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Feature Stories

Yes, Franchising Is for the Young!
October 13, 2010
Many young entrepreneurs are discovering that franchising can jump-start them on the road to business success. While people in their 20s and early 30s may lack the business experience and acumen of their elders, with the right attitude, enough determination, and a little bit of help from their friends (and parents), they can plug their passion into a franchise model that has been proven over time. Here is the story of two young franchisees who have already made the jump to successful multi-unit operators at an early age.
Youth in Franchising
October 6, 2010
Youth in franchising? Millennials at the helm? Can younger people with relatively little business experience (or money) learn to manage a successful franchise operation? A combination of several factors says yes – out of necessity for both prospective franchisees looking to make a living in a tough economy, and for franchisors seeking to expand their system in an era of tight credit. This confluence of economics and demographics has led to a rise in the numbers of younger people signing on as franchisees.
Marketing Inside Your Business
September 29, 2010
Previously, we discussed how you can tap into the rich marketing resources provided by 1) your franchisor, and 2) your fellow franchisees. This article looks at ways to market 2) within your business, 4) through community involvement, and 5) using social media and mobile phones to reach your customers.
Tactics, Resources, And Suggestions For Attracting And Retaining Customers
September 22, 2010
Previously, we discussed the importance of marketing to success in your franchise business. In this article, we dig into specific tactics, resources, and suggestions for attracting and retaining customers. First, let's review two important points: i) Marketing doesn't come naturally to many. However, it can be learned, and many resources are available to new franchisees that can help them become skilled at building their customer base and growing their business. ii) No matter how much aid you may receive (from franchisors, franchisees, coaches, or the community), it's still on your shoulders to make it happen.
Marketing Skills You'll Need
September 15, 2010
The marketing skills you'll need to grow your franchise business vary with the type of business you're in – as well as where and how you do business. Food, retail, and service businesses each require different marketing skills; storefront, mobile, and home-based businesses mean different approaches to finding customers; and the ways to attract customers are not the same for different industries or sectors (restaurants, senior care, or home repair service, for example).
Family Friendly: A case study on family-run franchising
September 8, 2010
Family-run franchise operations can offer a blessing, or a curse. An example of the blessing would be the close relationships and high degree of trust that exists in many families. In this case, success generally follows. But an example of the curse of family-run franchises could be the inability to separate business from family. That could be a serious problem after 5:00 and on weekends. Still, many families find the attraction of working together a strong pull and the results can be quite productive. Families like Ed Doherty's are a perfect example.
Franchising With Family Members Can Be Fraught With Danger Or Filled With Success
September 1, 2010
It can be difficult enough to get a franchise up and running on your own, or with other operational and investing partners, but it can be downright arduous if family members are involved in the deal. But that's the route some franchisees take and when done properly this management model can provide years of personal and professional harmony. But there are some secrets to making it work. Go in unprepared and you could break up a business and a family.
Financial Guidelines: 6 tools that can help you boost the bottom line
August 12, 2010
Last time we looked at how unit economics offers a progressive strategy for tracking and managing costs and revenue at franchise locations. It's a tool that has become a necessity to many savvy franchisees, and it's a tool that should be in place from day one.
Measuring And Maximizing Your ROI Is An Important Strategy From Day One
August 4, 2010
Those pondering a future in franchising face many important decisions. Beyond nuts-and-bolts basics such as raising capital, identifying a brand that fits, and completing the paperwork, are other – just as important – factors to consider. One such topic is what's known as unit economics. Anyone who has ever cracked open a business school textbook understands that the bottom line of the monthly financial statement of any company should reflect profitability – if the company is to survive. When the numbers are in the black the business is generating more than it's spending. It's simplistic but effective. But there can and should be a more sophisticated approach to operating a franchise in a fiscally responsible way.
Budgeting Skills for Franchisees
July 28, 2010
Anyone starting out in franchising faces two critical financial hurdles: 1) finding the capital to start, and 2) surviving the start-up years. Both require careful and accurate budgeting – not only for the business itself, but also on the personal side, as most start-up businesses stretch household budgets at the outset and usually play a key role in keeping individuals and families afloat.