Franchising has significant benefits, including operating under a brand already recognized, business assistance (training and knowledge) from the franchisor, easy access to suppliers, and many more. Further, franchises have a high success rate. However, some fail,...
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4 key elements of a Franchise Disclosure Document
Contracts are crucial when you run a business. As a franchisee, one of the most crucial will be your Franchise Disclosure Document. It covers 23 specific elements. Here are some of the most essential areas they cover: Who are you getting into business with? You need...
Special considerations for marijuana franchisees
In the words of the famous Ray Krock, “As long as you’re green, you’re growing,” and that’s probably never more true than right now as the nation’s marijuana industry seems poised to expand. Changing social mores and changing laws have made the cannabis industry a hot...
What does a franchise area manager actually do?
Gaining traction when you start a business can be a real challenge. It can take several years before you establish a significant customer or client base, and it can be hard to keep the business afloat until then. Franchise businesses don't have that same struggle....
Do not overlook these issues when buying a franchise
Franchise opportunities are an attractive way for interested parties to become business owners. Buying a good franchise may eliminate some of the startup tasks you might otherwise face. That does not mean buying a franchise and operating it is easy and free of...
3 ways to protect your trade secrets
Trade secrets may be the backbone of your company. Your business might not be where it is today. Having your trade secrets leaked or stolen could damage your business significantly. The best thing you can do to prevent your trade secrets from being leaked is by taking...
Benchmarks for measuring franchise success
You did all the research into your franchise opportunity and followed the plan with painstaking detail. You are putting in tons of hours and your social media presence is lively. But are you successful? Identifying the key performance indicators of success can tell...
How should franchisees use social media?
Marketing and brand building are easier than ever before because companies have more direct access to their target audiences. The average prospective customer you want to gain interest in your company probably spends a bit of their time on social media every day. You...
Can you blame the franchisor if your business fails?
Consider this hypothetical: You invested your hard-earned savings into buying a franchise, and now you wish you never had. The franchise has turned out to be nothing like the success you believed it would be. Your financial records show that at this rate, you will be...
What if your franchise does not work out?
It is easy to be extremely optimistic when you purchase a franchise. For every smiling, successful franchisee you see in the company’s marketing materials, there likely are franchisees who do not feel they are living the dream. What if you become one of those for whom...