Archive for the ‘Franchising’ Category

January 7th, 2012  Posted at   Franchising

Buying a Franchise and taking advantage of all that franchising has to offer can give you an opportunity to be self employed and gain some control over your career. If you have never been a business owner, your probably wondering if you have what it takes. While it is commonly known that franchising offers opportunities to people with all kinds of skill sets and backgrounds, there are definitely a few attributes that a lot of the most successful franchises have in common. They Know How To Network First of all, make sure you know that when you choose a location for your franchise, you are also choosing your professional community. If you have great networking skills, you can thrive in a good business community. Get to know your neighbors and other business owners in your location. Look into joining community organizations like the local chamber of commerce. This is a critical part in connecting with other business owners, and it’s something that the most successful franchises all do. If you have great people skills, you are definitely getting into the right business. You will probably find that you will be able to publicize your business and build loyalty with your customers easier if you choose to reach out. They Have Determination For a franchise to have a chance at becoming successful, the owner needs to be prepared to do whatever it takes to achieve that goal.

Especially at the beginning, owning a franchise is not relaxing 5 days a week. If you want that dream to happen, it starts with an intense amount of real, hard work. Getting squeamish yet? No? Read on. Building your customer base, training employees and understanding your own learning curve is going to take some time, and you must be determined to stick it out. The more willing you are as a person to put in the necessary work, especially at first, the better chance you have of becoming the owner of a successful franchise. A commonly acknowledged fact in the business world is that franchises are statistically much more likely to become successful than an individual start-up. In part, this is likely because many of the “pieces of the business puzzle” have already been put together for the business owner buying the franchise. Many mistakes that may have been made in starting a business from scratch are avoided because of the nature of a franchised business. Additionally, the owners of the most successful franchises have the chance to carefully pick their franchise and can review and get comfortable with their business strategy before they start the business. Even with these bright statistics on your side, you can’t be a person who shirks from hard work, because buying a franchise doesn’t mean it is going to be easy. They Can Learn AND Lead Another key to being a the owner of one of the most successful franchises, considering the initial learning curve of getting the business started, is the ability to both give and take direction. (more…)

January 6th, 2012  Posted at   Franchising

Franchising is a complicated area of law as it requires agreements to be put into place and existing brand names to be respected even as new business off-shoots are created.

There are also different types of agreement available for different types of business, and the process can be quite expensive. Getting the right franchise legal advice at the outset is absolutely essential. This means it’s important to hire the services of specialist franchise solicitors to help you decide whether it is right for you and, if you do decide to proceed, to complete the process as smoothly as possible. It can also help to know about some common kinds of franchise that exist, so read on to find out more.

Gyms, for example, are often part of a larger franchise. You’re probably aware that there are some major brand names out there when it comes to gyms, but many of them are actually franchisees of the parent business. This means that they all trade under the same brand name but they are run semi-independently. This dichotomy is why the area of law can be so confusing and you really need top quality franchise legal advice. Your franchise solicitors will be able to explain how everything works in more detail to make sure you understand what is happening if you do decide to go ahead with an agreement.

Quite a few big-name retail businesses are also run as franchises, most commonly under distribution agreements. This means that the parent business distributes products for the franchisees to sell under their brand name.

The situation can sometimes be more complicated in the arena of food and drink. This is because some food and drink outlets are run as franchises, which means that they might well be subject to a distribution agreement. They might also need to have a manufacturing agreement too, if the franchisees are manufacturing the food and drink products under the existing brand name. As multiple issues can make coming to an agreement more complicated, it is more important than ever that these businesses hire franchise solicitors to make sure they have followed the correct procedures and that they have come to the right agreement. (more…)

January 5th, 2012  Posted at   Franchising

Every major business venture in the world, no matter what kind of service it is, starts off with a “Eureka!” moment. Whatever unique concept you come up with, if you exert enough effort, it could become a multi billion-dollar idea. In a world where competition is at its fiercest, there is more to business than just starting off at square one. Obtaining a successful franchise can open the door to other successful opportunities.

Perhaps the best advice to succeeding in the realm of business is to avoid rushing things and let time do its magic. As Rome was not built in one day, a conglomerate cannot be established in hours. In a franchise, you have everything you need to start building whatever business empire you aim to create: your own outlet, supplies, equipment etc. The next question you need to ask yourself is how you will achieve success using the resources on hand.

Expect the unexpected: Not everything goes as planned in life, forcing people to improvise. Ingenuity is your best friend when faced with unprecedented situations such as calamities. When faced with such problems, think of what you can do to alleviate, if not eliminate, the damage caused. You may even stumble upon certain solutions that are more effective than the ones currently in effect. The important thing is to use catastrophe to teach you lessons, and help you gain wisdom.

Plan ahead: Finding the right franchise opportunities is about focusing on tomorrow and leaving yesterday behind. Although it does not necessarily mean being a psychic and predicting the future, you have to strategize, imagine scenarios, and consider how your franchise will fare in the coming days. By adopting this mindset, you can make sound decisions and anticipate probable results, preparing you for what might happen the next day.

Go one step at a time: Rushing blindly will get you lost along the way, which is why it pays to read the signs first before changing course. Although speed is of the essence in business, haste does not always help you reach your goal faster. In a franchise, you do everything one step at a time for the most satisfactory results. This is because franchise opportunities are not about finishing first, but rather finishing best. (more…)