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Posts made in October, 2011
If you are considering buying a franchise, you may soon find yourself wrapped up in a whirlwind of numbers provided by franchisors hoping you’ll choose to join their company over all the others. It can be a little overwhelming, and some of them might treat you like this is no big deal, like you’re as free to take crazy risks as Martin Lawrence and Tim Robbins in the 1997 comedy, Nothing to Lose, when they begin robbing banks because they aren’t afraid of being caught.
Image from IMDB
Since most of us don’t have the...
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Last week, I talked about the challenging decision of whether you should open a franchise in the food industry or not. This week, I’d like to cover another equally challenging decision–whether you should open a business that provides a service or one that provides a product.
Photo by rllayman on Flickr
Here are my top four facts to consider when deciding between the service and retail sectors:
Typically, retail businesses cost more up front than service businesses. Retail businesses can cost more because you have a...
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I’m tackling advice on another big decision you may have to make when researching franchises to buy. Should you buy into a food-based company or stay far away?
Having been in the franchising industry a long time, I’ve seen franchisees go through both models and have seen firsthand the pros and cons of each. So, I’ve put together my top 4 benefits of each type of franchise. I hope it will help you along the road to becoming a business owner.
Top 4 Advantages to Owning a Food Franchise
If you are already interested in...
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There are many elements of franchise business models to take into consideration before you buy a franchise, and one particularly complex issue is whether you would prefer to join a network based on territories or individual locations. It’s crucial that you examine this element to avoid future “get off my lawn” battles with new franchisees popping up where you thought you had exclusive rights. You want to make sure there are limited blurred lines like Clint Eastwood battles in his neighborhood in Gran Torino.
Image from...
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Before you decide what kind of business to open, take a good, hard look at your “business profile.” And, I’m not talking about anything listed on your resume.
People spend too much time putting the cart before the horse, worrying about all the business details–the color of their logo and business cards–before they are really ready. Instead, they should focus first on how to create a workplace consistent with their personality.
But let’s not dig too deep. Let’s have a little fun. Even the cast of 30 Rock,...
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