Franchising has come a long way from the days when McDonalds handed out their first restaurant and for many years, was confined to the fast food business. Our franchise guru Peter Thompson evaluates some of the other business types that are now popular franchise opportunities.
At the same time, with the easy access to the internet, with faster and more accurate IT platforms and the ready availability of information that can assist in decision making, it stands out as a surprise that so many CEOs and Presidents do not avail themselves of this. Of course there is the risk of obtaining too much information or information that is not relevant to your business.
Much has been written about how franchising, especially in North America, is the low-cost, business development strategy which is guaranteed to be successful.
While it is true that there are many brands that have embraced this strategy with enormous success, there are equal numbers who have tried and failed due to a combination of some of the areas that I will discuss during this presentation.
There are several things that must be considered before one franchises their business. According to our franchising guru Peter Thompson, if you can’t reproduce your business you are going to have to rethink your plan.
In this scenario, an example of a “no-go situation” is the case of a new entrepreneur who has a great idea, which he or she thinks is a sure bet for a franchise.
Before you franchise, you need to make sure your business model can produce the numbers in black. Our franchising guru Peter Thompson will tell you why it’s important.
An example of a “no-go situation” is the case of a new entrepreneur who has a great idea, which he or she thinks is a sure bet for a franchise.
If you think your business is ready to franchise and you believe that the franchise fees are going to fund everything needed to make a franchise sale, think again. Our franchise guru Peter Thompson says you need to have all your systems, processes and marketing material in place first, before you even approach the franchise market.
One of the most common questions posed to Franchise Consultants is “What is the most popular (and potentially most profitable) sector of the franchise industry”. The landscape has changed dramatically as franchising has proven successful in both traditional and emerging markets.
The business environment becomes very competitive when the economy stagnates. When revenues are slowing or declining, Presidents and CEO’s know that cash flow is critical. Holding or preferably gaining market share is important but competitors are fighting hard for the customers’ dollar.
John Holland’s article in the March 2012 issue of Today’s Trucking details the 7 stages of preparing your trucking business for sale . To read the full article PDF click here and check out page 18 or view the magazine on line here.
John Holland recently appeared on the Rogers TV program “In Business” talking about Branding Your Business with host David Wojcik. Click here to watch the segment.