Franchise opportunities make the most sound business investments for entrepreneurs that are looking to invest in a business. By working with an established business that has proven its worth and is making a network of franchised business available to others that are looking for a profitable business venture the prospect of owning an already successful [...]
There are just as many good reasons to buy a franchise as there are not to. Whether or not you start your own business or look into buying a franchise depends on the type of person you are, how independent you want to be and how much experience you have in running a business.
One of [...]
Many franchise buyers want to get in on the ground floor of the hottest new franchise that is available. They see that the company is selling the franchises like hotcakes and they want to get in before the franchise is sold in their area where they live. But you must be very careful about buying [...]
Franchisees must be very careful with taking the franchisors word for everything about the potential location, and demographics of the area in which their franchised outlet will be operating. Often, franchisors want to space each of their franchisees equal distance apart so that all the exclusive territories touch and there are no empty spaces.
This makes [...]
Many successful small business entrepreneurs dream of the day that they might be able to franchise their business. They love the idea of seeing their logo on other small successful businesses throughout the entire country, and maybe the world. One only has to read Michael Gerber’s “E-Myth,” to allow such an idea to soak in. [...]
One of the most important things in franchise operations is having a solid support staff from the franchisor. And, when you’re doing your due diligence to determine if a franchise is right for you, you should ask the other franchisees how much support they get from the franchising Corporation.
If the franchisor only sends out its [...]
Occasionally, franchisors have no choice but to cut a non-compliant franchisee from their system, and to avoid litigation often they give them the option to transfer prior to a drop dead date for termination. Why you ask? Because once the franchisee is terminated or the store closes, it sends shock waves in the community that [...]
Before you buy a franchise you need to make sure your family is on your team and that the franchise business that you are purchasing does fit your family’s way of life. Of course, this isn’t any different advice that any SCORE counselor wouldn’t give you in running your own small business, but you must [...]
What most people who have a 9-to-5 job and collect a paycheck, a pension, and have all kinds of benefits, don’t understand is that running your own business takes a lot of personal sacrifice. It’s not like you can just pack up at the end of the day when five clock hits and go home [...]
The first person to introduce a franchise agreement similar to the ones we have today was Isaac Singer, founder of the Singer Company. His agreements were unique and laid the foundation for the contracts we see today. His sewing machines were big sellers, but what he needed was local people in each territory to service [...]