http://www.franchising.com/ Franchising.com provides detailed informative feature articles, franchising information, opportunities, and valuable resources for franchisees. en-us benjaminf@franchiseupdatemedia.com (Franchising.com) Fri, 03 Jul 2009 16:13:16 PDT Copyright 2009 Franchise Update Media Group. All rights reserved. http://www.franchising.com/images/franchising_xml.gif http://www.franchising.com/ 135 40 http://www.franchising.com/howtofranchiseguide/the_interview_what_you_should_ask_the_franchisor_and_what_the_franchisor_sh.html You've gone online and filled out the initial qualification form and cleared the first hurdle. Now it's time for that first phone call with the franchisor, where the communication goes from one-way emails to a two-way conversation with questions and, you hope, answers. As in any job interview, both sides are trying to determine if, beyond the initial paperwork and finances, the potential exists for a long-term partnership profitable to both sides. When you speak with a franchise sales representative or screener in the initial phone interview, what is their tone? Are they friendly? Helpful? Do they ask you about your goals, or barrage you with a slick sales pitch? Is the conversation more about what you want, or is it more about what they want from you? http://www.franchising.com/howtofranchiseguide/the_interview_what_you_should_ask_the_franchisor_and_what_the_franchisor_sh.html Tue, 30 Jun 2009 10:45:00 PDT http://www.franchising.com/howtofranchiseguide/preparing_for_first_contact_with_a_franchisor.html You get only one chance to make a first impression. So does the franchisor. That's why, after selecting which franchise brands to investigate, it's so important to evaluate the franchisor's response at every point of contact. Whether that contact is by email or by phone, the way a franchisor responds to your initial inquiry is often (though not always) an indicator of how they will treat you if you become a franchisee in their system. The first contact is usually online, through the franchisor's website. In most cases, you initiate the communication by filling out an online form. Franchisors will request your basic financial information (net worth, liquidity), history in their industry, management experience, requested locations, and more. Their primary purpose is to weed out those who do not qualify, most often based on their finances. http://www.franchising.com/howtofranchiseguide/preparing_for_first_contact_with_a_franchisor.html Tue, 23 Jun 2009 08:00:00 PDT http://www.franchising.com/howtofranchiseguide/how_to_create_a_business_plan.html Anyone who's thinking about starting a new business is going to need to create a business plan. Why? Well banks and lenders require one for starters. But also because business plans are one of the crucial foundations for the beginnings of a business. And the franchising industry is no different. Business plans are smart. They provide a road map to where you want to go and signposts for how you are going to get there. Writing a business plan causes you to consider challenges, risks, and opportunities that will be coming your way. http://www.franchising.com/howtofranchiseguide/how_to_create_a_business_plan.html Tue, 16 Jun 2009 09:45:00 PDT http://www.franchising.com/howtofranchiseguide/how_to_calculate_your_personal_net_worth.html You've decided that franchising is right for you. You've done the research, you've narrowed down the categories and sectors that you think would best match your skill set; perhaps you've even picked a brand you'd like to join. But before you go any further, it's time to talk money. You're going to need to bring capital to the table to ink the deal. And one important assessment you'll need to make is determining your personal net worth. Franchisors generally want to know something about your net worth - which is really just your overall state of financial health. It gives them a clearer picture of you as a business risk and helps them understand a little more about you as a potential franchise operator. And frankly, your net worth is a good thing for you to know anyway because it can help you be a better spender and saver. http://www.franchising.com/howtofranchiseguide/how_to_calculate_your_personal_net_worth.html Tue, 09 Jun 2009 10:15:00 PDT http://www.franchising.com/howtofranchiseguide/current_trends_in_franchising.html Franchising has matured since Ray Kroc opened his first McDonald's in 1955 in Des Plaines, Illinois. First-day sales at that restaurant were $316.12. In 2008, McDonald's annual sales topped $23.5 billion at more than 32,000 restaurants in over 100 countries - with about 80 percent of those stores owned by franchisees. Daily sales per franchised store today? You do the math! Many other things have changed in franchising as well. In its earlier years, franchising was a place for single-unit owners, content to "buy a job," be their own boss, and provide a modest income for themselves and their families. Today, more than half of all franchise units in the United States are run by multi-unit operators, some