I Want To Start Franchisng My Business: Be Careful Who To Use
I Want To Start Franchisng My Business: Be Careful Who To Use
If your number one concern is simply the cost of franchising and your looking for Walmart pricing, then perhaps going to one of our competitors is your best option. If you want quality, effeciency and a long term relationship as your franchise system evolves, then lets talk about what to look for in a company. First of all, if any company you are talking with asks or requires that you give them a percentage of your company as part of their services, turn around a run. Yes, as hard as this is to believe, this happens.
So how do you know if the person on the other end of the telephone line is a real business, ask for validation. I know of a company who just recently franchised their own business and is now hanging out a shingle calling themselves an "expert" in the field who can now franchise other businesses. Yep, its happening and I have heard first hand (from one of their employees) how inaccurate and old their provisions are in the documents they produce, scary. When asking questions and probing for validation, find out if they have ever turned business away. After all, what savvy business person would turn down business, right?
This is important to know, find out if the business your talking with specializes in creating Franchise Disclosure Documents, franchise infrastructure, offers ongoing support and if they have all the resources necessary for you to further strenthen your franchise system. Ask them if they also sell franchises, if so which is it? Find out if they are franchise developers or franchise brokers because it is a conflict of interest to do both. Something is obviously not working right in their business model if they have to sell franchises because they are not doing well making them. Watch out, there are a handful of these businesses out there that are franchise brokers (making a large commission for each franchise they sell) who claim to also create franchise systems. More on franchise brokers later....
When talking with other companies see if they give you answers. I mean concrete answers outlining exactly the process and costs to franchise your business. For each person that calls us at The Franchise Maker, once we determine if the inquiry is ligit (in other words does the person we are talking with have a business that qualifies for franchising) any of us will gladly paint a picture of process and costs. There is nothing to hide, but you would be surprised how many times I hear people say "no one would spend the time to talk to me".
Franchising will forever change the dynamics of your business. If done correctly, it will change the paradigm in your industy resulting in very successful and loyal franchisees. Asking the right questions will help you identify the best company you wish to partner with as you embark on this next phase of growth. I will leave you with a quote our web developer passed on to me earlier this month:
“If you think it's expensive to a hire a professional, wait till you hire an amateur." -- Red Adair
I Want To Start Franchisng My Business Be Careful Who To Use - To learn more about this author, visit David R Waldman's Website.
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On a regular basis, we get phone calls and emails with the same question: "I want to start franchising my business, how much will it cost?" A very valid question and one that deserves a straight forward answer. As with any purchase it is important to do your due diligence, but how do you know if the person on the other end of the telephone line is a real business? How do you know whether or not the business you are talking with is not just a 'documention factory' churning Franchise Disclosure Documents? What can you do to prevent making a huge mistake by putting the faith of your future franchise system in the hands of the wrong company? Lets explore this further.
If your number one concern is simply the cost of franchising and your looking for Walmart pricing, then perhaps going to one of our competitors is your best option. If you want quality, effeciency and a long term relationship as your franchise system evolves, then lets talk about what to look for in a company. First of all, if any company you are talking with asks or requires that you give them a percentage of your company as part of their services, turn around a run. Yes, as hard as this is to believe, this happens.
So how do you know if the person on the other end of the telephone line is a real business, ask for validation. I know of a company who just recently franchised their own business and is now hanging out a shingle calling themselves an "expert" in the field who can now franchise other businesses. Yep, its happening and I have heard first hand (from one of their employees) how inaccurate and old their provisions are in the documents they produce, scary. When asking questions and probing for validation, find out if they have ever turned business away. After all, what savvy business person would turn down business, right?
This is important to know, find out if the business your talking with specializes in creating Franchise Disclosure Documents, franchise infrastructure, offers ongoing support and if they have all the resources necessary for you to further strenthen your franchise system. Ask them if they also sell franchises, if so which is it? Find out if they are franchise developers or franchise brokers because it is a conflict of interest to do both. Something is obviously not working right in their business model if they have to sell franchises because they are not doing well making them. Watch out, there are a handful of these businesses out there that are franchise brokers (making a large commission for each franchise they sell) who claim to also create franchise systems. More on franchise brokers later....
When talking with other companies see if they give you answers. I mean concrete answers outlining exactly the process and costs to franchise your business. For each person that calls us at The Franchise Maker, once we determine if the inquiry is ligit (in other words does the person we are talking with have a business that qualifies for franchising) any of us will gladly paint a picture of process and costs. There is nothing to hide, but you would be surprised how many times I hear people say "no one would spend the time to talk to me".
Franchising will forever change the dynamics of your business. If done correctly, it will change the paradigm in your industy resulting in very successful and loyal franchisees. Asking the right questions will help you identify the best company you wish to partner with as you embark on this next phase of growth. I will leave you with a quote our web developer passed on to me earlier this month:
“If you think it's expensive to a hire a professional, wait till you hire an amateur." -- Red Adair
I Want To Start Franchisng My Business Be Careful Who To Use - To learn more about this author, visit David R Waldman's Website.
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Staging DivaDebra Gould, aka The Staging Diva®, is President of Six Elements Inc., an internationally recognized home staging company. Inspired by many requests from aspiring home stagers wanting to start similar businesses, Gould created the Staging Diva Home Staging Business Training Program. Gould has trained over 1000 Staging Diva Graduates worldwide to start staging businesses. Buying decorating and selling six of her own homes in four years lead to an interest in real estate staging which she turned into a career with the launch of sixelements.com in 2002. Since then she has staged hundreds of homes in addition to teaching home staging training. Gould is the author of several home staging resources including a series of popular ebooks made up of a Design Guide, Color Guide and Portfolio Guide. For more information about Debra Gould visit stagingdiva.com. - Visit Staging Diva's Website |
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Jeff FosterWebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas. We specialize in internet consulting & internet marketing. - Visit Jeff Foster's Website |
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Stephanie RobeyStephanie Robey is President and CoFounder of Pivot Positive, LLC - an Internet marketing business focused on helping people start work at home ventures. Previously, she was employed at The Search Agency with over 20 years experience in graphic design and 10 years experience in online marketing. She was responsible for launching the Conversion Path Optimization (CPO) unit where she and her team have conducted hundreds of optimization tests for online companies across multiple verticals. She is a successful entrepreneur having started and sold 2 companies and remains on the board of directors of the third, PhotoSpin.com Stephanie began her career in the direct marketing realm creating and producing direct mail for many of the major cable television companies and directly attributes her understanding of Internet marketing to those early offline experiences. Stephanie is a graduate of San Diego State University with a BFA in Graphic Arts and also holds an Executive MBA from the Graziadio School of Business and Management at Pepperdine University. Read Steph's Blog Meet Steph and Dave Sign up for our Free 7-Day BootCamp: Self Employed & Rich - Visit Stephanie Robey's Website |
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Joe DagerJoe Dager is President of Business901, a progressive coaching company providing no-nonsense direction in areas such as Lean Six Sigma Marketing and organized referral marketing. What others say: In the past 20 years, Joe and I have collaborated on many difficult issues. Joe’s ability to combine his expertise with “out of the box” thinking is unsurpassed. He has always delivered quickly, cost effectively and with ingenuity. A brilliant mind that is always a pleasure to work with.” - James R. If you want to learn more about Business901, start a conversation with us. We can be found @ Web/Blog: Business901.com Web/Blog: FundingYourNonprofit.com LinkedIn Profile Follow me on Twitter - Visit Joe Dager'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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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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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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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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