Find Out if Franchising is Suitable for your Business

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A business ‘partnership’ in which one party permits the other ‘partners’ to replicate a proven business system, operating under a common brand, in return for initial and on-going fees. It allows a third party to legally copy your business in exchange for an upfront payment and on-going management services fees.

Is Franchising suitable for your Business
By Daniel Kidd

A business ‘partnership’ in which one party permits the other ‘partners’ to replicate a proven business system, operating under a common brand, in return for initial and on-going fees.

It allows a third party to legally copy your business in exchange for an upfront payment and on-going management services fees.

To franchise a business you need the following factors

• Sufficient development capital to establish a franchise system
• High enough margins to share
• Existing business network or ‘pilots’
• Easily transferable knowledge
• Identifiable brand or trademark
• Expansion requires investment into property, equipment and staff

The Benefits

• Franchise fees will generate a stream of capital income and ongoing revenue
• A loss of profit margin will be offset by much larger overall revenues
• Motivated franchisees ‘running their own businesses’ will generate higher per unit income than employees

What can be franchised?

• Very diverse range of businesses
• Proven business systems capable of replication
• Profitable businesses financially viable for both parties and financially secure
• Steady or growing demand for your products or services
• Simple business formats that are easy to learn
• Identifiable brands and trademarks with your own distinctive image or concept

Undertake a SWOT Analysis of your brand

Trading History

• How long have you been in business?
• What is proven?

Profit Margins

• Are these above average industry benchmark?
• Is there enough margin for two?

Market

• How big is your market?
• How volatile is your market?
• Does it have mass appeal?

Products

• Is there consumer acceptance of your product?
• Is your product or service easy to sell and deliver?
• Quality record?

Brand

• Is your Intellectual Property protected?
• Is there a unique and distinguishable marketing approach?
• What is your reputation in the market place

Business Management

• Do you have the management skills and capacity to create a new culture?
• Is your business professional and well presented?
• Is your management financially skilled?
• Do you have well documented processes and systems in use?
• How is Information Technology used in your business?
• What is your attitude to risk?
• Is there a commitment to research and development?

Franchise Opportunity

• Do you have sufficient access to development capital to fund growth?
• Are there similar franchises already on the market?
• Will the franchisee be able to control their costs?
• What will be the minimum term?

Reasons for failure

• Growing too fast too soon
• Franchising for the wrong reasons
• Lack of planning
• Selecting the wrong franchisees
• Lack of infrastructure and support
• Failure to take proper advice

Review your SWOT

Do you have the key criteria you need to franchise

• Developed systems of operation and staffing
• Defined image and clear market position
• Proven and successful business model
• Sustainable market and source of ongoing clients
• Easily duplicated management systems
• Profitability for both parties
• Mutual respect and support – partnership
• Will your operating experience and culture allow you to develop a franchise operation?
• Are your products or services suitable for franchising?
• Is your Brand sufficiently well developed and strong enough to deliver a worthwhile advantage to a franchisee?
• Is your financial position strong enough to support a franchise network?
• Is your business system provenFind Article, robust and capable of being learned by a franchisee?
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ABOUT THE AUTHOR

Daniel Kidd writes about a range for business and franchising topics. For more information please visit Coach Franchise.

Source: Free Articles from ArticlesFactory.com
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Franchise Your Business: www.franchisegrowthsolutions.com

Father Knows Best, Hard Work pays Off

When I watched some of the top brokers at my new company make big money and saw them wearing nice suits and driving nice cars, I thought that after a few months on the phone, I had paid my dues and that I should have that, too. In fact, after making hundreds of cold calls, I felt I deserved it.

Hard Work Pays Off: I’m So Annoyed My Father Was Right
By Mike Brooks

“Hard work pays off. I am so annoyed at my father for being right about that.” –Lena Dunham, actress

This quote sure struck a chord with me. I can still hear my own father telling me how important hard work was. He used to say, “There’s no substitute for hard work, Michael.” And he used to practice what he preached. He was always the first one up in the morning, around 5am, and he wouldn’t return until after 7:30pm. He would spend an hour or so chatting with my mom after dinner, and then it was time for bed.

