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Feature Stories

Training: An Essential Part Of Opening A New Franchise Location
September 22, 2009
Franchise training. It's likely one of the fundamental reasons you've selected a franchise business opportunity. It's all there - product and service information, operations details, marketing, accounting procedures - everything you need to know to operate a business is typically covered in some degree of detail by the franchisor. That's because the franchisor knows how the system works, they've refined it and they can offer that valuable knowledge to you as a new operator.
Using Real Estate Professionals, Building, And Getting The Property Ready To Open
September 17, 2009
By now you probably understand that the franchising model can make many business start-up decisions quicker, easier, and more efficient. You've bought into the fact that you have a proven product, an effective system of distribution, and a regionally or nationally recognized brand, among other benefits. But when you're ready to sign on with a franchise company and open your store, they may assist you in the site selection process and maybe even lease negotiations, but you will most likely be required to handle land acquisition, construction, and building matters on your own. It's an important - and capital intensive - strategic issue and you want to do it right. Commercial real estate and property or land acquisition can be a complicated matter, but it doesn't have to be. Look for a real estate company or agent with a solid reputation and, preferably, one with experience in franchise operations and building. Work closely with them, seek their advice, and heed it.
Episode 001: Floor Coverings International Discusses Business Growth In A Rough Economy
September 17, 2009
Featuring: Tom Wood, President and CEO of Floor Coverings International, along with Franchisees: James Brooks of Flagstaff, Arizona and Jason Nichols of Toronto, Canada.
Episode 000: Introducing The Inside Franchising Podcast
September 16, 2009
The Inside Franchising Podcast features leading franchisors and their franchisees together like you've never heard them-We discuss real world franchising stuff -- business models, systems, training and support, marketing challenges and franchisee success stories.
Site Selection: Other Factors To Consider
September 8, 2009
As discussed last week, finding the best site for your new franchise unit (assuming your brand is not mobile or home-based) is a critical decision, one that should be based on the cold, hard facts--the numbers. Finding those numbers is easier today than ever before, but making sense of them as you consider where to set up shop is more complex. Don't be shy about asking for all the help you can find in the site selection process. Technology Tremendous amounts of data and information are available today, making site selection more scientific and less seat-of-the-pants than in the past. Demographic and psychographic databases, combined with traffic flow, maps, and future projections can be crunched to perfection by today's data analysis and modeling software. Ask your franchisor if they can provide access to these tools.
Site Selection: Choosing the Best Location
September 1, 2009
How can you talk about site selection without mentioning "location, location, location"? There, we did it. Now, let's dig deeper. Let's begin with the story of a drive-thru coffee shack near my home. It wasn't a franchise - we're only using it to make a point. Her "territory" was prime: a coffee-loving demographic and plenty of vehicular traffic, with weekday commuters headed to work and weekend shoppers headed to and from the local mall.
Franchise Financing Options
August 25, 2009
After years of easy money for financing a franchise (or anything else for that matter), capital available for starting and growing a business shrank considerably as the U.S. and global economies began to feel the first stirrings of the subprime lending meltdown and ensuing economic recession. While tight credit continues to slow the growth of small businesses, lending experts insist that money is out there for those with good credit, enough cash, and the patience to ride out a lengthy approval process. Just as you need a solid business plan, you also need a sound financing strategy. That strategy should include a list of several different sources of capital.
The Franchise Agreement
August 18, 2009
You've just finished attending Discovery Day and you like what you've witnessed in this final installment of the franchise courting process. You've decided this is the franchise for you. You sit down with the franchisor at the end of the day and he brings the franchise agreement to the table. There are a few things you should know. The franchise agreement is essentially a legal document between the franchisor and you (the franchisee). It is a legal binding agreement. It explains in detail what the franchisor expects from you, as a franchisee, in the way you operate every facet of the business. There is no standard form of franchise agreement because the terms, conditions, and the methods of operations of various franchises vary widely depending on the type of business.
Signing With A Franchise
August 11, 2009
You've done your research, you've assessed your own strengths and weaknesses, you've thoroughly evaluated the franchise companies that were a potential match for you, you've got your financing lined up, you've even jumped through a few hoops along the way, now comes the moment of decision. When it's time to commit and move forward with a franchise, you will be required to officially sign on. It's a big day and is often - but not always - marked by a Discovery Day held by the franchisor. Discovery Days are often meant to serve as final meetings that are typically held at the franchisor's headquarters or other corporate facility. Often, the franchisor will cover some or all of the costs of the incoming franchisee. After all, at this point, you've both been in regular contact and things look pretty serious. These events are usually fun, informal, and characterized by high energy and positive words. It's a final chance to talk one-on-one and, if both sides are in agreement, sign on with the franchise. But keep in mind that you are not obligated to "come aboard" at this time, and the franchisor also reserves the right to not extend an invitation at the end of the day. As a matter of fact, you may even consider attending two or three different Discovery Days to help you make your final determination of a franchise concept. That being said, here are some things you should know and do to prepare for attending a Discovery Day signing.
Getting Legal Advice
August 4, 2009
By the time you need legal advice to see if a franchise is right for you, you've come a long way in the evaluation process. You've done your initial research investigating franchise brands and industries; had several phone interviews with selected franchisors; verified that your finances are sufficient; run the idea by your family and trusted advisors; and narrowed down your choice to a handful of brands, perhaps even one. You may already have attended a Discovery Day. Now what? Until now, your research has been relatively inexpensive. However, before spending a lot of money to become a franchisee, it's time to open up your checkbook and be prepared to spend some on a lawyer.