Franchise expert Jim Deering answers popular franchise questions.
Tag Archive | "Franchise"
Franchise Expert: Is this a good time to make a large business investment?
Posted on 27 January 2011.
Posted in FranchisingComments (0)
Which of these degrees would I need to start a small business or franchise?
Posted on 25 January 2011.
» Accounting
» Business Information Systems
» Criminal Justice
» Finance
» General Management
» Health Information Management
» Health Services Management
» Hospitality Management
» Human Resource Management
» Operations Management
» Project Management
» Sales & Marketing
» Security Management
» Small Business Management
& Entrepreneurship
» Technical Communication
These are allbachelors programs. Thanks. 
Posted in FranchisingComments (2)
How does one franchise a small business?
Posted on 24 January 2011.
Posted in FranchisingComments (2)
“franchise Financing: Keys to Success in the Current Economic Climate” -
Posted on 21 January 2011.
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Home Page > Business > Ask an Expert > “franchise Financing: Keys to Success in the Current Economic Climate” –
“franchise Financing: Keys to Success in the Current Economic Climate” -
Posted: Oct 25, 2008 |Comments: 0
|
New England Franchise Association (NEFA) will present ” Franchise Financing:
Keys to Success in the Current Economic Climate” on Tuesday, November 18,
5:30 p.m. at the Marriot Hotel, 1000 Marriott Drive, Quincy.
The panel discussion will outline how successful franchise development
requires franchisors to stay up to date on all financing options available.
Expert panelists include Anne Rice Hunt, Finance Chief, U.S Small Business
Administration; Barbara Arena, CIT Small Business Lending, Senior Regional
Account Manager; Bill Rowland, Equity America Mortgage Services; Itamar
Chalif, Atlantic Capital Solutions; and Tom McDonald, IRA Rollover
Solutions. The discussion will be moderated by Constantine (Dean)
Fournaris, Partner, Wiggin and Dana.
In today’s economy one of the biggest concerns of a franchise system is how
and where to get capital for franchisees to start their business or ways for
franchisees to keep it running or to finance their growth. This panel
discussion is valuable for each member of your franchise development team as
well as for existing franchisees, or prospective franchisees interested in
expansion. You will learn how banks and other lending organizations
evaluate franchisee loan applications, and the types of funding that is
available, even in these unsettled financial times.
The evening includes a cocktail and networking session beginning at 5:30 PM,
dinner at 7:00 PM, and then the presentation. The entire business community
is urged to attend. Membership in the NEFA is NOT required. Reservations are
required. Registration Fee is $60 per person and includes dinner. All NEFA
Members get $10.00 off.
For information regarding NEFA membership visit www.nefranchise.org.
About NEFA:
New England Franchise Association (NEFA) is the trade organization for
franchisors and franchisees in the region, with over 150 members. The
mission of NEFA is to bring franchise executives, franchisees and vendors
together to share ideas for success.
Franchising more than ever before, has an unprecedented opportunity to make
a major positive impact on the future New England economy. In a 2001-05
study conducted by PriceWaterhouseCoppers on behalf of the International
Franchise Association (IFA) found that in New England over 875,000 jobs area
result of franchising, the total output is over 100 Billion dollars a year,
and there are over 35,000 franchise establishments in the six New England
States.
To reserve your seats, please contact New England Franchise Association via
the organization’s website www.NEFranchise.org, email: info@NEFranchise.org,
or by calling NEFA Executive Director Jim Coen, (617) 469-3002.
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Joe D’eramo -
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6 Basic Job Requirements For Clothing Store Employees
The best quality employess need to keep the displays and stockroom in order, have great customer service, are customer friendly, have flexible work schedules, and are friendly.
By:
danical
Business>
Ask an Expertl
Jan 20, 2011
Super Casino Info and Useful Tips
When the UK Government passed the Gambling Act of 2005 to legalise and regulate online gambling in the UK, few would have believed what a massive impact it would have had on the online gambling market.
By:
Jimmy Jenkinsl
Business>
Ask an Expertl
Jan 20, 2011
Sky Medical hails the success of a three year research program which yields innovative neuromuscular stimulation technology to increase venous circulation for DVT prevention.