As a young teenager, I followed his lead. I used to work the summer doing odd jobs for people, for $1.10 an hour, and when I was 16 years old, I got my first job at Jack in the Box. I saved my own money for my first car, and when I was 17 years old, I had three jobs after school and even moved into my own apartment. I worked my way through UCLA, but when I graduated and started my first inside sales job, something changed.

When I watched some of the top brokers at my new company make big money and saw them wearing nice suits and driving nice cars, I thought that after a few months on the phone, I had paid my dues and that I should have that, too. In fact, after making hundreds of cold calls, I felt I deserved it….

But that didn’t happen. After three months, I was struggling, and then resenting my lack of success. “Don’t you know who I am?” I thought to myself. “I’m a college graduate” (more than I could say about many of the reps there), and after three more months, I was secretly thinking that I could probably run the company.

Did they acknowledge me? Nope. So what did I do? I copped more resentments and started hanging out at the break room grumbling with the other bottom performers. As I was sneaking out early one Friday, my manager confronted me and read me the riot act. He told me I was never going to succeed if I wasn’t willing to work for it.

That weekend, after I got over my new resentment at him, I began thinking about what my father had always said. I began thinking about how hard he worked. I asked myself how hard I was working and how much time and effort I had been putting in. My honest answer was not very much.

When I got back to the office that Monday, I found that the top producers were already there and they had even written some deals already. When I was about to go home at 4:30pm, they were still there, in full swing. And that’s when it hit me: If I want to succeed, I’m going to have to work hard – a lot harder than I thought I already was.

Fast forward nine months later. After making a commitment, putting in the time, and putting in the effort, I became a top producer at that company. I was the first one in the office and the last to leave. And as I put my first deals on the board in the morning, I watched the bottom producers straggle in and head to the coffee and donuts. I watched them grumble that they hadn’t been promoted yet, that the good leads went to other people, and how hard the competition was.

After they had long left the office, I turned out the lights in the office, locked the door behind me, and got into my Mercedes. I was dog tired. Suddenly, I realized how my father must have felt each evening. I smiled to myself when I realized that he had been right all along….


Mike is the go-to inside sales trainer and phone script writer in the industry. He is hired by business owners to implement proven sales processes that help them immediately scale and grow Multi-Million Dollar Inside Sales Teams. If you’re looking to catapult your sales, or create a sales team that actually makes their monthly revenues, then learn how by visiting: http://www.MrInsideSales.com

http://articles.submityourarticle.com/hard-work-pays-off-i-m-so-annoyed-my-father-was-right-372477
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Executive round table: Fast casual segment leaders make their 2015 predictions

“Consumers really want to know where their food is coming from and that it’s local, with as little agricultural processing as possible,” added Trufoods LLC President & CDO Gary Occhiogrosso. He said Trufoods’ Pudgie’s Naked Chicken Co. has recently been exploring this effort and has “seen great success with produce from local farmers.”

Executive round table: Fast casual segment leaders make their 2015 predictions

This article is written by Alicia Kelso for FastCasual.com
Follow the link below to read the article.

We’ve presented the top trends in 2014 and the biggest predictions for 2015 from the perspective of chefs, market research firms, journalists and more. Now, we’re asking those who are deep in the trenches – the ones who actually run the businesses that make up the vast restaurant industry – for their insights.

“Consumers really want to know where their food is coming from and that it’s local, with as little agricultural processing as possible,” added Trufoods LLC President & CDO Gary Occhiogrosso. He said Trufoods’ Pudgie’s Naked Chicken Co. has recently been exploring this effort and has “seen great success with produce from local farmers.”

Read the entire story here:
http://www.fastcasual.com/articles/executive-round-table-fast-casual-segment-leaders-make-their-2015-predictions/

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