Category ‘Considering a Franchise’

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...

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...

What is a franchisee advisory council?

A franchisee advisory council  is a committee established by the franchisor and composed of franchisee representatives.  It may also have representatives from the franchisor operated units. Its purpose is purely advisory.  Here are some of the ways a franchisor can use the council: To bounce new ideas off franchisees...

Utilizing your franchise network: Reaching out to your fellow franchisees

Your fellow franchisees are a big part of the team, and as the newest recruit, you want to hear their take on the game, the coach, and the other players.  Think of existing franchisees as the “live” version of an operations manual;  they live and breathe the system every...

Franchising alive and well in 2015

Franchise businesses are expected to outpace the rest of the economy in terms of growth and job creation this year, according to a recent report from the International Franchise Associations’ “The Franchise Business Economic Outlook: 2015,” which covers the growth and impact of the franchise industry on the whole. ...

Entrepreneurial self assessment

Starting a successful business takes a tremendous amount of energy and certain personal characteristics.  Read each of the characteristics below and circle the number that most accurately describes your entrepreneurial potential on a scale of one to ten.  (1 is low, 10 is high) Motivation: drive, energy to succeed...

Getting What You Need From The Franchisee/Franchisor Relationship

As a consumer, you want to get what you pay for.  We all do.  So as a franchisee, whether your business launches slowly or fires up like a rocket you want to have gotten your money’s worth each time you mail your royalty cheque. What you really get for...