Helpful Advice From A Trusted Advisor
Him.
You know him; it’s Mr. Didi.
You’ve been interacting with him for almost a week. You’ve been asking him lots of questions. Except he doesn’t answer. Ever.
That fact alone makes it really hard for you to sleep at night. But you think it’s perfectly normal to not be able to sleep during the week leading up to that day. That huge, no turning back day. The $200,000 day….
This week’s advice is for future franchise owners…
If you’re investing in a franchise business, and it’s one that requires a physical location, use the best resources available to you when searching for your location. Large franchisors like Great Clips have commercial real estate professionals right in their local markets, and they already have the connections needed to help you secure a location.
If you’ve chosen a franchise that doesn’t have something like that set up, ask your franchise attorney, CPA, of local banker for local commercial real estate professionals that are in the know. These folks know what’s available right now, and they also know if there are any new strip centers etc. that are in the works, where you may be able to open for business.
In most cases, both parties (you and the franchisor) must agree on the choice of location. Good luck with your search!
This week’s franchise business advice is for the media;
Statistical Studying
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When interviewing alleged franchise experts, please don’t get caught up in in some of the old franchise spin on success rates in franchise businesses. The statistics that were bandied around for years just don’t apply anymore.
A couple of months ago, a franchise broker from a nationally known franchise brokerage was interviewed on a nationally televised business news show. She said that “80% of franchise businesses succeed vs. non-franchise businesses.” Not.
Even the totally pro-franchise International Franchise Association felt pressured into putting a letter up on their own website, in 2008, I believe. Here’s some of it;
“It has come to our attention that some IFA-member companies may be providing information about franchising that is long out of date and no longer presents an accurate picture of the sector. Of particular concern is information claiming that the success rate of franchised establishments is much greater than that of independent small businesses.”
The letter also states that “many years ago, the U.S. Department of Commerce conducted studies about franchising which presented such statistics. That information is no longer valid. The agency stopped conducting such studies in 1987. We strongly urge you to remove any information from your Web site and published materials that make such a claim. The use of such data, in the absence of current research, could mislead prospective franchisees who are attempting to conduct responsible investigations.”
Here’s an article that discusses old vs. new statistics…
The business model of franchising is a great one. But, as I’ve stated before, it’s not for everyone, and there’s no guarantee of success. Facts are great things to have, in these transparent times.
This week's franchise business advice is for anyone in business for themselves…
I'd like to make a suggestion, and I'll do so gently;
Get On Twitter!
If you're already on Twitter, let my readers know. (Most of this blog's readers are on Twitter) Just leave your Twitter name in the comment box, below. They'll connect with you. They really want to.
Finally, I just posted "25 Franchise Business Folks You Should Follow On Twitter." Connect with them….
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Are you following me? I'm @FranchiseKing
PS-If you'd like to know more about Twitter, I'll send you some links to great Twitter articles for beginners. Just email me: thefranchiseking at sbcglobal dot net
Finally, if you'd like to jazz up your website or blog, check out this cool tool that I absolutely love, and use: (Aff. Link)
This week's franchise business advice is for franchisors and franchisees;
PR
Traditional public relations exposure is still needed. PR Newswire may be a great place to submit stories about your franchise, but it's not the end-all. Social media marketing has provided fantastic low-cost ways to get exposure, but it too, isn't the magic bullet, if it's used alone. Social media marketing is what I call, "another spoke in the wheel" of a total marketing package. Getting ink in major publications, and getting exposure on national radio and television shows can make your phone ring, and PR firms know how to get you there.
Early on in my franchise consulting and marketing career, I was the liaison between a franchise brokerage group I was with, and a boutique franchise PR firm. The ladies at Sanderson PR in Chicago including Rhonda Sanderson, and her amazing right hand gal, Courtney Thomas, showed me how to get things done. I've also been able to do some cool things with Christine Perkett, the power behind Perkett PR in Boston, and John Sternal, the president (and a new dad!) over at Sternal PR, in sunny Florida.
Get with a PR firm!
Take a look at this new virtual business card!
This week's franchise business advice is for would-be franchise owners;
Don't assume you know what being a franchise owner entails. Terms like "turn-key business," and "business in a box" have been used to describe a franchise business. For the right person, a franchise business can be a wonderful thing. Freedom from the bondage of corporate employment, and a real chance to build some real equity in something, top off the list.
Finding out too late that you were way too entrepreneurial for the system-oriented business model of franchising , and losing your life savings, are two of the potential drawbacks of franchise business ownership.
Learn all you can about franchise ownership, before you even start looking at different franchise choices.
This week’s advice is for franchisees;
Make one new connection in your franchisee community. Go to your franchisor’s corporate website, and pick a franchisee to call that you’ve never talked with. Call them and introduce yourself. Ask a question about their business. Find out how they’re getting through this rough patch in our economy. Share what you’re doing too. You never know; Maybe you’ll come up with an idea together, that can get both of your businesses to the next level.
Write for Discussion Boards: $1200 per week…
Administer a Web Business from Home: $4000 per month…
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This weeks advice is for folks that are just starting to learn about franchise ownership….
Take This Free Course;
"An Introduction To The Business Model of Franchising"
I was always taught that it's best to start at the beginning.
“Learn everything you can, anytime you can, from anyone you can – there will always come a time when you will be grateful you did.” –Sarah Caldwell
This week's focus is on folks who are thinking about "franchising their business…
*(Your coffee shop franchise?)
Park your enthusiasm on the curb, or hide it under a blanket for a spell. As much as you think your idea for a franchise business is off the charts, (And it may very well be) verify it. Hire someone to do some really thorough market research. You'll be happy you did.
*If you think you are ready to franchise a concept, I can refer you to some great franchise development experts. Just contact me at thefranchiseking@sbcglobal.net
The Franchise King®
Joel Libava
Cleveland, Oh 44118
216-831-2610
Contact Me Here
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