With a low cost franchise, you will typically be looking at the opposite end of cost factors than the higher-priced category. Items such as less employees, less physical space needed (sometimes none at all!) and less overhead to get started are all valued features of lower-cost franchises.
During your franchise search, you've probably seen photos of long lines at grand openings and stories of people driving from far away when a new franchise location opened just to get a taste of their products.
Networking can really help grow your business—including a franchise business. The name recognition your franchise already has can help you gain attention and clout more easily in organizations like the Chamber of Commerce or the Rotary Club, so it makes sense to take advantage of opportunities to speak or to head up committees in these groups.
The advertising fee pays for the ad campaigns and advertising to promote the franchise. One of the most important times for a system's advertising efforts is during the grand opening of the franchise.
Having a dynamic celebrity like Emmitt Smith to build a franchise's brand awareness can do wonders for a company. People who respect celebrities like Smith easily see the value of a celebrity brand ambassador for a franchise like Good Feet.
Below, we tackle five kinds of myths about franchising that are fairly common, and which we are set to debunk. Do you feel that you're ready to get started?
There are many attractive reasons for buying into an existing organization, for both newcomers to the business world and also experienced veterans. The most immediate of these relates to the brand recognition and identity of the existing organization.
Do you dream of opening your own franchise business because you're not happy with your job? It happens. Your boss might be driving you crazy. Your coworkers might be the reason for your malaise. Or it could be that you're feeling suffocated because you're not using your skills.
Retail franchise opportunities abound, but this is a challenging time to be a retailer. Big Box chains have taken over much of the retail space, e-commerce is increasingly threatening brick and mortar stores, and consumers are more demanding than ever.
The franchise industry is showing signs of economic recovery after the global financial crisis in 2008. Recent statistics from the International Franchise Association reveal that the industry showed healthy signs of growth in 2012, especially in the food service, hospitality, and construction sectors.