Internet, diversity, FranNet-style franchise matchmaking has transformed the industry In 1987, when Howard Bassuk founded FranNet in Carlsbad, Calif., this was how you let a franchisor know you wanted information about a franchise opportunity: You ran across the franchise in a magazine, at a trade show or while scarfing down a sandwich at one [...]
Senior care and tutoring franchises are booming, says FranNet franchise consultant Jim Gleason, 62, worked in sales, alcohol and drug counseling and career consulting before joining FranNet five years ago. The Indianapolis-based business covers almost the entire state of Indiana, save the Gary area near Chicago and the area just across the Ohio River [...]
If one of your New Year’s resolutions was “open a franchise,” read this blog. The last two blogs have dealt with business issues. Today, our last five things to consider before opening a franchise deal with the personal side of the franchising life. Here are more questions to ask yourself: What are my priorities in [...]
If one of your New Year’s resolutions was “open a franchise,” read this blog. There are lots of benefits to opening a franchise, as you probably already know. For starters, the support of an established company takes off some of the pressure for you so there’s a degree of security that isn’t present in a [...]
Ever wonder what franchisors look for in franchisees? A franchisor’s goal in choosing people with whom to work is finding people who will be successful for the company. Today’s post outlines some of the skills you need to have and questions to ask yourself to make sure you’re living up to the franchisor’s expectations. Franchisors [...]
Once you’ve done your homework research, you might wish to interview a potential franchisor. You should have a list of questions that popped up as you did your investigation. Focus on the areas that will help you determine the strength of the franchise. What are the pretax net profits of existing operations? Compare them against [...]
The first step to investigating any franchise is to locate the system’s Uniform Franchise Offering Circular (UFOC). The UFOC is also called a Franchise Disclosure Document (FDD). This is the formal documentation that gives extensive information about the franchisor and the franchise organization. The point is to give you, the potential franchisee, enough information to [...]
Once you’ve generated a list of companies you are interested in working with, you need to investigate each one further. There are over 3,000 franchise opportunities available today. This research will give you a fuller picture of the franchisor to help you make an informed decision. History Lesson How long has the franchisor been in [...]
Maybe you’re thinking of becoming a small business owner via purchasing a franchise. Or perhaps you just want to brush up on franchise lingo. Either way, today’s post will help you make sense of the sometimes confusing jargon of the franchise world. This week we’ll present a primer on some franchise words and their definitions [...]
Don’t forget to use any and all professional advisors to help you during this process. Franchise Consultants, Accountants, financial planners, SBA and SCORE advisors, are all good resources. If all has gone well so far, you are finishing up your franchisee research. Plan a trip to visit the franchisor’s headquarters. Many franchisors will require this [...]
