Like any other business, investing in a franchise requires money, and many people don’t have so much liquid capital ready on hand to get started. A potential entrepreneur may have the desire and the business plan ready to go, but getting funding for a franchise can be one of the biggest obstacles between them and realizing their dream. Franchise funding …
Why Are People Afraid To Start Their Own Business
Why are People Afraid to Start Their Own Business Fear of Failure: For some would-be entrepreneurs, one of the biggest challenges to taking the leap into business ownership is how it might affect their status. If you want to know why people are afraid to start their own businesses, one way is to look at what they might have to …
What is a Turn-Key Business: Pros and Cons
Among the many pieces of marketing speak you hear from sales agents and franchise reps will be about looking to buy a turn-key business or how what they’re repping is a true turn-key operation. So, naturally, they make it all sound great, but what is a turn-key business exactly, are they all the same, and what are the pros and …
Looking Under The Hood Of A Franchise System
Franchise systems are a relatively niche business type yet are among the most successful business operations in the US, where an estimated eight million people are employed across 750,000 businesses. So for current or potential business owners looking for a franchise opportunity to invest in, it’s understandable that they’d want to do their due diligence by looking under the hood …
How To Plan A Franchise As An Investment
A franchise is a business relationship whereby, in return for a franchise payment or royalty fees, a business gets access to the proprietary knowledge, processes and trademarks of the franchisor, allowing them to market themselves and sell products or services under their name. In the US, franchises are big business, with almost 800,000 franchises across the country, employing over 8 …
8 Common Contract Obligations In Your Franchise Agreement
A franchise agreement is the legal contract between the franchisor and franchisee that outlines the rights and obligations of both parties and, in general, forms the legal basis for the franchise relationship. While franchise disclosure documents (FDD) are governed by the FTC and provide a set amount of information, there is no such thing as a ‘standard’ franchise agreement, as …
7 Steps To Improve Your Franchise Marketing
Franchise marketing occupies a unique position in the world of small business marketing. In most franchise systems, the franchisor will be in charge of marketing for the entire brand, with individual operations paying a set fee into this marketing fund. The benefits of this are that a local franchise can get the name recognition of a national advertising campaign, making …
Tax Advantages of Business Ownership
Owning your own business brings with it many advantages. You get to take control of the decision-making, the direction of the business, how it’s presented and also what your schedule looks like so you can do more of the things that matter to you. Another of the most significant upsides of business ownership is the tax deductions you can receive …
Factors in a Franchise that Minimize Your Risk
Starting any new business will entail risk, which is also true for opening a franchise. Trends might change, and your sales drop through the floor, a multitude of competitors open up in your area, your business might not make enough money to pay back your financing, or extremely high inflation springs up, meaning your costs rise and your customers can’t …
How to Do Your Franchise Due Diligence
Before investing in any business opportunity, it makes sense to do your due diligence to make sure you know what you’re getting into. The world of franchising is just the same, but conducting franchise due diligence can be quite a bit different from starting or investing in a standard small business. Franchise systems will have more restrictions on possibilities but …