By:
donald hoodl
Business>
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Jan 20, 2011
Commerce Insurance donates automobiles to area schools for repair and raffle
Commerce Insurance, a Division of MAPFRE USA “C.A.R.E.S in the Community” program is reaching out to new drivers about safe driving practices as well as providing opportunities for vocational technical students to improve their auto body repair skills. A most recent effort of the C.A.R.E.S. in the Community program features the donation of two damaged vehicles to be repaired by Bay Path Regional Vocational Technical High School in Charlton, Massachusetts.
By:
Joe D’eramol
Businessl
Dec 15, 2010
Resort Maps, creator of more than 100 customized travel maps across the United States, England, Costa Rica and Puerto Rico, recently announced Craig Caldwell as the new owner of the Dennis-Harwich-Brewster Resort Maps franchise. The Harwich, Mass. resident took over the Dennis-Harwich-Brewster, MA Resort Map from Gerry Pelissier last month.
By:
Joe D’eramol
Travell
Nov 16, 2010
Designing your home office… DirectBuy of Orlando provides tips on setting up your home office
Not too long ago, the home office meant the corporate headquarters of a company. With more and more people running businesses out of their home or telecommuting to their “day job” a day or more a week, the home office has had to become every bit as functional and comfortable as the cubicle or office at work.
By:
Joe D’eramol
Business>
Franchisel
Aug 31, 2010
There’s a misconception among many consumers that buying “green” refers strictly to products made of natural materials. While that’s part of the equation, there’s much more to it. Like appliances and lighting that last longer and use less power to run, and plumbing that requires less water.
By:
Joe D’eramol
Business>
Franchisel
Aug 18, 2010
When it comes to cooking, teenage boys, in general, need all the help they can get. For the culinary students at the Trinity Group Home for Boys in El Monte, California, a foster home for 53 boys, they face a bigger challenge: old, rundown kitchen equipment needing replacement.
By:
Joe D’eramol
Business>
Franchisel
Aug 12, 2010
Why Wesley Snipes got caught. Celebrity or not, non-filers can run but they cannot hide from the IRS
The simple answer as to why Wesley Snipes will soon begin serving a three-year sentence for tax evasion is that he didn’t file his tax returns for 1999 through 2004 and also tried to get a $7 million refund in 2006 on returns filed before he stopped filing in 1999.
By:
Joe D’eramol
Irvine resident Katie Hall receives Top Service recognition at DirectBuy conference
Irvine resident Katie Hall, a product specialist at DirectBuy of Orange County, was recently recognized with Top Service Quarterly Champion honors at DirectBuy’s 2010 International Sales & Service Conference, held May 23-26 in Dallas, Texas.
By:
Joe D’eramol
Businessl
Aug 09, 2010
Cima Mathur celebrates 10 years with DirectBuy Club
Cima Mathur, a kitchen designer at DirectBuy of Houston East, was recently recognized for her 10 years of service at DirectBuy’s International Sales & Service Conference, held May 23-26 in Dallas, Texas.
By:
Joe D’eramol
Business>
Business Ideasl
Aug 09, 2010
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Posted in FranchisingComments (0)
Buy a Franchise Opportunity. Information from Franchise Solution Bloomberg TV
Posted on 19 January 2011.
www.franchisesolutions.com Should you open your own business or buy a franchise? How should you go about making that important decision and what’s involved in getting started. Listen to Matt Alden, the president of Franchise Solutions, offer his insights into the franchise industry.
Posted in FranchisingComments (2)
The Franchise 411 with Doug Schadle: What funding options are available for franchisees?
Posted on 18 January 2011.
Doug Schadle, CEO of Rhino 7 Franchise Consulting Group, discusses the many different types of funding that are available to entrepreneurs interested in franchising. Their are many conventional ways such as small business loans as well us unconventional ways such as rolling over your 401K.
Posted in FranchisingComments (0)
Do You Want to Franchise Your Business?
Posted on 17 August 2010.
Starting a Franchise
A franchise opportunity is not as dangerous as starting your own business from scratch but did you know that most companies that decide to franchise their business concept end up failing.
