Starting the journey of owning your own business can be pretty daunting, especially if you’ve never done it before. That’s why many beginners in the business world look to franchising as a ‘safer’ starting option; with plenty of support and a ready-made business system, they can hit the ground running. But what exactly is a franchise, and how do they …
The Importance of Franchise Training and Support
One of the main reasons that franchisees look to become part of a franchise system rather than setting up a new business on their own is the franchise training and support they receive. This training in the franchisor’s business systems gives them extensive knowledge of the niche they are in and how to run a successful business in it, built …
Best Practices for Managing and Growing a Successful Franchise Business
Franchise systems can be highly successful for both parties involved, with franchisors getting to leverage their technology and business systems without the risk of expanding organically. In contrast, franchisees benefit from using a tried and trusted business model with significant brand recognition. That all sounds perfect, but as any business owner knows, nothing’s ever really that easy, and franchise business …
The Role of Technology in the Modern Franchise Business
Technology has brought about rapid changes in our lives over the past two decades or so. Imagine a time with no instant recourse to knowledge through Google, no communicating or entertaining ourselves through social media, no finding our way through map apps, in fact, no apps at all as there were no smartphones to run them on. The changes have …
Why Business Owners are Happier than Employees
Who has it better, the small business owner or the salaried employee? Both modes of work have pros and cons, but research suggests that there’s only one clear winner when it comes to happiness. Ute Stephan, professor of entrepreneurship at King’s College London, conducted a review of over 100 academic studies on entrepreneurship and overall well-being and found that “entrepreneurs …
Should I Hire an Employee for my Franchise?
Taking on an employee is a big undertaking for any business and, while a good sign that your business is progressing, can also entail a considerable amount of responsibility and risk. For starters, employees have to be paid promptly and in full, which can put a strain on your cash flow which is the lifeblood of any successful franchise business. …
Top Sources For Getting Funding for a Franchise
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 …