Category: Understand Franchising
The Fear Factor of Buying a Franchise
Don’t let fear stop you from reaching your goals! Why do people go through the whole process of looking for and finding a great franchise opportunity and then back out at the last minute? The answer is “fear”, and it is the one factor most likely to prevent a potential franchise buyer from moving ahead …
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Has COVID Pandemic Destroyed the Franchise Industry?
Since the pandemic started in March 2020, it has brought on an economic downturn in the US and worldwide. Many lost their jobs because some businesses were closed, while others shifted to the work-from-home setup. In fact, the unemployment rate has spiked to 13.1%, the highest rate in 80 years. According to the US Department …
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Multi Unit Franchise: 5 Advantages And Disadvantages
5 Advantages of Owning A Multi-Unit Franchise Model As an entrepreneur, expanding through single unit or multi-unit franchising can be a great opportunity to take advantage of an established business model that has already proven its success. In the US, 53.2% of franchise units were owned by multi-unit or single unit franchisees last year, highlighting …
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Picking the Right Franchise Consultant (5 Traits)
Like a reliable map, a franchise consultant with great traits can navigate anyone in the entire franchising process. Thus, this means that you need to consider their expertise before investing? Consultant advice will help those less experienced from the learning process of franchising to determining the right franchise business opportunity. With 4,000 brands out there, …
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The 7 Key Elements Of An Effective Franchise Business Plan
Whether you are purchasing a franchise business or expanding your current one, finances will always play a major role. To secure financing from lenders, it is necessary to prepare a franchise business plan. However, it’s essential to have a solid understanding of the seven key elements in order to create effective franchise business plans. A …
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7 Major Characteristics of a Perfect Franchise
William Penn said that “Patience and diligence remove mountains.” If you’re seriously considering franchising, you’re looking for the perfect franchisor to partner with. But that would not be enough because it is vital to check the characteristics of a franchise business that you are looking for. Sifting through the ocean of information about your options can …
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