Before deciding whether to franchise your business, you should learn some key principles of the franchising industry. Many businesses fail due to mismanagement because they use franchising to grow too quickly. You must determine whether franchising is right for your business by evaluating your available funding, personnel, and ideal customer. Understanding how to use franchising …
Are you ready to franchise your business? If you have a product that’s proven successful and a loyal customer base, you may be able to increase your business’ income and create more jobs in communities by franchising. Your business’ ability to franchise successfully relies upon funding, people, attention to detail, and a desire to better …
Brand awareness is one of the most important factors in building a successful business. Having a loyal customer base who will advocate for a business is essential for a business’ growth. Franchising makes finding more of these advocates easier. More locations bring in more customers, and those customers build a business’ brand awareness. The most …
Franchise Discovery Day When deciding whether or not to purchase a franchise, prospective franchisees will typically visit a franchisor’s corporate office, have meetings with the corporate team, and also visit one or more existing franchise units. This process is called “Discovery Day” because it gives prospective buyers an opportunity to learn about a company’s ownership, …
What is a “Franchise Discovery Day,” and What is its Role in Franchising? Read More »
If you are a business owner trying to franchise you probably have concerns about how to cover the cost of franchising. You have three main options when considering how to finance a franchise: traditional business finance, Small Business Administration loans, and crowdfunding. Each method has various benefits and drawbacks. As a business owner, you are …
Buying into a franchise is a long-term investment that will cost large amounts of capital but can eventually pay dividends. Many initial fees associated with franchising involve building out a location. When one chooses to become a franchisee, one will incur expenses in the range of a couple hundred thousand dollars, some of which will …
A limited liability company is a business structure that can combine the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation. Obtaining an LLC for your business is a relatively simple process contained in these four steps: Step 1: Choose a name for your business, and fill out a …
A franchise disclosure document is a legal document a franchisor must disclose to a prospective franchisee before a franchise sale. An FDD contains 23 disclosure sections including information about the franchisor, the potential sale, franchising fees, and information about the legal relationship between franchisor and franchisee. Franchise law requires a multitude of financial information disclosures …
What Is An FDD and How Does It Fit Into Starting A Franchise? Read More »
When starting a small business, finding the right location is an extremely important factor in becoming a successful company. When deciding on a location for your business, you should consider a few aspects of your specific situation: budget, business/space type, brand, vendors, safety, and demand for your product. Each of these elements will vary depending …
Why should a restaurant owner consider franchising? When a restaurant has a good product that has proven successful in a certain market, a restaurant owner should capitalize on this success. Having a good product is an important part of building a successful restaurant business. An equally important factor is building a customer base and gaining …
