Franchise Blog
Are you new to franchising or an old hand at being your own boss? The executives at Franchise Business Review share their insights into the ever-changing and ever-challenging world of franchising.
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Q: I was looking into a franchise called PUROCLEAN. They are a disaster restoration company that claims to have an edge over all others. They also claim that the return on investment is fantastic. What do you think about the company? Is this market too saturated with too much competition that I wont be able to survive? How much do you think its worth investing in them? Thanks for any help - Jim
Jim - Thanks for your question...
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Recently, I have been receiving dozens of emails every week from people wondering if now is the right time to invest in a business. This morning I received an email from a guy who's thinking about investing in a handyman service. My advice to him applies to anyone looking at buying a franchise right now - or really any time for that matter.
Here's my advice...
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Q: What has been the feedback on waste management consulting companies such as Environmental Waste Solutions? Do you think that it is a good opportunity?
Thanks, Idrees
A: Survey says... NOT a good opportunity. Read more...
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Whether you’re a fast-food junkie or just an occasional eater, quick service restaurants (QSR) are as American as baseball and apple pie. From Main Street to Wall Street, and just about every highway exit and rest area nationwide, QSR franchise options have exploded in recent years.
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Just because the economy is down doesn't mean that a smart investment decision can't be found. In fact, I would argue it is actually a great time to look at investing in a new business -- as long as it has a history.
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We've been busy this week interviewing some of the best minds in franchising. We already have an archive of almost 40 interviews and this week alone we've added interviews from Two Men and a Truck, Bruegger's, Snap-on Tools and more.
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It's common knowledge that the US franchising industry expands as the US economy dips. At first blush this doesn't make sense but let's break it down.
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When nearly 45,000 franchisees talk about their franchise systems, they have something to say. The 2008 Franchisee Satisfaction Awards presented by Franchise Business Review highlights those franchises whose validation among their franchisees was superior in the industry.
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Just a few weeks away from the 2008 FBR 50, we are keeping busy collecting data, measuring franchise systems, and growing our client list!
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Franchising follows trend of capitalizing on the Green Movement.
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I've heard franchisors mention that validation is easy for their prospective investors. What planet are these guys from? Have they tried it themselves?
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Why Financial Details on Franchises Aren't Easy to Find
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Even the franchise systems with the happiest franchisees have dissatisfied owners. The reasons why these people are unhappy are a varied as the people themselves.
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Reaching the 21st century consumer.
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Part II of a look at advertising funds for franchise companies.
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As part of many franchise agreements, franchisors require franchisees to contribute to an advertising fund. Sometimes these funds are national (i.e. McDonald's) ...
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Including your spouse in your search for a franchise may help ease their worries and make for a more successful business AND marriage!
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A few examples of franchises offering home based opportunities
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One of the things I realized early on here at FBR is how hard it is to find a good franchise information online. If you've done some research yourself you know what I'm talking about. If not, do a Google search for "franchise." Go ahead, I'll wait... What did you get?
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I'll start with the most obvious lesson in franchising: if someone out there has found a profitable business model, someone is offering a franchise of that model. Honestly, the number of franchise opportunities available is astounding and there is no doubt one that a perfect fit for you...
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I just read this in the May 14 issue of
The New Yorker and wanted to pass it along. Richard Branson, CEO of Virgin Atlantic (and about 130 other "Virgin" brands) says about entrepreneurship
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The ability to market (sell) your business to the public could be one of the most important steps to succeeding. Franchisors are not only selling products to consumers ... but they are also convincing other entrepreneurs to buy in to their businesses.
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Entrepreneurs are often go-getters; people that can do anything ... for anyone ... and, yes, sometimes overcommit. I recently read David Allen's, Getting Things Done and found it one of the most helpful books I've read in 2007. A quick excerpt on the five phases of project planning.
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I am often asked whether or not it is a good idea to invest in a “hot, new franchise concept” or to go with a “safe” established brand. Certainly, established franchise brands typically have a higher success rate as compared to younger franchise systems. Yet, while investing in a new franchise concept may come with higher risks, the return on your investment, if successful, may be higher as well. Which is right for you? The answer really depends on two factors: you and the franchise itself.
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It’s a common misunderstanding that businesses with many locations are all franchises. In fact, many of the places you frequent on a daily basis are NOT franchises at all, but corporate-owned and operated stores. For example, FedEx/Kinkos, The Gap, Red Lobster and yes, even Starbucks are NOT franchises.
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I can’t tell you how many times I’ve been asked by someone thinking about investing in a franchise “How much money can I make?” It’s far and away the number one question prospective franchisee want answered. And why not? Isn’t money the primary reason most people go into any business? I love my job and the work I get to do helping people discover the best franchise opportunities in the marketplace today – but heck, if it weren’t for the equity I’m building as part of owning my own business, I’d rather be fishing!
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A few questions to start: What are the keys to franchising? How do you (or I) know if franchising is right for me? And the frequently asked, “What are the hot franchises right now?” Most of these questions will be covered in the articles and resources section in the upcoming Franchise Center and while I may not know what the hot concepts are, I can try to provide you with the information and guidance to make a more educated decision yourself.
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Last week was a tough week. Hundreds of people lost their lives in the escalating war in Iraq. The Virginia Tech massacre left 33 students and faculty dead and 29 others injured. A neighbor of mine was killed in a car accident, leaving behind his wife and three young kids. So much tragedy. So much loss. Yet for most of us, life continues on.
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