Top tips for franchise success
Top tips for franchise success
• Research and research more: The first cardinal rule of finding franchise success is that you must research the franchise market very well before choosing one of the many franchise opportunities in the market. There is much to investigate before deciding on a franchise business for sale offer. First of all, you are required to realize how well you gel with the category of your choice. Then you decide how much time you can spend for the business. Apart from these, you have to consider the brand-name of the franchise concept and its image in the market both as a producer and franchisor.
• Arrange for adequate finance: Finance is a big aspect of any business and franchising, being a business, is no different. But you need to put less effort in franchising than in any other business (even if you are a novice entrepreneur) in getting the required finance. This is because of the presence of a successful business model of the franchisor. Thus, you will find that doors of conservative financiers opening easily when you are starting a franchise. Furthermore, many franchisors provide for third-party financing or are registered as small business franchises. Hence, choosing such franchise concepts will make the process of getting finance easier. You can use your IRA or 401(k) plan as well.
• Check out your market: Whether it’s a product or a service, you will succeed only when there’s enough demand for that product/service in your market. The brand-name of the franchisor is one factor in determining the demand of the product/service; while demography of the area is another aspect. So, before you go out to buy a franchise, look at the average age of the population in your market, their income and taste to determine what kind of franchise concept will do well in your area. Also, look into the competition in that category from both branded and mom-and-pop establishments.
• Investigate the franchisor: A franchisee’s success is not possible without a good and reliable franchisor. Hence, another golden rule to find franchise success is to investigate the franchisor thoroughly. You should scrutinize the UFOC (or FDD), talk to the ex and present franchisees and take the help of a franchise attorney to read the Franchise Agreement.
• Look for long-term demand: Most franchise agreements are for 10 years or so; hence, knowing whether the business will be viable for the whole period is very necessary. So, don’t always go for the current popularity of the category, always look into the long-term demand before settling for a particular franchise business for sale offer.
Top tips for franchise success - To learn more about this author, visit Michael Hemenway's Website.
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Finding success in franchising is not that difficult; still, the job becomes easier if you have some pointers regarding the business. Here are some top tips on how to find success as a franchisee:
• Research and research more: The first cardinal rule of finding franchise success is that you must research the franchise market very well before choosing one of the many franchise opportunities in the market. There is much to investigate before deciding on a franchise business for sale offer. First of all, you are required to realize how well you gel with the category of your choice. Then you decide how much time you can spend for the business. Apart from these, you have to consider the brand-name of the franchise concept and its image in the market both as a producer and franchisor.
• Arrange for adequate finance: Finance is a big aspect of any business and franchising, being a business, is no different. But you need to put less effort in franchising than in any other business (even if you are a novice entrepreneur) in getting the required finance. This is because of the presence of a successful business model of the franchisor. Thus, you will find that doors of conservative financiers opening easily when you are starting a franchise. Furthermore, many franchisors provide for third-party financing or are registered as small business franchises. Hence, choosing such franchise concepts will make the process of getting finance easier. You can use your IRA or 401(k) plan as well.
• Check out your market: Whether it’s a product or a service, you will succeed only when there’s enough demand for that product/service in your market. The brand-name of the franchisor is one factor in determining the demand of the product/service; while demography of the area is another aspect. So, before you go out to buy a franchise, look at the average age of the population in your market, their income and taste to determine what kind of franchise concept will do well in your area. Also, look into the competition in that category from both branded and mom-and-pop establishments.
• Investigate the franchisor: A franchisee’s success is not possible without a good and reliable franchisor. Hence, another golden rule to find franchise success is to investigate the franchisor thoroughly. You should scrutinize the UFOC (or FDD), talk to the ex and present franchisees and take the help of a franchise attorney to read the Franchise Agreement.
• Look for long-term demand: Most franchise agreements are for 10 years or so; hence, knowing whether the business will be viable for the whole period is very necessary. So, don’t always go for the current popularity of the category, always look into the long-term demand before settling for a particular franchise business for sale offer.
Top tips for franchise success - To learn more about this author, visit Michael Hemenway'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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Dianne CramptonDianne Crampton is an executive leadership coach, team consultant, author and president of TIGERS Success Series, Inc. Dianne has been helping CEO's and Executives connect their employees to their core values and goals for over 20 years using the trademarked TIGERS team culture process, which stands for trust, interdependence, genuineness, empathy, risk and success. To download a free white paper on behaviors that build strong teams and behaviors that will predictably tear them down go here. - Visit Dianne Crampton'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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George LudwigGeorge Ludwig is a recognized authority on sales strategy and peak performance psychology. An international speaker, trainer, and corporate consultant, he helps clients like Johnson & Johnson, Abbott Laboratories, Northwestern Mutual, CIGNA, and numerous others improve sales force effectiveness and performance. Though it's George's strategies and processes that help corporations increase productivity and performance, it's his tremendous energy and dynamism that spark the transformation. Again and again, clients remark on his amazing ability to unleash human capacity and inspire men and women to break out of their comfort zones. The result is a whole new type of salesperson. His customized presentations teach achievers to make stunning advances in their lives. From helping salespeople realize cherished dreams to helping corporations exponentially accelerate revenue streams, George Ludwig leaves audiences and individuals empowered, emboldened, and clamoring for more. George is the best-selling author of Power Selling: Seven Strategies for Cracking the Sales Code and Wise Moves: 60 Quick Tips to Improve Your Position in Life & Business. - Visit George Ludwig'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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Leanne Hoagland-SmithAre your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website |
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Linda RichardsonLinda Richardson is the Founder and Executive Chairwoman of Richardson, a global sales training and performance improvement company. As a recognized leader in the industry, she has won the coveted Stevie Award for Lifetime Achievement in Sales Excellence and she was identified by Training Industry, Inc. as one of the “Top 20 Most Influential Training Professionals.” Ms. Richardson is credited with the movement to Consultative Selling and is the author of ten books on selling and sales management, including Sales Coaching — Making the Great Leap from Sales Manager to Sales Coach, and Stop Telling, Start Selling. She teaches sales and management at the Wharton Graduate School of the University of Pennsylvania and the Wharton Executive Development Center. Linda is a frequent speaker at industry and client conferences, has been published extensively in industry and training journals, and has been featured in numerous publications, including The Wall Street Journal, Forbes, Nation’s Business, Selling Power, Success, and The Conference Board Magazine. Learn more about Richardson's sales training and performance improvement solutions at http://www.richardson.com web - Visit Linda Richardson's Website |
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