Why is this figure so high? I believe that most people do not realise how many hurdles lie in your path when they decide to franchise their business. The rest is about sheer effort, marketing, developing processes, creating operators manual, recruitment and then supporting your existing franchisees once they come on board.
Once you have a franchise agreement in place then it will have to be approved by the BFA before you can even start exhibiting at the franchise exhibitions. They also have to approve all your marketing materials including brochures and videos before you can exhibit.
The whole process is extremely lengthy and very costly but if you use your noodles you can cut your costs by over 50%. Most of the so called experts charge a fortune for carrying out very basic tasks.
If you want to franchise your business the first step is to attend some large franchise exhibition. Pose as a potential buyer and request all the brochures, marketing materials and operators manuals that you can get hold of.
Once you have received this information then request copies of franchise agreements from businesses that are in a similar business niche as yourself.
Bear in mind that they will ask you to sign confidentiality agreements and a few might even ask you to return their franchise packs if you are not interested. It is also important to realise that you can not use their material as they own copyrights to it.
What you do though is get a fair idea of what is required in terms of marketing material and how you might word your own franchise agreement. Do as much work as you can your self before approaching any experts. This should help to reduce your legal fees substantially.
Again if you have a basic outline as to how you want your brochure to look and feel it will reduce the cost of design.
In fact, there are countless individuals who have franchised their business formats, made their franchises grow to national and even to international markets. Success came to them and if you are bold and imaginative enough, it could come to you also – as a franchisor.
Today, there are various business types and kinds which are available for franchise. Ink refills, ice-creams, laundry and dry cleaning, fast food take out and delivery, pizzas, schools, coffee shops, internet cafes, potato chips stand, and thousand other businesses-you name it, you can franchise it.
What is franchising? In simple terms, franchising is a business system, a marketing method for distributing goods and services to the consumers. There are two parties involved: the franchisor, who developed and owns the system and lends his name to it, and the franchisee, who buys the right to operate the business under the franchisor’s name and methods.
Why franchise your business? Franchising enables you to expand faster by using other people’s money. By focusing on other business owners, you can generate more cash and labor to tap even distant and out-of-reach markets in different locations at the same time. Moreover, franchising gives small entrepreneurs and start ups businessmen and women with limited capital, know-how and experience the opportunity to succeed.
In return, the franchisee pays the franchisor the fees and royalties.
How do you know if your business is “franchisable” or can be developed into a franchise? In reality, not all businesses are franchisable. This is because not all formats, systems, and strategies can be transferred.
However, your business is franchisable if it has many or all of the following characteristics, stated in the form of questions:
1. Is your business profitable?
2. Can your business generate and sustain revenue to attract potential franchisees?
3. Do you have an operating system and procedure for running it?
4.
5.
6. Do you want to expand rapidly through other people and in other locations?
Is your business relatively easy and simple to manage?
8. Can you provide training, advice, support, and are willing to coordinate a network of independent business owners?
9. Does your business offer a different product or service which are distinct from that already in the market?
10. Is your business prepared to enter into a business relationships with independent operators, say for 3-5 years?
If your answer to most or all of the above questions are in the affirmative, then your business is franchisable and you can now start developing your business franchise. This way, you become a franchisor and get rich in the process.
Ken Hollowell, President/CEO of Profran Consultants has over 30 years been consulting with companies wanting to become a franchisor and develop a franchise system. Ken Hollowell has developed over 800 franchise business throughout the world. He is one of the most sought after franchise consultants in the USA. In addition to the franchise development work, Ken prepares private placement offering for companies needing to raise funds for their projects or companies. Ken can be contacted at www.pro
Posted in FranchisingComments (0)
How and Why Should I Franchise My Business?
Posted on 15 August 2010.
As you already know very well, there is an incredible amount of research involved in investing. Those that aren’t willing to devote the time to research have little business becoming involved with the high-stakes world of investment. Whether purchasing stocks or buying up real estate, if you aren’t armed with knowledge, then you’re doomed to make some very expensive errors in judgment. This is infinitely more true in the world of franchising, where investments are long term and require a commitment of time and energy as well as money.
Business journals can be a good source of information, especially those specializing in franchising. Trade association events and franchising expos can also be invaluable for establishing what options may be available. Of course, the smart aspiring franchisee will also want to compare Franchise Disclosure Documents amongst all potential franchising organizations as well. However, the internet has made it easier than ever to get valuable information about franchisors to help the investor make a wise decision.
