One of the most interesting things about franchising are the stories of the brands and how they got started. Who was this person or person(s) that had the vision to create a product or service and make it so popular that it became a household name?
So, this week I decided to do some research into the history of some of my favorite brands. While I was digging around in the archives, I found that some brands have competed with each other for decades. What’s more interesting is how some of the stories of these brands are intertwined. So, in this video I’m going to share with you which franchise came first.
Continue reading “Who Came First?”
Today, we’re going to answer some of your franchise questions! We’ve received a number of questions from you on our various social media outlets; some questions have been asked multiple times so we made sure that those questions made it into today’s Q&A.
Our first question is from Megan. And Megan’s question is:
Continue reading “Answering Frequently asked Franchise Questions”
After our last blog post we received some questions about franchise royalties. It is certainly an area that you should be deeply aware of when you are deciding between franchise opportunities. Today’s post is a general overview of Royalties, what you get for their payment and what you can expect in return. We’ll also work through an example.
First, what is the definition of a royalty? A royalty is the payment a franchisee makes to the franchisor for them to use their concept in an effort to generate for revenue and profit. Continue reading “What are Franchise Royalties?”
You’ve seen the lines in front of White Castle, In-N-Out Burger and Starbucks. These places are packed with customers! How many times have you thought “I want to own one of these!”, only to find out, that company doesn’t franchise.
So today, we’re going to answer the question: Why do some companies choose not to franchise? Continue reading “Why Some Companies Choose Not to Franchise”
Prime Costs, Operating Expenses, and Profit are three of the four parts of a Profit and Loss Statement.
In a previous blog, I talked about the Importance of a Profit and Loss Statement (P&L). In this blog, I’ll walk through a P&L and look at it from a perspective of the prime cost and the operating expenses that you look at to manage your business. The P&L is a critical tool to guide you through your plan to make your business profitable.
Continue reading “Prime Costs, Operating Expenses, and Profit”
In this post I’m going to share 7 Do’s and 7 Don’ts while you attend Discovery Day.
Whether you’re a seasoned franchisee or someone who is just starting their franchise journey, Discovery Day is a very important step in the Due Diligence process.
I’ve been to a lot of Discovery Days and the first ‘Do’ on the list is:
Continue reading “7 Do’s and 7 Don’ts for Attending Discovery Day”
Why Do Franchise Stores Close?
It’s the elephant in the Discovery Day Boardroom; Franchise Unit Closures. The Franchisor may not even bring up the fact that there have been store closures under their watch, but it’s important for you as a potential buyer to find out how many and why. In today’s post, I’m going to cover:
1) the reasons why a franchise store may close, 2) how closures reflect on the brand, and 3) at the end of this post, I’ll discuss a metric tied to store closings that can help you reduce your risk when choosing a franchise.
Continue reading “Franchise Store Closings”
In this Blog Post, I’m going to share with you the 10 Steps to Opening a Franchise.
Opening up a franchise or any small business can be daunting. There are hundreds of tasks that need to be completed most, within a certain time-frame. Risk increases with ignorance and to that end, its important to understand the big picture, the context of the entire sales and development processes. In this article I’ve outlined a high level overview of the how to open a franchise unit. Its important to note that this post is intended to be a road-map. The specific how-to’s for each task will be covered in a separate posts.
With just a few exceptions, this process can be used to open any small business.
Continue reading “10 Steps to Opening a Franchise”
By Paul Giggi
There are a few basic approaches you can take when you begin your search for a franchise concept; I’d like to share with you some of the more widely used and effective ones…
Continue reading “How to Search for a Franchise Concept”
By Paul Giggi
Continuation of our series: “Five Key Questions to ask a Franchisor”
If you haven’t had a chance to see our video on this topic I would like to suggest you do so for our conversational piece on this important topic. For this blog, we will focus on Questions #3 of our Five Key Questions to ask a Franchisor during your initial interview regarding the concept of your interest.
During your introductory discussions with the Franchisor we have shared that there are many questions to consider asking in your discovery phase to help you to determine if a concept and Franchisor are the right ones for you to partner with in operating the business.
The 3rd of our Big 5 Questions to Ask:
Continue reading “What Fees are Associated with a Franchise?”