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Category Archives: Franchise Your Business

TFB authored and 3rd party resources on franchising a business.

Franchising Your Business

Many Business Owners Seek to Franchise Their Failing Businesses

The fact is, we regularly receive calls from business owners that have no reason to consider franchising their business, and many start by immediately asserting the fact that their business is either, new, struggling, or not even opened yet, but that they think their current or future business will be the next great American franchise.

Because franchising is consistently reported as being such a hot industry, it tends to give the impression to would-be Franchisors that it is much, much simpler than it sounds to become a franchise powerhouse, and many equate the “build it and they will come” mentality with the franchise industry. It is quite concerning how many business owners and opportunists assume that any business can be easily franchised and replicated by the hundreds into successful units.

The most shocking are the prospects that call with an idea, a concept, or reference an industry that they think might be experiencing high growth and that they want to start both their fi location and the development of their franchise simultaneously. Some don’t have an interest in opening even one location, instead they take confi in their business wisdom to create a winning operational and competitive business conceptually, and expect Franchisees to come calling to buy their share of the magic. Imagine being a franchise prospect and being solicited for a franchise that has either no locations or only recently began in business.

The sad truth is there are numerous operators doing just that. And while, I am not suggesting that it is impossible to do this, particularly in established industries, it is more likely that unless the originating business owner is a superb business strategist, the model and the franchise will not flourish and will likely suffer from the same dangers that threaten all businesses.

Additionally, prematurely developed and occasional fraudulent franchise development has largely led to most of the current franchise legislation and regulations Franchisors are forced to navigate today.

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Franchising Your Business
Franchising Your Business

Turn Your Business Into A Franchise

Turn Your Business Into A Franchise

When wanting to move from running your own business towards running a successful franchise a number of things will need to happen. The first issue to consider is to ensure your business is attractive enough for others to want to buy into it. Apart from that you will need to ensure a market for the product exists outside of where you are currently trading supported by solid research figures and ideally evidence of what you are doing at the moment. Lastly and often the biggest challenge for the business owner is to capture the process of running the business effectively into an easy to understand manual which franchisees can follow once they have chose your specific franchise. Remember that that this will be run as a franchise and for that to work the franchisee will be looking to do everything the same as you do/did. Market testing is an important part of this. If you cannot prove that there is a demand for the product or service your franchisees will be offering, they will be doomed to failure. If you can demonstrate a clear demand for your product and service, you then need to prove that the franchise model works through the establishment of a pilot operation. The pilot operation will establish that all the back-up systems including training, operating manuals, financial support and marketing campaigns are effective. It will also give franchisees an indication of likely set-up costs, break-even points and how long it will take to become profitable. The operations manual gives detailed information on how to set up and manage a new outlet. It highlights all the key activities, and explains how to do them the right way. As well as preparing an operations manual, you also need to decide what support you will provide. This typically includes initial training for new franchisees, and continuing marketing and administration support. Your brand is likely to be an important part of what you offer franchisees. Even if they know how to run a successful outlet, they stay with you because your brand helps them get customers. Protecting your brand is essential. It is important that you put in place relevant protections to prevent your intellectual property (IP) being infringed (for example by registering your trade marks and company name or obtaining patents for your products). Once you have adequate protections in place you can then benefit from your IP through licensing. It is also easier to protect your IP if it is registered and you can prove ownership. They help to ensure that different franchisees do things the right way and provide consistent quality. By: BEN http://safranchiseopportunities.blogspot.com

10 Tips for a Successful Franchise Business

We all know that Boardwalk has great products but you need more than an impressive catalog to have a successful franchise business. Even best selling items need excellent marketing strategy to back it up.
Seth Godin, a great marketer and seller once said, “there’s too much noise in marketing”. So if you want to stand out from other dealers and sellers you must be remarkable, add more value, create solutions for problems, and give before you get.

Here are 10 Tips to have a Remarkable and Smarter Franchise Business:

10. Reach Out
Reach out and ask advice from people that are wiser and more experienced than you. It’s impossible to know everything but if you learn to ask the other more successful veteran dealers the smart questions then you’ll get the smart answers. Learn to leverage other people’s strengths.

