Who Came First?

Who Came First?

 

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.

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What are Franchise Royalties?

What are Franchise RoyaltiesAfter 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?”

Prime Costs, Operating Expenses, and Profit

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.

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Franchise Store Closings

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.

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10 Steps to Opening a Franchise

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.

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What Fees are Associated with a Franchise?

By Paul Giggi

Continuation of our series: “Five Key Questions to ask a Franchisor”

Question #3

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:

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