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Best Franchise

Written by: Cynthia Gleeson

Article Overview: Most advice articles concentrate on giving tips to people who are interested in buying a franchise. These people generally have little business experience and are looking for a way to get into an industry through a previously well established and proven system. But what about those people out there who have already taken the risk and started up their own business? Are you wondering how you can become the next McDonald’s? Well, whether you currently own a business in the fast food or the fitness industry, there are a number of steps you can take to guarantee that you will be expanding and building the best franchise possible.

Best Franchise

Most advice articles concentrate on giving tips to people who are interested in buying a franchise. These people generally have little business experience and are looking for a way to get into an industry through a previously well established and proven system. But what about those people out there who have already taken the risk and started up their own business? Are you wondering how you can become the next McDonald’s? Well, whether you currently own a business in the fast food or the fitness industry, there are a number of steps you can take to guarantee that you will be expanding and building the best franchise possible.

First of all, don’t be fooled into thinking that it’s only the people interested in buying a franchise that need some of broker or representation. In carrying out any kind of deals or negotiations, you need to protect your business, and have someone there who can both be fair to potential buyers but also stay loyal to you and represent your interests as the seller.

In assessing those potential buyers, it is also important to make sure that they are communicative and ‘people persons’. Depending on your product or industry, service might need to be very hands on. Future franchise owners will also have to be extremely involved in running the business, understanding that they will not just be following a simple magic formula on the road to success.

Almost as important to your business as franchise owners are the employees at each and every unit. While you will have little control over this aspect of human resource management, you can make sure to train your franchisees to look for enthusiastic workers who will get people excited and talking about your company. Always remember that is it people that are at the heart of every best franchise.

In looking at expanding your business, make sure you keep in mind the importance of location for all your individual franchise units. Although they might not need to be located in a very visible spot, depending on the business, they do need to be able to be found easily. And, always keep an eye on your rents.

No matter how big or small your business, or the number of franchises you have under your belt yet, it is always a good idea to engage in a little philanthropy. Giving back to the community is a great way to increase word of mouth advertising and keep your company in the forefront of people’s minds. You should make sure all your franchisees are out there, getting involved with their local communities in line with an overarching company philosophy.

Finally, and perhaps most importantly, remember to keep an eye on your bottom line. Look for any ways you can to cut down costs. Whether it is your rents that are too high, or your payroll expenses that are too large, try and reduce any unnecessary costs in your budget on your quest to creating the next best franchise.

It is no easy task, but remember that all the great franchises of today started as nothing more than one person’s idea yesterday.

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Related Forum Posts
Re: Enticing Franchises - Top 9 List - All Franchise listed above are in millions of dollars. Do you have the list of Franchise in thousands
Re: Info for would be franchisers... - [quote="Sebastien":1d29sdv1]Like Franchise Times, Franchise Update is a very practical magazine. There is no blah blah, just straight facts that anyone in the franchise community can relate to. I just want to mention that all these magazines are NOT franchisee oriented. I mean these magazines are for franchise professionals. If you're looking to buy a franchise, you won't find much information in there. To answer your question, getting published in Franchise Times was fairly easy. I don't want to brag too much but I think I am known in the franchise industry. I was the marketing guy at Franchise.com for a few years before joining my new company, the World Franchising Network. So people know me and I have a very good relationship with Nancy Weingartner, the Managing Editor at Franchise Times. I was talking with her at the last Franchise Expo South in Miami and she mentioned she'd like me to be profiled. I was like "ok, sure!". I like this franchise executive profile thing in Franchise Times as it is rarely BS. People are usually really natural in there.[/quote:1d29sdv1] Thanks for the follow up Sebastien! And I can't say that I'm surprised that networking with the right people and managing your relationships with them properly are the keys to being published. I guess the old adage holds true of "it's not who you know, but who knows you" that's important.
how much for a franchise fee? - Dear Colleague There is no easy answer to this question. Things to consider: [list=] The sizeof the Franchise Clent base Expected Turnover Intellectual Property costs (recoup) Number of Franchises Number of employees Original Set up costs Franchise admin costs An example: A franchise that I was involved in setting was to a simple "lawn mowing/home repair" franchise. The Franchise included national/local advertising - preparation of client lists - general admin - central accounting etc The Franchise involved 300-500 clients - and an annual turnover of about $300,000 . The annual franchise fee was $30,000. Hope that this gives you some idea Take care Ian[/list]
Re: Franchise Surveys - Another good tool to researching a franchise is to speak with their existing franchisees. This contact information is included in most Franchise Disclosure Documents. In order to get a Franchise Disclosure Document or FDD as it is often referred to, you will have to complete a basic franchise application. The franchisor will then usually provide you with the FDD at that time. Included in that book of information is a list of the existing franchisees, the contract, the investment information etc... This information is required by Federal Law to be disclosed to your prior to making a purchase. So be sure to do your research and start with the Franchise Documents to get the initial information.
Re: Info for would be franchisers... - [quote="Sebastien":2gam0klq][quote="BuzzAroundBooks":2gam0klq]Like Franchise Times, Franchise Update is a very practical magazine. There is no blah blah, just straight facts that anyone in the franchise community can relate to.[/quote:2gam0klq][/quote:2gam0klq] That is really what I look for in any industry publication. We lead busy lives and when people fill their magazines with fluff, not only does it benefit no one, but it makes us truly appreciate those that don't. Thanks!


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