buying multiple units

If you have big dreams from the start of being a franchise tycoon, you may want to consider franchisors that offer the whole package:  area development rights.  These rights allow a franchisee to expand exclusively within a specific territory, according to a schedule – X number of units within...

Considering buying an existing business?

When you buy an existing franchise, you need to be aware of some issues and examine them closely before you make the purchase.  Ask yourself the following questions to help uncover any costly and time-consuming problems: Does the location meet your franchisor’s current standards?  You don’t want to make...

Effective leadership

In any business, effective leadership is critical in franchising:  effective franchisors lead to effective franchisees, which lead to effective employees. There’s no passing the buck here.  A franchisor should give you intensive training and operations guidelines to help you hire and train your staff. Regardless of what a franchisor...