Expanding your franchise business
Expanding your franchise business
Before thinking about expanding your business, there are many warning signs you should watch out for. There are also misleading signs that may cause an inappropriate sense of confidence and may distract you from any problems that may be on the horizon .
The fact that you’ve managed to deal with certain problems that you’ve met on your own, doesn’t mean that you couldn’t always use a little help from someone more experienced, like the franchisor, for example. Giving yourself a false sense of security can end up making you both arrogant and blind, causing you to fall into many business traps that you were not expecting.
Franchisors normally have their eyes on their franchisees’ businesses and keep a look out for their own set of warning signs. They will usually map out the expected problems for you and tell you how to anticipate them. However, their help, while essential, is not solely sufficient. You have to learn both how to keep an eye out yourself as well as carefully interpret any signs to avoid unnecessary difficulties, you could clearly do without.
Let’s use an example :
Let’s say that your sales are up and new contracts are coming in. These signs are surely an indicator that your business is doing good enough to allow you to expand, right? Well, it depends on how you look at it. On the surface, you seem to be doing great and there couldn’t be a better time for expansion. However, if you look deeper, you’ll find several aspects to take issue with.
The sales are up, which is excellent, but how are your receivables? Do you actually have enough cash flow available? A new one year contract may sound great, but did you read it carefully? Do its clauses really imply that signing it is the right step for you at this point? It’s better to spend enough time asking yourself these questions than receiving a surprise letter from the bank telling you how it’s planning to repossess your business.
That’s why you should think long and hard, then set a plan carefully with the help of your franchisor, so that your dream of expanding your business doesn’t end up being a nightmare.
Expanding your franchise business - To learn more about this author, visit Sebastien Page's Website.
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It’s likely that you will have the desire to expand your business, after finding some success in the franchise world. Someone you shouldn’t forget when you start to set plan for your expansion is your franchisor. Make your franchisor aware of your plans and keep him up to date with the developments. Don’t shy away from asking for help or advice from your franchisor, because expanding your business is tricky and you could use all the help that you can get.
Before thinking about expanding your business, there are many warning signs you should watch out for. There are also misleading signs that may cause an inappropriate sense of confidence and may distract you from any problems that may be on the horizon .
The fact that you’ve managed to deal with certain problems that you’ve met on your own, doesn’t mean that you couldn’t always use a little help from someone more experienced, like the franchisor, for example. Giving yourself a false sense of security can end up making you both arrogant and blind, causing you to fall into many business traps that you were not expecting.
Franchisors normally have their eyes on their franchisees’ businesses and keep a look out for their own set of warning signs. They will usually map out the expected problems for you and tell you how to anticipate them. However, their help, while essential, is not solely sufficient. You have to learn both how to keep an eye out yourself as well as carefully interpret any signs to avoid unnecessary difficulties, you could clearly do without.
Let’s use an example :
Let’s say that your sales are up and new contracts are coming in. These signs are surely an indicator that your business is doing good enough to allow you to expand, right? Well, it depends on how you look at it. On the surface, you seem to be doing great and there couldn’t be a better time for expansion. However, if you look deeper, you’ll find several aspects to take issue with.
The sales are up, which is excellent, but how are your receivables? Do you actually have enough cash flow available? A new one year contract may sound great, but did you read it carefully? Do its clauses really imply that signing it is the right step for you at this point? It’s better to spend enough time asking yourself these questions than receiving a surprise letter from the bank telling you how it’s planning to repossess your business.
That’s why you should think long and hard, then set a plan carefully with the help of your franchisor, so that your dream of expanding your business doesn’t end up being a nightmare.
Expanding your franchise business - To learn more about this author, visit Sebastien Page's Website.
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John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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Cheryl MatthynssensCheryl is a life skills coach, licensed Chemical Dependency Counselor and a 20 year entrepreneur. Cheryl's dedication to achieving a life of balance led to her expanding her teaching from the simple managing of life's daily challenges to adding financial well being as well. A direct marketer with DrinkACT, she is gaining ground in the online community with her concepts of making sure business owners, entreprenuers and employees have well rounded life styles. She opened up a small affiliate site - The Balance Guide- to help others find resources for mental and emotional well being. Visit Cheryl's blog to see more of the diversity beyond business she has began offering online at www.thebalanceguide.blogspot.com - Visit Cheryl Matthynssens's Website |
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John BrennanJohn Brennan Ed.D. Dr. Brennan is President of Interpersonal Development, LLC, a training and development firm. Interpersonal Development has provided sales training and coaching to more than 3,000 sales reps from over 100 companies. A native of Australia, Dr. Brennan received his doctorate from the University of Rochester. His dissertation researched the effectiveness of Behavioral Modeling Technology in training people in interpersonal skills. While he has spent most of his career designing or delivering training, he was also a Vice-President of Sales of a training and development franchise with operations in 25 markets. Dr. Brennan has designed and delivered sales training in North America, Asia, Europe, Australia and the Middle East. He has been a guest speaker at numerous national and regional professional conferences. When Microsoft wanted Best Practices articles on sales for their web site, they called Dr. Brennan. The results are at http://office.microsoft.com/en-us/FX011387391033.aspx His firm’s clients have included Volvo, The Prudential, Merrill Lynch, Eastman Kodak, Gannett, Equifax Europe, the Economist Group and countless small businesses. - Visit John Brennan's Website |
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Jay Kubassek(Jay's Full Bio: EvanCarmichael.com/jaykubassek) In five years, Canadian-born entrepreneur Jay Kubassek went from selling mufflers at a Midas franchise to revolutionizing Internet marketing with the 2004 launch of CarbonCopyPRO, a online marketing education company, now worth over $20 million with customers in over 160 countries.
As an independent film producer, his upstart film fund Aliquot Films is currently producing a films with Spike Lee and Abel Fererra (starring Ethan Hawke and Dennis Hopper.)
Jay's entrepreneurial spirit is irrepressible. He’s the owner of five companies, a professional speaker and trainer, international real estate developer/investor, extreme sport enthusiast and emerging philanthropist. Jay resides in NYC with his wife Jamie, son Milo and dog Cooper. Visit Jay's official website: www.JayKubassek.com - Visit Jay Kubassek's Website |
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David BarrDavid Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website |
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Casey GollanCasey Gollan, Business Coaching & Mentoring Programs. Add $1 Million to $10 Million in the next 1 to 3 years. Since 1996 Casey has to added hundreds of millions of dollars to businesses. Watch a free video see client results Business Coaching website. - Visit Casey Gollan's Website |
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Kim CastleWith nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website |
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