Association Sites
The key to making an intelligent decision is to start by looking at the broad picture (finding out what options are available) and then narrowing focus onto specific franchisors. A great resources for getting a broad perspective on franchising opportunities are sites for organizations such as the International Franchise Association, the American Association of Franchisees and Dealer and the American Franchisee Association. These websites can provide an idea as to what franchisors may be available in any given area of interest, which ones are doing well, which ones are struggling, and can provide a wealth of practical advice and information in all aspects of franchise ownership.
Online Publications
There are those out there who make a business out of understanding business. These publications and research organizations are the best source for the simple statistics and facts about franchising organizations. Almost all of the major financial publications such as USA Today, Entrepreneur, Inc. and the like, maintain online sites where you can subscribe and research easily. Franchise specific publications like Franchise World, Franchise UPDATE, Franchise World and the like can provide even more valuable information about the franchisors that seem most promising (and those that don’t).
Research Organizations
Once an investor has settled on a few likely franchise organizations, consulting a franchising research site can help an investor get a better view of those specific companies. Sites for organizations such as FRANdata or FranSurvey offer detailed statistics and are a valuable resource for hard data.
Government Sites
There are a few key governmental sites that should be included in any franchise investors initial preparations. Though not specifically geared toward providing information about franchisors, these site provide invaluable information about franchising and business ownership. The Federal Trade Commission’s site provides information about protecting yourself as an investor and business owners. The Small Business Administration’s website contains a wealth of information about franchise ownership and advice for small business owners. The SBA also maintains a Franchise Registry of franchises which are supported by the SBA and qualify for SBA loan backing.
Brad is an oil filtration specialist who has become a filtafry franchisee. If you are interested in the benefits of oil micro filtration, visit their website.
Have additional franchising questions? Get more franchise information with a real business example athttp://www.firstprizefranchise.com/filtafry/”> Filta Fry . The Filta Group is an international franchising company located in Orlando, FL. For immediate answers to your franchising questions, call 407-996-5550
Posted in FranchisingComments (0)
The Franchise Restaurant Business: Ups And Downs
Posted on 07 August 2010.
It’s really not hard to figure out which franchises are the most successful. You see them advertised on television and on billboards, hear them advertised on the radio, and cannot drive through a shopping center anywhere in the US without passing one or more of them.
Not only do you know who they are, you have probably been in some of them so many times that you know exactly what they have to offer. These franchises, in other words, have succeeded wildly in branding their products. What are they?
Franchise restaurants, of course. Anybody borne after 1955 probably cannot remember a world in which McDonald’s didn’t exist, and they were only the beginning. If you are one of the millions of people thinking about breaking away from the nine-to-five routine and starting your own business, you could do much worse than a franchise restaurant.
Why? Because given the choice of trying to establish a loyal customer base for a new, unfamiliar product of your own choosing, and going with a restaurant franchise with food already familiar and proven to keep the customers coming back, the odds are definitely on the side of the franchise restaurant.
The Pros and Cons
There are, of course, big risks in starting a restaurant of any kind. Only those people who have a genuine love for the business usually stick with it long enough to make a profit; while having a franchise restaurant may ease some of the concerns, there are some realities you need to face before you start.
First, buying a franchise restaurant can be very expensive; they can include actually buying the land on which you will build your operation. You may be able to get help with your financing from the franchisor, and banks also realize that a restaurant franchise is one of the less risky small businesses, so may be willing to give you favorable terms.
On the positive side, you will have the advantage of selling only those foods which are proven moneymakers, so you can limit your inventory, which will be ordered from the parent company’s preferred suppliers. You and your company’s other franchisees in the area can share the costs of joint advertising. For more info see http://www.startfranchisehelp.com/Franchise_Broker/ on Franchise Broker.
On the downside, be prepared for long hours at your franchise restaurant; as a franchisee you will have certain standards, both service and financial, to maintain, and you will be giving regular reports to your franchisor. If you have personnel shortages, you and your family members will have to fill the gaps.
