I’ve been traveling a lot lately, which gives me time to catch up on my magazine- and newspaper-reading. For obvious reasons, I tend toward articles about franchising, salon ownership, manager-run businesses, entrepreneurship and business operations.
Here are the highlights from a collection of articles I’ve bookmarked over the past month or so.
Advice for Franchisors: Treat Franchisees Well
This article focuses on the mistakes that franchisors make when it comes to how they treat their franchisees. One of them is...
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“Entrepreneurial franchise owners have one goal in mind: multi-unit franchising. Why? Because that’s how you get rich.” The Franchise Hound
There are a lot of reasons to consider buying a franchise. The appeal of owning your own business, relief from the rat race and burnout of a corporate job, creating a safety net with a second income, wanting something to do after retirement—those are all common reasons for becoming a franchisee.
Surprisingly, according to Joel Libava, AKA “The Franchise King,” making a lot of...
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“Can I keep my day job?”
“Should I keep my day job?”
“Do you think it’s a good idea to keep my day job?”
Those are just three variations on one of the most common questions I get asked by people who are thinking about buying a franchise business. And, this is what I say to them:
Yes, yes and yes.
MORE: Franchisees hang onto day jobs even after they open their businesses
Why you should keep your day job
Everyone’s situation is unique but most people who invest in a Great Clips salon franchise keep...
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Over the past few months, I’ve been commenting on an article from allBusiness.com about the 10 Signs of a Great Franchise Opportunity. So far, I’ve been going in order (#1–#4, so far), but in this posting, I’m going to jump down to #9: Honesty. The writer of this article encourages prospective franchisees to ask a lot of questions and then take note of whether the franchisor responds quickly and straightforwardly.
Honesty is certainly a sign of a good franchise business, and I would add something more: transparency....
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I came across this headline last week: Five Signs You May Get Laid Off (article is linked below).
It’s a scary thought—getting laid off, having to look for another job and competing with the hundreds of job applicants who are in the exact same situation you are. And, yet, this is exactly the kind of situation that often motivates people to consider buying a franchise. They are tired of the uncertainty and are resolved to owning their own business so they can be in control of their future.
But there’s an important timing...
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I talk to a lot of prospective franchisees in my work. They come from all parts of the country and professional backgrounds, and their reasons for considering a haircare franchise business are just as varied.
But there’s one thing that is pretty universal: Whenever they ask about small-business financing, the look on their face changes. I can see their concern, maybe even anxiety. It’s completely understandable—investing in a franchise can be a big leap both professionally and financially.
The good...
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