9. Invest in your Franchise Business
When you invest in a franchising business i.e. direct selling or network marketing- you’re more likely to master it completely instead of wasting time trying to start a biz from scratch and developing it yourself. When you spend money to buy books, marketing system, direct sales training, or whatever it is – there’s ownership in your purchase.

8. Free isn’t always the answer
For example, you need a business tools i.e Facebook page for online selling. A free FB page has limitations and lacks flexibility. Invest in a professional website, web hosting, and other tools to build a remarkable online direct sales funnel.

7. You’re in Sales and Marketing
You may not believe it but franchising is all about sales and marketing specially direct selling. Tom Peters, one of the best leaders in the sales community says “we are all in sales, period.” The success of your direct sales business is in how well you master marketing. Invest in sales, marketing, and leadership books and training. The best way to add more value to your prospect is to increase your knowledge.

6. Stay in the Game
Staying in the game will keep you on top of your boardwalk franchise business. Athletes train every day to prepare for the big games. Direct sales dealers are known for doing their business in short periods of time only. We go through moments of brilliance, followed by dullness, and stagnation. Kick the bad habit of inconsistency and focus on being in the game every day! This means do something every day that’s income producing. Just do one thing, every day!

5. Stay Humble. Stay Hungry
The late Steve Jobs, marketing guru and visionary of Apple corp, kept himself motivated by staying humble and hungry. Staying humble allows you to learn from other leaders that have a lot to teach you. Staying hungry keeps you from being discouraged when the tides are rough. Accept that you will be rejected oftentimes but also know that you will overcome and become successful for your hard work.

4. Stay Motivated
Coaching yourself to stay motivated is one aspect of being an entrepreneur. Push yourself every day to do one more thing- learn one more new skill. As Chris Brogan says in his latest blog post “Help Yourself”. Believe in yourself because there’s a lot you can accomplish! Think of other leaders and direct sales consultants that are succeeding to fuel your motivation. If others can succeed, so can you!

3. Time Management
Start using a timer to manage your schedule down to the minute. Most modern cellphones have a timer/alarm function – 20 minutes for Twitter, checking emails 3 times a day, and so forth. You’ll find your productivity skyrocketing afterwards. Be laser focused, limit the distractions, and be disciplined.

2. Avoid Desperation
Use inspiration rather than desperation to get more sales. The problem with creating a “sense of urgency” in your direct sales business ends up creating a sense of desperation. Like in school you should not do cramming to study for a test. Make an effort even though you are not financially pressured. Whatever it is, it makes direct sales folks desperate. Find inspiration in your family, friends or in yourself and work your business every day

1. Be a Remarkable and Smarter Seller
There’s a lot we can learn from one another in the Boardwalk family and other sellers and dealers that have paved the way with their leadership and marketing know-how. You can figure it out on your own or you can start learning from the best direct sellers and dealers in the business.

The greatest sellers today aren’t “salesy” – they’re offering solutions to people’s problems.

By: Christopher James Conner http://www.franchisemarketingsystems.com

Franchise Your Business Successfully

Franchise Development – why some franchisors succeed and others fail?

1. You have all the right ingredients for a successful brand – systems, marketing model, strong value to the customer and a dynamite track record of success. What does it take to turn your successful business into a successful franchise brand?

Franchising a business is an extensive and longer term strategy for building a business in new markets. Due to the nature of the growth curve and slower ramp-up typical of a new franchise brand, many franchsors don’t allow their brands the time or space to truly take shape and evolve, but there are several key items which can impact the success of a new franchisor.

2. David Vs. Goliath – Start up franchisors are enormously different than established franchisors. Don’t base your system’s structure and operating elements just on mature faranchise systems, what they do isn’t necessarily what a new franchise brand should be doing to be successful. Fee Structures, territory marketing, approach and business strategy are very different for an organization such as McDonald’s vs. Joe’s Hamburgers who is looking to open their first franchise location. Design a franchise system that facilitates the successful Ramp-Up and introduction to the market and then matures as the system, cash flow and infrastructure begin to shape.

3. Build it and they will come – Build a model that is salable and allows franchisees to justify the investment in a new franchise brand! Focus on growth of your brand before anything else. So many new franchisors kill early opportunities because of relatively menial contract disputes and getting mired in the details or legal work inherent in franchising. When you franchise your business you are partnering with entrepreneur to expand the brand and system to new markets – don’t lose site of this as your ultimate goal is to grow the system and add market coverage in new areas.

