More than 30 percent of small businesses fail within the first five years of being open. This is largely due to the fact that start-up business owners have to figure out how to effectively run their business along the way. That’s why many entrepreneurs turn to franchising; it offers the potential for rapid growth at minimum costs. Often […]
Franchising
7 Questions to Ask Yourself Before Considering Franchising
If you’re considering franchising as an alternative to your 9-to-5, you’ve come to the right place. But wait! Before you make any rash decisions, like quitting your job, there are a few things you should consider first. Yes, franchising is a great way to own your own business because it’s a concept proven to work, […]
What to Do When Franchising Isn’t the Right Fit for Your Business
As a franchise lawyer, I see the incredible value for business owners to take a proven business model and rapidly expand through franchising. It also builds in revenue streams and places dedicated individuals at the helm of each individual franchise unit. Yet, despite the benefits, franchising isn’t a fit for every business model out there. Additionally, […]
The Stages of Your Business Ownership Journey
When considering business ownership, it is easy to think about the short-term effects it will have on your life. There are a great deal of changes that occur in the first year, but what about ten years down the road? Part of the research and planning process involves realistically imagining your life with the business you […]
5 Franchising Myths (and the Real Truth of Franchising)
Make one mention that you’re interested in starting a franchise and chances are, you’ll be hit with a tsunami of advice. Many times, this advice is laced with myths about franchise ownership. Here are five common franchise myths and the real truths about franchising that you need to know as you decide what franchise to […]
Validating the Business Model
When your business reaches a certain size, it’s only natural to explore options for extensive growth and scale. With PLAYLive, we chose the franchising model. The ability to scale without fronting the capital for each unit and the ease of spreading to different regions combined with the other benefits of franchising made it the best […]
5 Signs You’re Meant to Be a Franchise Owner
You’ve got the passion and drive it takes to run your own business, and you’re considering buying a franchise as a feasible option. It’s important to note that running a franchise is a bit different from running an independent business. Both have their own benefits and drawbacks. But if the following apply to you, being a franchise […]
PLAYLive Lesson: Vetting Franchisees
The key to building a prosperous franchise is to place quality franchisees at the helm of your business. As a long-time franchise lawyer and part franchise owner, I cannot stress enough how essential this is for long-term franchise success. As we continue to grow PLAYLive, we have been continuously refining how we attract and screen […]
Franchising and Digital Marketing
A new report on digital marketing among franchises has one major conclusion: only a few franchises are actually making good use of the potential that online marketing offers. 296 different franchises representing 28 industries were included in the survey, conducted by FRANdata and G/ODigital, and nearly all respondents were using some form of digital marketing, […]
Pros and Cons of Franchising Your Business
Businesses looking to expand often find themselves at a crossroads: franchising vs. traditional expansion. Despite experts trying to sway you one way or another, there’s no cookie cutter answer. It boils down to your specific business model, your vision for your business, market trends and ability to franchise. Not every model should, or can be, […]
