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:
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Profit and Loss Statements
Today’s post is about the importance of a Profit and Loss Statement, or as some people call it, a P&L. First, let’s start with the definition a Profit and Loss Statement: A P&L is a financial summary of your revenues, your costs, and expenses over time.
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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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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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