Established name recognition. Cooperative marketing. Bulk purchasing power. Training and management expertise. They are some early advantages of buying a franchise rather than building your own business. They're the types of advantages solo entrepreneurs might reap -- if they're lucky -- after years of hard work in the trenches.
Naturally, franchising has its drawbacks, too. Agreements between franchisors and their franchisees can seem pretty rigid, especially to eager, innovative self-starters who expect to grow their companies as they see fit. However, a growing number of savvy franchisees are learning how to manage creatively and profitably -- within the established rules of the mother company.
So what are you waiting for? Dive into this collection of articles, tips, and tools and get franchising.
How much do you really know about that franchise you're planning to buy? These tales from the field show why you need to carefully investigate ownership and operational issues before signing a contract.
A franchise business plan is similar to a traditional plan except that the former has to combine components of both the franchisee and the franchisor, or parent company. Use these plan writing guidelines to get you started.
This work sheet calculates the percentage of your business expenses in relation to revenue, and compares them to peer franchisees' expenses. Unusually high percentages for expenses may indicate areas to look for cost savings.
The roof leaked, the financials were sketchy, the employees were unmotivated, and the customers were disgruntled--so Mike Schwartz decided to buy the place. Now his Harley-Davidson business is a $53 million-a-year phenomenon.