4. Sizzle is a good thing! A new franchisor needs to make a splash, branding website, look, feel and overall presentation are magnified in importance with a new franchise system. Prospective franchisees don’t have the same validation when considering an unproven franchise system and therefore will look very hard at things like logo, tagline, website and overall value of the brand.

5. Coffee is for Closers – A new franchisor has one overriding responsibility in building a new franchise system – Selling. Without franchisees to support and without a network of locations to manage, a new franchisor should have an established franchise lead generation budget and a consistent sales effort with franchise sales staff, a defined franchise sales process and attainable franchise sales goals in place. A new franchisor needs to sell franchises, franchising is a sales game when a new brand is first launched.

6. Keep Things in Perspective – franchising is a long-term growth strategy. The world’s largest franchise brands took years, decades in many cases to build several hundred unit chains. Although franchising allows for rapid growth when compared to other alternative growth strategies, the success and cash flow in franchising doesn’t come for at least a year into building a new franchise system. Businesses and brands that get into franchising with the idea that they will see windfalls of cash immediately from franchising are typically the ones that are out of franchising within the first six months.

By: Christopher James Conner http://www.franchisemarketingsystems.com

Thinking of Franchising Your Business? Jim Zockoll, founder of pedigree franchise Dyno Rod, offers top tips for new franchisors.

While working as a Pan Am pilot in the late fifties, Jim Zockoll visited the UK and stayed in a London hotel – with a blocked drain. At the time, he was also running a drain and sewer business in the US, and agreed with the hotel that he would fly home and return with his equipment in order to unblock the drain.

Jim ended up establishing a drain business in the UK – Rotary Rod, which became Dyno Rod in the early sixties. He re-located to London and, in 1963, set up a national franchise. He started with 40 Dyno Rod franchises and ended up with 160. In 2004, the business was sold to British Gas for £57m.

Zockoll now runs franchise consultancy Zockoll Group. The company has supported more than ten UK franchises since its inception – the latest being London-based property maintenance and refurbishment company, aspect.co.uk. Here are his op tips on establishing and running a successful franchise operation:

1. Those keen to set up a franchise must have an existing and profitable business, and a proven and piloted concept that has the ability to produce sufficient margins for both the franchisee and franchisor. Aspect.co.uk founders William Davies and Nick Bizley have worked in the business since 2005 – they know all there is to know, and can pass this knowledge and experience on to their franchisees. You can’t buy experience, but you can clone it.

2. Find the right person (franchisee) who shows a keen interest in the business, will be wholly committed to it, and who is hungry to strike out on their own. Ask them to bring their wife, partner or parents along to the initial meeting, so that you can explain (to all parties) the level of commitment that will be needed to make this a success. The hours are likely to be long and anti-social (particularly in the set up stages); franchisees will be eating, sleeping and breathing the business – seven days a week.

3. If the franchisee feels like the right fit, but they don’t have the finances up front, then take a risk. Come to an agreement to make this work, for example an increase in monthly royalties, until the investment is covered.

4. BUT make sure that you do not discriminate and offer one thing to one franchisee, without offering the same to others in the network.

5. Treat your franchisee as an equal. They are also business owners; they’re simply paying you for your business experience and acumen. And, you too will learn from them as you progress the journey; listen to their feedback and adapt, if needed.

6. Put your franchisees in second place – after your customers.

7. Coordinate regular meetings with the franchisee, and get togethers for the entire network of franchisees. Setting up on your own can be a lonely business, and the network needs to see that they have your full support.

8. Keep an eye on your franchisees development, don’t let them become complacent when they are doing well, and – as such – allow them to drop their standards. Keep on your toes, and cut down their area, if needed.

9. Set guidelines on your pricing, and make sure this remains consistent across the network.

10. Continue to innovate in your field, and develop new products and services to ensure the business keeps its competitive edge.

11. Find a niche in the market. For example create a brand that is short, descriptive and suggestive of your business and can be a registered mark a name or a telephone that the public can easily resonate with and remember. For aspect.co.uk, the company went with 0800 ONE CALL – there is only one 0800 ONE CALL.

By: Kate Bassett http://realbusiness.co.uk

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