Is a franchise a good investment? We will give you the short answer now and more details throughout this blog. A 1997 Gallup study showed that 94 percent of franchisees consider themselves successful. Consider that this response is based on the franchisees’ definition...
Becoming a franchisee is often seen as a good first business for an entrepreneur. How does a recession change the equation? By RICHARD GIBSON If you’re a middle manager who suddenly gets laid off, what do you do? Franchisers contend that franchises are a natural...
Over 20 years I have worked with many types of buying groups. As varied are the buying groups are as varied as the reasons for wanting to own a franchise. It is clear though that most investors are attracted for one or more of the following. Which if any of these...
You have given it a lot of thought. You have carefully considered the alternatives. You have decided you have what it takes. You want your own business. More specifically, you’ve decided you want to own a franchise. So, what's next? What can you expect from franchise...
Franchising runs the gamut. If you can dream it, there is a franchise that does it. When prospective franchisees begin to think about options, one's mind usually goes to the big brand food options... Chic Filet, McDonalds, Starbucks. Big brand names have advantages,...
Have you heard the term “turnkey” and wondered what it means in terms of franchising? Turnkey basically refers to a franchise package so complete that everything you need to start the franchise will be done for you. Sounds like a great idea, right? You pay your fee,...
Signing your franchise agreement is just the beginning First, take time to celebrate! You have taken a big step, that most people only dream of. Owning a franchise is the pinnacle of the American dream. Congratulations! The hard work is just beginning and you are...
Everyone who has seriously considered buying a franchise business has at some point wondered if they “have what it takes” to be successful. Waking up from a dead sleep you may find yourself wondering, “Sure, all those other franchisees seem to be doing fine … but will...
Fear kills more dreams than failure ever will. ~Suzy Kassem Why do people go through the whole process of looking for and finding a great franchise opportunity and then back out at the last minute? The answer is “fear”, and it is the one factor most likely to prevent...
What can I learn from the Franchisor’s FDD? Origin of the FDD Prior to the 1960s, there was little franchising momentum in the US. However, after the success of McDonald’s, many other companies began to franchise their concepts and the franchise industry expanded...
If you’re thinking about buying a franchise, chances are you’ve considered one or any number of food franchises, and for good reason. Fast food franchises have changed the way America eats and are among the oldest and biggest franchises in the United States. But are...
Franchising is a wonderful way to enter into business. Many things have already been established for your benefit: branding, marketing, processes, products, systems, software, etc. Building businesses through franchising have been so successful that franchised...
This outline is meant as a starting point for you to develop your list of questions. A detailed list of targets and questions are provided in the Entrepreneurial Insider's section of this website. For full access, please reach out to me. Depending upon the franchise...
Franchise Myth Busting Do you know which are facts and which are fiction? If you are doing research on the franchise industry, you will probably run across several phrases which are repeated over and over. Are these clichés, without merit, notable only because they...
Follow these tips to fast track your ROI If you are investigating a franchise, chances are one of your goals is to make a lot of money. For many people, the reason they chose franchising over a job in corporate America is that the potential for earnings is so much...
Let’s say you are considering the purchase of a franchise. During the investigation process, you ask the franchisor 'How much money can I make?' They respond with 'We can’t tell you.' Are they lying? Not exactly... for two primary reasons. The first takes some...
As I embark on writing this blog the song New York, New York and the phrase: "If I can make it there, I'll make it anywhere..." runs through my head. After all, not every town sees life in the same way as New Yorkers. A similar comparison could be made with franchised...
COVID was a game changer in so many ways. One result was many once office dwellers realized the benefits of having a home office. Wouldn’t it be great to work from home! You can dress however you want and avoid traffic, long commutes, high gas prices, and dry-cleaning...
If you’re reading this article, it’s probably because you are considering business ownership to achieve your career, lifestyle, and financial goals. But have you thought about taking that one step further – becoming a franchisee? There are numerous advantages to...
Question: I’ve been investigating several franchises and they don’t seem to be very consistent in terms of rate of return on investment. In fact, it sometimes appears that there is very little correlation between the total investment and the amount of...
