Posts Tagged ‘Franchise’
How to Develop a Marketing Plan for Your Franchise
At the fresh start of a year, it’s only natural that you’d start thinking about your franchise’s marketing for the next 12 months. How will you improve upon what you did last year for even better results? What new things do you want to try? You can answer all of these questions by creating your…
Read MoreDeath and Disability: Is Your Franchise Unit Protected?
It’s hard to consider certain possibilities in our life. Whether it’s creating a will, designing an exit plan, or getting affairs in order, people naturally stray away from activities that have to do with their potential demise or disability in the future. I admit planning for the possible early end to your life is never…
Read MoreFamily-Run Franchises: Are They Right for You?
If you’re close to your family, it might seem a natural extension of your personal relationship to move into a business one. Many families choose to go into the franchise business together, to varying degrees of success. Here’s what you should consider before mixing business with pleasure in your family. Are You Able to Separate…
Read MoreEvaluating a Franchise Territory
Ultimately, the defining factor when reviewing territory comes down to a single question: “Do you have a large enough customer base to be successful?” While there are several components to that question, this is what you are looking to determine. Even with the best business model out there, an over-saturated market leads to frustration and…
Read MoreAccounting for Franchises: Tips to Help You Grow
Being a successful franchisee means having at least a general grasp on various aspects of running a business. You might not be an expert in marketing, management, or finance, but being well rounded enough to understand how each of these work will help you thrive with your franchise. Today, let’s talk about accounting. It’s absolutely…
Read MoreThe Best Legal Structure When Buying an Existing Franchise
Purchasing an existing franchise helps reduce risk. Rather than vetting a franchise with the hope that it thrives in your specific region, the current operator has already proven the model in the region. It’s running, operating, and hopefully making substantial profits. Whenever you purchase an existing business, franchise, or other, there are many moving pieces…
Read MoreWhat Advertising Structure Makes Sense for Your Franchise?
There are many aspects of franchising that factor into the overall success. Creating the FDD, recruiting franchisees, and developing proprietary products typically take the spotlight. One that doesn’t receive a lot of attention is building out an effective advertising structure. Despite its underwhelming attention, outlining advertising requirements plays heavily into gaining exposure for the franchise…
Read More6 Qualities to Look for When Staffing Your Franchise
Finding the kinds of employees who will work hard for your franchise and stick with you long-term can be a challenge, especially if you’re in a high-turnover industry like food and beverage. And while sometimes you need to hire someone stat, it’s worth taking your time in the hiring process to ensure that anyone you consider meets…
Read MoreMust Have Components for Your Franchise Lease Contract
With franchises that require a brick and mortar location, it’s essential to ensure that the lease works in favor of the franchisee. Over my years practicing real estate law, I’ve seen many leases that leave operators exposed to being forced to move, having the lease terminated, or unable to sell their franchisee unit when looking…
Read MoreKeep Up Your Franchise with Exciting New Technology
My first job back in high school was as a “sandwich artist” at a local Quiznos franchise. Like most enterprises back in the ‘00s, we felt more like we were operating out of the ‘90s. The cash register was a clunky thing with all of the old bells and whistles. It even made that cha-ching…
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