with hundreds of units and revenues in the tens of millions. These operators don't work in their store making sandwiches or traveling from home to home to provide services. Instead, they manage a company, employing a professional staff of field and unit managers, while they focus on strategy and growth. http://www.franchising.com/howtofranchiseguide/current_trends_in_franchising.html Tue, 02 Jun 2009 08:00:00 PDT http://www.franchising.com/howtofranchiseguide/choosing_a_homebased_franchise.html Home-based franchise businesses appeal to entrepreneurs for many good reasons. For some, it is a relief from the daily commute; for others it represents a break from the corporate rat race; for still others it means a chance to follow their passion and do what they love. But for all, it's a chance to take control of their financial future and build a business of their own. However many the attractions of working for yourself out of your own home, it's still hard work with its own, unique set of challenges. One of the first is to determine what kind of person you are. Do you like to stay at home and work on your own, or do you like to get out in your community and meet your customers face to face? Are you a hands-on type, or do you like to manage a staff while you stay at home and work on growing your new business? Are you interested in doing something you're passionate about, or is money your prime objective? http://www.franchising.com/howtofranchiseguide/choosing_a_homebased_franchise.html Wed, 27 May 2009 08:30:00 PDT http://www.franchising.com/howtofranchiseguide/choosing_a_retail_franchise.html Retail franchising is the kind of business operation that most people are familiar with today. After all, everybody knows McDonald's and Taco Bell, but there's much more to know about retail franchising. Like its counterpart, service franchising, retail franchising offers its own set of pros and cons. There are advantages and disadvantages that make it unique. In the right circumstances, retail franchising can make a very good career choice and provide a healthy income for many people. But you'll want to do your homework and make careful considerations. http://www.franchising.com/howtofranchiseguide/choosing_a_retail_franchise.html Mon, 18 May 2009 08:00:00 PDT http://www.franchising.com/howtofranchiseguide/choosing_a_service_franchise.html Anyone seriously considering the purchase of a franchise will ultimately have to decide if a "service" franchise or a "retail" franchise is a better fit. It's an important distinction in terms of both entry requirements and operational realities, and it's a decision that can determine your ultimate effectiveness as a franchise operator. First, a basic summary of some typical service franchise opportunities available today, here are just a few: trade and handyman (electricians, plumbers), lawn maintenance, landscape services, childcare, tutoring, education, business coaches accounting, bookkeeping real estate agents, travel agents, commercial, domestic cleaning, automotive-related services, computer-related services, and interior design/decorating. http://www.franchising.com/howtofranchiseguide/choosing_a_service_franchise.html Mon, 11 May 2009 08:30:00 PDT http://www.franchising.com/howtofranchiseguide/attending_franchise_trade_shows.html Franchise trade shows are a great source of information as you consider which brands to invest in. At these shows, which take place all over the country throughout the year, you can kick the tires, taste the food, and handle the products. Most important, perhaps, you can meet live representatives from dozens, or even hundreds of brands, depending on the size of the show. Whether national, regional, or local, these shows offer a golden opportunity to ask questions - not only with franchise sales representatives, but often with franchisees as well. Most shows also provide educational seminars and sessions where you can meet franchise experts and specialists. You can also learn a lot from other entrepreneurs seeking the right brand for themselves and compare notes, impressions, hopes, and fears. http://www.franchising.com/howtofranchiseguide/attending_franchise_trade_shows.html Mon, 04 May 2009 10:30:00 PDT http://www.franchising.com/howtofranchiseguide/researching_a_franchise_online.html Type "franchise" into Google and you'll get 67 million hits (April 2009) -- a number that keeps growing every day. So what are the best sources? Which can you can trust to provide you with the information you want? Which ones should you avoid? Tooting our own horn, Franchise Update Media Group's Franchising.com website is a great place to begin. The site lists hundreds of franchise brands by category, as well as industry articles on trends, sectors, and breaking news. Other sites provide similar information; we like to think ours is the best for providing you with all you need for beginning your research on which industry sector and which franchise brand is best for you. http://www.franchising.com/howtofranchiseguide/researching_a_franchise_online.html Mon, 27 Apr 2009 11:00:00 PDT