|Small Business Guide - Small Business Resources
(Add to Favorites | View All Articles | Resource Directory)
Should I Franchise or Not?
A reader of one of my online sessions asked should he franchise his business or not. He had set up a service business and was getting ready to expand and wanted to know if franchising was a good potential strategy for this. How do I franchise my business? There are many criteria for franchising and if you have ever thought you might wish to franchise your business then this advice could be of value to you:
You cannot determine if you should franchise or not until you have perfected your operation, any thing less than perfection will be doing a disservice to your future company and franchisees. I am not advocating waiting until it is actually perfect, for that day may not ever come, but rather making that a goal of your business building before deciding to franchise or not. Go read the "E-Myth."
It is possible you might be pre-empted as your profits will be taken by attorneys and lawyers due to the increased regulations in franchising. We have issues in the US where workforce is often under the impression of the right to be irresponsible and if they do not work hard and fail they will most likely blame you and sue. So many factors to consider and many are not in any books. I would say; you need to start with about a million dollars solely dedicated to the franchise part of the business to get it to work. Not including all the prototypes or company owned stores or operations.
There is an overload of information on this topic, but anyone truly interested in franchising needs to study up on these methods. If you can; I recommend some good books or articles on this subject you might wish to read:
The Franchise Bible
Trips and Traps When Buying a Franchise
Franchising for Dummies
Franchising and Licensing
I have read and own probably 30 books on the subject all have tid bits but these ought to be a good start. If this it not sufficient, a longer list can be made available from www.franchising.org . Remember most people write books for a reason; if it is written by an attorney it will have legal slant, an entrepreneur will have an optimistic and promotional slant, a consultant will have a strategic slant. You see? The book most important in my professional opinion after you have franchised would be; "The Franchise Relationship" www.franchiserelations.com .
If you are considering the franchise format to expand your currently successful business then these are aspect and information you should be well versed in to make it all work. I wish you the best of luck and continued success.
"Lance Winslow" - If you have innovative thoughts and unique perspectives, come think with Lance; www.WorldThinkTank.net/wttbbs
News provided by Yahoo! News and Google News
Lt. Governor on pro-business legislation: 'We're on the cusp of changing our ... - Albuquerque Business First
Fla. lawmakers propose small biz sales tax holiday - First Coast News
AIR MILES for Business celebrates Canada's outstanding entrepreneurs at the 2015 Small Business Achievement Awards
GST red tape hurting business, economy
GST burden killing small business
Mayor makes another vow to cut small-biz red tape - Crain's New York Business (blog)
SurePayroll Small Business Scorecard(R): Small Businesses on the Hunt for New Hires
Find a Small Business Guru
What is a guru?A guru is a teacher. A mentor.
What to expect with a Home Business
All legitimate home business entrepreneurs insist and announce loud and clear that a successful home business is not about an overnight thing. And that you cannot get rich overnight and so on.
How to Manage Your Pipeline
How is your pipeline structured?I assume most of you have heard about the sales pipeline. Your pipeline is what keeps your business going.
City Wide Garage Sales: Hidden Riches!
Most of us remember going to at least one garage sale in our lives. It may have been called a yard sale, garage sale or flea market.
Small Business - Is The Accounting Profession Ripping Them Off?
My 16 year-old daughter said, "Gee Dad! You look just like an accountant" And she wasn't being complimentary. Accountants are perceived to be boring, stodgy and conservative.
The Truth About Government Grants for Your Business
Free money! Receive up to $25,000 that never has to be paid back -- Guaranteed! Get a grant to start your own business today!If you're a small business owner, or you've always dreamed of starting your own business, you've probably run across ads like these. Companies that "guarantee" you'll get a grant to start your own business that never has to be paid back.
The End -- Fireworks or Fizzle?
Seems as though there are a lot of business closings going around lately. Everywhere I look small businesses -- one on top of another -- are closing their doors.
Solving the Late Paying Customer Blues
Nothing can drive a business down faster than customers who don't pay their bills as agreed. When you sell to customers on credit you are making an agreement with them.
Low Cost or Highly Funded Start Up
Many new ventures are preoccupied with all the money they are going to make, rather than how they are going to the about making it. Set realistic goals by setting realistic steps-discreet 'doable' actions, each of which connects to the next one in some logical progression.
Business Scents - Do They Work?
You see it often in large shopping complexes. Customers seem to be flocking to a certain stall in large droves.
Carwash Manual Sample Outline
Car wash businesses are unique to other businesses. In fact they are about as unique as the many different type of vehicles one is asked to wash.
Fire the CEO
If you are the boss and you think your job is to run the business, you are dead wrong. Your job, the most important job in any business, is to market the business.
Top Ten Tips for Leveraging Conferences for Big SUCCESS!
As I am preparing for my attendance to the CoachVille's Third Annual Coaching Conference, I have been considering how I can make the most of my conference attendance. These ten tips will support you in leveraging those conference you will attend in the future and for creating an unforgettable experience!1.
So What? How to Elicit Benefits from Features
"So what?" is a lovely question.It can lead to a punch on the nose if you tactlessly say it to others to challenge their ideas but, when you use it to question your own decisions it has endless uses.
Surviving in a tumultuous economy
Contrary to popular belief, small businesses can survive a crazy economy by taking some proactive steps. Provide spectacular customer service -- every time.
5 Good Reasons a Self-Employed Professional Should Take Vacation
So you think you're not justified in taking time away from your business because you're self-employed? Here are five great reasons why you should definitely take a vacation:1. Physical down time You work hard to grow and maintain your business.
Cost Effective Franchise Regulations, Come again
The Franchise Group at the Federal Trade Commission in all their ego and glory has proclaimed that franchise disclosure laws are "Cost Effective." I hate to break it to the FTC, but your comments and court are completely naked.
Find Your Niche & Follow It - Part 1
In this series of articles I'm going to show you how to find out if there's a hungry crowd for your information product BEFORE you write a single word.Mark Twain once said: "Find out where the people are going and get there first".
11 Things Small Business Owners Can Learn From Rudolph The Red-Nosed Reindeer
1. Everyone Makes A Difference - Despite not letting him play in their games, the other reindeer came to understand Rudolph's importance.
Six Sigma for Small Business
It is not surprising that some people may perceive Six Sigma as being only for large corporations. Major corporations such as Allied Signal, Black & Decker, Dow Chemical, Dupont, Federal Express, General Electric, Johnson and Johnson, Kodak, Motorola, Sony, and Toshiba have all rolled out Six Sigma efforts and achieved outstanding results.
|Home | Site Map | Privacy Statement | More Articles|