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 101

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


MORE RESOURCES:

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

Albuquerque Business First

Lt. Governor on pro-business legislation: 'We're on the cusp of changing our ...
Albuquerque Business First
Lieutenant Governor John Sanchez has seen his share of Santa Fe legislative sessions, but he thinks this year could be different. "I think we have a really good chance to pass meaningful legislation and change the culture of the state in terms of the ...

Fla. lawmakers propose small biz sales tax holiday - First Coast News

First Coast News

Fla. lawmakers propose small biz sales tax holiday
First Coast News
A link has been posted to your Facebook feed. Join the Conversation. To find out more about Facebook commenting please read the Conversation Guidelines and FAQs. Fla. lawmakers propose small biz sales tax holiday. If two state lawmakers get their way, ...
House bill offers small biz tax reliefTire Business

all 22 news articles »

AIR MILES for Business celebrates Canada's outstanding entrepreneurs at the 2015 Small Business Achievement Awards
Congratulate Canada's rising small business owners recognized for their outstanding achievements in a variety of categories TORONTO , Feb. 23, 2015 /CNW/ - Today, the AIR MILES ® Reward Program is proud ...

GST red tape hurting business, economy
Australia's GST red tape is among the most complicated in the world, stifling small business and hampering the economy, a new report says. The current system requires business owners to sift through every single transaction and justify any items that did not attract the GST, using one of eight categories to explain why. With 44 per cent of goods and services not attracting the tax, that's a lot ...

GST burden killing small business
Politicians and central bankers scratching their heads wondering why businesses aren't investing ought to speak to Sydney hairdresser Penny Martin. Ms Martin decided to work from home instead, letting five employees go and turning down clients to keep her annual revenue below $75,000 - all to avoid GST paperwork. "I have purposely scaled down my business for that very reason, because it's all ...

Mayor makes another vow to cut small-biz red tape - Crain's New York Business (blog)

Mayor makes another vow to cut small-biz red tape
Crain's New York Business (blog)
Mayor Bill de Blasio unveiled a five-year, $27 million plan Tuesday aimed at slashing red tape for small businesses, including a proposal to help business owners avoid pesky violations and fines. The plan, entitled Small Business First, includes 30 ...

and more »

SurePayroll Small Business Scorecard(R): Small Businesses on the Hunt for New Hires
Small businesses are undergoing a major change in their approach to hiring, according to February 2015 SurePayroll Small Business Scorecard. While a year ago their primary concern was the cost of salary ...

Home | Site Map | Privacy Statement | More Articles
© 2006