Franchise World

Tuesday, December 12, 2006

Tips for success in franchising

Looking for topics to comment about in this weblog I come across many articles in which franchising experts give their view on what defines a successful franchise. This, of course, is useful information for anybody that’s thinking about becoming a franchisee. So over the next couple of weeks I’m trying to create a list of tips on how to become successful in franchising. Here’s what I have so far:

  • Good personal relationship between franchisor and franchisee
  • Flow of ideas between franchisor and franchisee
  • When franchising abroad, adapt to the local customs, laws and taste
  • Franchisees should set financial and ‘quality of life’ (non-financial) goals
  • Franchisees should create a detailed business plan to attract potential investors
  • Franchisees should be aware of all of the costs of a franchise (franchise fee, advertising fee, office rent, staff wages, etc)
  • Before starting a franchise, talk to other franchisees of the same franchisor

Leave a comment if you have a useful addition to this list or if you disagree with any of tips already listed. I hope it will result in a list of quality tips for potential franchisees. I will re-post the final list at the end of January.

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posted by Thomas Nomden at 5:29 PM

7 Comments:

  • I saw your posting and want to share with you how my client, Wireless Toyz is a good example where franchisees with passion for the business are typically more successful. Wireless Toyz was founded on the realization that even knowledgeable consumers of wireless products and service are overwhelmed by rapid changes in technology, confused by too many choices and intimidated by ‘techie experts.’ A successful Wireless Toyz franchisee actually looks forward to every frustrated customer and unique problem that walks in the door. Patience is a plus, but what really characterizes their consistent sales leaders is a passion for solving problems, one customer at a time! Learn more about how to choose a franchise or determine whether a franchise business is right for you by contacting Richard Simtob at 866-2FRANCHISE or email him at franchise@wirelesstoyz.com. You may also visit www.wirelesstoyz.com/franchise for more information.

    By Blogger Enuresis Treatment Center, At February 28, 2008 at 5:03 PM  

  • I know this is old, but I like this post. I'll have to keep it in mind because I plan on running my own business soon. I know it’ll be challenging, but I’m up for it and will appreciate all the help I could get with the ins and outs of running a business. Instead of starting one from scratch, I've thought of buying a business. Any suggestions? Advice? Thanks.

    By Blogger Unknown, At October 17, 2008 at 6:28 PM  

  • Hey Marissa,

    I started this blog years ago as a school project, didn't think anybody was still reading it :)

    Anyway,

    I think the first question shouldn't be whether you want to buy a business or start a new one. You should ask yourself what it is you want to do. If you have a great idea or new product then the obvious choice would be to start a new business from scratch. And if you want to sell fastfood, other people have already done a lot of your research and probably set up a restaurant in a good location. In this case your better off buying a business.

    I guess what i'm trying to say is, first see how original your idea/product is, see what other people or businesses have done in your field and work from there.

    A big difference between buying a business or setting a new one up is that the latter generally takes more money, time and effort before you see results.

    Hope this helps. Good luck.

    By Anonymous Anonymous, At October 20, 2008 at 8:35 PM  

  • One of the best pieces of advice I can give is to talk to current franchisees of the company you want to be a part of. They can give valuable advice on what works and what doesn't and will often be more honest than the franchisor. If you're looking for some franchise listings I suggest checking out sites like http://www.franchiseexpo.com/ .

    By Anonymous http://www.franchiseexpo.com/, At October 8, 2010 at 8:47 PM  

  • Nice post. Thank you for taking the time to publish this information very useful! I’m still waiting for some interesting thoughts from your side in your next post thanks!
    Office Space to Rent

    By Blogger Unknown, At October 2, 2012 at 7:28 AM  

  • Franchising is a type of the business which is much tougher and may have many risk involve in it. It is essential you are prepared for the risk and the unexpected.

    By Anonymous top franchises, At April 4, 2013 at 11:23 AM  

  • Hi there! this is such an informative post. Thank you for sharing. Cheers!

    - The children party franchise

    By Blogger Unknown, At December 18, 2013 at 1:58 AM  

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