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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Lease Basics For Franchisees

Lease Basics For Franchisees

 

Today’s blogpost is about leases. Along with your franchise agreement and perhaps a personal guaranty, your lease is a contractual document that will be with you throughout your journey as a franchisee. In fact, many leases are written to mirror the franchise agreement in initial term and option duration. In today’s post, I’ve put together 5 important clauses that you’ll find in your lease. Make sure you familiarize yourself with these clauses before you execute your lease agreement.

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5 Things You Should Include in a Letter of Intent

5 Things you Should Include in a Letter of Intent

Most franchisees and/or small business owners lease space for their business. In this post we’re going to cover 5 basic clauses to make sure are in your Letter of Intent. These clauses are important to negotiate up front in your Letter of Intent so that you don’t waste your time, resources, and give up your leverage negotiating them when you get to the Lease.

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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?”

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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Do you have what it takes?

By Steve Slowey  

Recently, I took over an existing restaurant operation and though I consider myself pretty smart, I was overwhelmed by the challenge and the magnitude of problems.

In 2012 the store was a powerhouse. It performed very well, but due to a number of issues, it has continued to regress to the point it is now; down 2% from 2015 which was down 2% from 2014 etc. Needless to say, the store is down and I have to fix it. I will share with you my assessment of issues and my plan to repair.

My first day at the restaurant, all the employees of course, were worried. They acknowledged things were bad but they were reluctant to change. They all wanted to let me know how long they have worked there as if that is some “get out jail free card”. (Personally, I would have stayed quiet, since the reviews on the store are really bad.) So I have a bunch of “entitled” employees (refer to previous blog posts) rather than productive employees. The other issues I saw are poor operational procedures and lots of discounted pricing. My guess is that the discounted pricing was used to increase traffic and/or to offset slumping sales {it did not work}. Labor costs were way too high and my cost of goods was 6% high due to discounting and poor procedures.

My biggest challenge is ME. I have to be willing to asses the situation, put a plan together, and execute. My plan takes me to my goal and to get there I have to be focused and committed without time and energy restraints.

If you’re faced with a similar situation, you had better be willing to do it the right way or you will add to the issues, and further devalue the business. This business is worth it. The first step I had to take; determine if the ROI was worth the time and energy and cost to repair what is broken.

This week I will put the focus back on the customer and not the employee. I will evaluate my staff to build the team I will need to accomplish my goals. My blogs going forward will be a journal, documenting my plans, struggles, and accomplishments. These are the realities of being in business and when you’re the leader of your business, you had better know what direction you are heading.