Before you Begin You’ve carefully evaluated yourself and built an individual model that can be used to determine if a franchise opportunity has the components you want. You know what you need to find in a business to match your preferences and...
To understand the advantages and disadvantages of owning a franchise business you need to have a basis for comparison. Other ways to realize your dreams through business ownership include buying a business opportunity and creating a business from the ground up. There...
What to do before you search for a franchise The lure of franchise ownership can be a heady experience. You imagine the thrill of being your own boss, creating wealth for yourself instead of someone else. But you don’t want to enter the search process unprepared,...
There are many good sources of information about franchise opportunities. For most people, the process that makes the most sense is to first make sure you understand the business model of franchising. After you’re clear on what franchising is all about,...
Business-to-Business franchises are franchised companies that provide either a product or service to other businesses. Some examples of service franchises include personnel staffing agencies, printing/packing/shipping stores, industrial cleaning businesses, business...
A franchisor’s system-wide marketing program can be a great benefit to a franchisee but also a potential source of conflict when the contributions are mandatory. The real source of contention is not that such a fund exists, and these funds are very common in...
We no longer live in a one-career society In our father’s and grandfather’s day, many people kept the same job their whole lives. Men and women in the “Boomer” generation, however, have already made several career changes by the time they entered their 40s and 50s....
Have you ever wondered why some people own a business and others just work for one? Maybe you’ve thought about owning a business of your own for some time but you’re not sure if it’s the right step to take. What kind of an individual is cut out to be an...
What are the advantages and disadvantages of buying an existing franchise unit? One of the downsides to becoming a franchisee is the waiting. If you have a retail location, you will wait for the site selection process to be completed, then wait again for the lease...
Generally, the last step of your franchise research will involve attending the franchisor’s Discovery Day. Most often, the franchisor will bring you to their headquarters and you’ll have the opportunity to meet with the franchise team, to learn about their systems and...
What You Need to Pass a Franchisor’s Test Although it may not be immediately evident, a franchise company is under no obligation to award a franchise to just anyone who can afford the franchise fee. Like any good business, a franchise company will want to populate...
There are two effective ways to become a business owner without reinventing the wheel and starting your own business from scratch: buying a business opportunity and being awarded a franchise business. Each has advantages and disadvantages so knowing how each works and...
You’ve got the questions – we have the answers! Can you answer a resounding “YES” to these questions? Am I willing to dedicate long hours every day for at least two years to get my business up and running?Do I have or am I willing to learn (or hire someone) to...
Three tips to avoid buying a franchise that might go under Statistics show that your chances for success as an entrepreneur are greater if you start your new business as a franchisee rather than opening a business all on your own. However, there are times when even...
Congratulations on your interest in buying a franchise! The number of companies who have chosen to grow their businesses through franchising and the number of people who have decided to own their own business through franchising is a testament to the power franchising...
This seemingly simple question is quite complex. It demonstrates the power and importance of terminology and how the words we use to describe a process can influence the philosophy we use to direct that same process. By the way, the correct answer to this...
An important measurement of the health of any given franchise company is the rate of growth of their system. Specifically, the franchise system should be growing at a rate that shows it is healthy and vital and is able to attract a number of new people to the system...
Do You Know How to Prevent Friends and Family from “Guiding” You to the WRONG Decision? If there’s one thing most people are good at, at least if you ask them, it’s giving advice. And there’s nothing wrong with asking people for advice – as long as you know when to...
If you are about to become a new franchisee, you may have some anxiety when it comes time to sign the franchise agreement. You will probably wonder what part of the franchise agreement is negotiable and how you can be certain you’re getting a fair deal. Every...
Summary Introduction This document summarizes The E-Myth Revisited by Michael Gerber. The intent is todistill the major concepts from the book in note form for efficient perusal. Because onlythe main points of the book have been summarized here, reading the book in...
Where “Helping People Realize Their Dreams” is more than just a slogan What’s the best part of a FranChoice Consultant’s job? The answer you’d get from most of them is that it is their ability to positively impact the lives of hundreds of people every month....