Emotion: Ambition (5)
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How To Work On Your Business Not In It
Posted by Franchise Grade Team May 2, 2014
Most small business owners/managers are normally overwhelmed and have too much to do. This is because they spend virtually all their time working in the business rather than working on the business. While it is necessary to do a lot of work in the business in a start-up to reduce overhead costs and lower the breakeven point, not spending a good deal of time managing the work effectively prevents most businesses from optimizing their results.
Read moreThe Franchise Investment: Trust but Verify
Posted by Franchise Grade Team April 13, 2014
A number of franchise candidates exhibit a high degree of trust as they travel through the franchise process. In some cases it begins with the initial contact between a candidate and the franchisor representative and builds gradually over time. In other cases, the level of trust may arise at a certain point in the franchise evaluation process: for example, at a meeting with a franchisor representative or during a Discovery Day visit.
Read more5 Key Lessons for New Franchisees on Location-Based Marketing
Posted by Franchise Grade Team April 9, 2014
Back when my wife and I were expecting our third son, we made multiple shopping trips to both big-box retail as well as smaller specialty stores.
Read moreBest Practices for Building a Successful Website
Posted by Franchise Grade Team March 20, 2014
If you are looking at designing a website for your local business, there are a number of things you need to take into account before you start. There are hundreds of services that can build websites for your business, but it's not as easy to find a vendor who can create a website that has a great marketing message and a foundation that will allow you to change the content and market the site on the search engines. Having a site that combines all of these components is vital and many web design companies do not combine these aspects to make a successful website that will drive leads and rank in the search engines.
Read moreWhat's your "Why"?
Posted by Franchise Grade Team March 12, 2014
“It doesn’t matter what you do, it matters why you do it.” This straightforward yet powerful quote from Simon Sinek’s best selling book, Start With Why, goes straight to the heart of business success. Understanding “how” and “what” you do is necessary to be in business. But understanding your “why” is essential to your long term success.
Read more3 Keys To Commercial Real Estate Financing For Your Franchise
Posted by Franchise Grade Team March 10, 2014
So, you decided to buy into a franchise system – one that you have some passion for and one that you think your skills and experiences will make a great success.
Read moreCollege Freshmen, Business Ownership and a Poor Economy
Posted by Franchise Grade Team February 18, 2014
For those of you searching for some good news about the persistently sluggish economy, here’s something: The weak economy appears to motivate college students to want to be successful business owners.
Read moreWhen Identifying a Franchise Opportunity: Know Where to Look
Posted by Franchise Grade Team February 16, 2014
Investing in a franchise is a life altering experience for most individuals and involves taking a risk with your money. In my last blog, I described the importance of doing a profile before pursuing specific franchise opportunities. This should include your strengths and weaknesses as well as your financial profile. If you followed my advice you’ll be in a better position to identify franchises that most closely match your financial, personal and business profile. Your next step in the franchise process is to find 3 to 5 franchises and perform a preliminary evaluation on these franchises. You’ll want to do this before you spend money on franchise attorneys and accountants. If you decide you want to utilize a franchise broker, keep in mind that they represent a limited number of franchises and they are paid by the franchisor when a candidate they submit purchases a franchise. A large number of franchises are not represented by brokers. Avoid being swayed by impressive franchise websites with claims of easily achieved success.
Read moreIs Multi-unit Franchising The New Norm?
Posted by Franchise Grade Team February 14, 2014
The demand for multi-unit franchising is increasing and by all accounts it is here to stay. This phenomenon first came to light over 12 months ago when Frandata.com first reported that 52% of all franchises are now owned by multi-unit operators.
Read moreFranchise Marketing – What the Franchisor Should Provide
Posted by Franchise Grade Team February 8, 2014
When you buy a franchise, you’re buying a BRAND. You should expect that the franchisor has developed a strong marketing program for you so that you can achieve the success that you expect. When you’re doing your research on a franchise, checking out their marketing is some of the most important analysis that you do.
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