Be Prepared
You can almost count on having personnel problems; low pay and unchallenging work will make it hard to keep employees for extended periods. Restaurant employee turnover is extremely high. But if you and your family are willing to supply the elbow grease, your chances of succeeding with a well-established franchise restaurant are better than they would be in any other business you could start.
You can also find more info on Dollar Store Franchise and Franchise Attorney. Startfranchisehelp.com is a comprehensive resource to Know about Franchise.
Posted in FranchisingComments (0)
Doing Your Homework: How to Get the Facts on a Small Business Franchise
Posted on 07 August 2010.
Public relations play a major role in today’s business world. Each year, businesses spend hundreds of millions of dollars, paying highly skilled men and women who know how to make everything from hamburgers to airlines look as good as possible in the public eye. It’s not that most businesses, products, and services aren’t as outstanding as they present themselves to be, but it can be hard to tell which representations are most accurate. So when a hopeful entrepreneur browses through a list of franchises and finds that many work at home businesses appear too good to be true, he may have a difficult time deciding which one to choose. That is, unless he has resources at his disposal to confirm that these business opportunities are legitimate. And as it turns out, though many potential franchisees don’t realize it, such resources are available; a person just has to know where to look.
The Franchise Disclosure Document
Because it can be so hard to determine a viable home based business from a total scam, all franchisors, by law, are required to have a Franchise Disclosure Document (or FDD) available to any prospective franchisee. It provides a complete overview of everything about the business, its goals, its history, and its practices that anyone could ever possibly want to know. In fact, a quick jaunt over to the Federal Trade Commission’s website shows exactly how precise and complete a disclosure the government expects from all franchises: they provide a 150-page Franchise Rule document to clarify exactly what information a business must supply in order to comply with the law. If there is anything fishy about the franchise you’ve got your eye on, the FDD will reveal it to both you and the government.
The SBA Franchise Registry
Another easy way to spot potential franchise trouble before it hatches is to check out the Small Business Administration’s Franchise Registry. The SBA is a very helpful branch of the US government that specializes in supporting small businesses, including franchises, in any way they can, and one such way is by providing financial backing to small businesses that otherwise couldn’t get off the ground. In the case of a franchise, the SBA asks for company information to ensure that the business model is a sound one, there is a history of success, and future success is fairly certain before they provide the financial support. What this practice has inadvertently produced is the Franchise Registry: a list of all the franchise companies that have already submitted their businesses for financial support when a new franchisee starts out. If a franchise is on the list, then the government has given it their stamp of approval and their trust, and so can you.
Learn From Other People
This seems like the most straightforward way to get information, and it truly is. If you want to find out what Adventures in Advertising is really like, talk to one of their franchisees. There is no one who will know better what the strengths and weaknesses of the franchise are, how effectively the business runs, and whether or not it’s a worthy investment. Of course, talking with only one DVDNow dvd rental kiosk franchisee may not give you a true perspective on things; because if one person has a negative opinion simply because a work from home vending business just wasn’t a good fit for him. But if you talk to a dozen franchisees, you should be able to figure out exactly what your future franchise will be like. You don’t have to stop at franchisees, the Better Business Bureau can also offer you information on the franchise you’re looking at, based on the reviews of concerned consumers. If, in their database, the BBB has 200 negative consumer reports in regard to the internet business that’s recently caught your eye as a potential opportunity, you may want to rethink the choice, because that many unique negative reports probably means there is some merit to the complaints.
When you’re looking at franchise businesses, there is no such thing as over-researching. Truly, most opportunities that you’ll find, especially through franchise brokers, are trustworthy businesses. But even if research doesn’t unearth a huge moral or professional flaw in the infrastructure of the business, it might just tell you some things about the way they practically run that won’t mesh well with your personality, lifestyle, and goals. There are plenty of factors to consider when starting a new business, and any knowledge you can get along the way will inevitably be helpful.
Posted in FranchisingComments (0)
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mycreativefreedom: I would move on to a job you can love in the mean ...
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marieforleo: @mycreativefreedom absolutely agree! ...
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dharmasmami: So true, totally love this:) Mel...
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tatter2: I would say, that the best way to generate prospec...
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greatgirlstuff: Make sure you are networking in the community. It ...
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