As an investment and a point of personal pride, you want your franchise business to succeed. So does your franchisor, your customers, and your employees. So, as you begin your franchise journey, let’s look at some reasons franchises fail and what you can do to avoid them. 1) Lack of Capital We’re putting this right […]
Franchisee
How to Market Your Franchised Business Locally
You did it! You’re a franchise business owner. And while one of the reasons you decided to franchise was to own a business with a proven system and brand recognition, including national advertising campaigns, you still have to think about marketing in your local community. Isn’t That What the Brand Fund Is For? Franchises didn’t […]
Traits of Successful Franchise Owners
Owning a franchise is the best way to become your own boss, but not all franchise owners are equal. Here are 10 things successful franchise owners have in common. If you are looking to make a plunge into the exciting and often challenging world of franchise ownership, it doesn’t hurt to learn from the crème de […]
Franchising Basics: Understanding Franchise Territories
While researching franchise opportunities, you’ll come across many using verbiage similar to “ask about exclusive territories” or “protected territories available.” It’s easy to jump to the conclusion that “territory” means no other franchisees in your franchise system can open a location in your exclusive/protected geographic area. Unfortunately, that’s not always the case. Although “exclusive” and […]
The Rise of Multi-Unit Franchise Ownership
The franchise industry is seeing rapid growth in multi-unit franchising, and it’s a trend that won’t be going anywhere any time soon. The biggest reason for this is multi-unit franchising provides an opportunity for tremendous (and stable) growth and wealth creation for all parties involved—the brand, franchisor and franchisee. The International Franchise Association (IFA) says multi-unit operators are changing […]
Interviewing Franchisees
Buying a franchise is a big, life-changing decision and is cause for proper research. After all, you’re not just investing your money; you’re investing your time, talent and skills. You might also be investing your blood, sweat and tears. Due Diligence Be sure to conduct what those in the franchise industry call “due diligence.” The […]
Franchising 101: What is an Area Developer?
As more and more franchises move toward multi-unit growth, area developer franchisees are also becoming more popular. If you’re looking for multi-unit franchise opportunities, you might consider area development. Here’s How It Works Area developers are similar to multi-unit operators except they commit to opening a greater number of units encompassing a larger territorial area […]
Franchising 101: What is a Master Franchisee?
If you’re a more skilled and seasoned business executive with big dreams, area development might be for you. Multi-unit franchisees are also considered area developers; the franchisor requires the area developer to open a certain number of units by a specific date. Not only do area developers pay less per unit than if they were […]
Benefits of Home-Based Franchises: Rise of the Solopreneur
There’s no longer a stigma against those who work from home. In fact, 43 percent of the United States workforce works remotely, while nearly 50 percent of small businesses are home-based and generate more than $400 billion per year. Forbes says the rise of the solopreneur means increased interest in home-based franchise opportunities. Franchising is when a franchisor grants the rights to their […]
6 Mistakes to Avoid as a First-Time Franchisee
You finally found the golden franchise opportunity right for you. It’s exhilarating, especially since you spent so much time looking for the perfect fit. There’s so much to look forward to. But be forewarned not to let the excitement of owning a business blind you from the reality of it all. Launching a franchise requires […]
