Financing For Your Small Business
Apply For Funding Today! | contact@funder.org
|
Posted on Wed, 11/30/2011 - 08:46 AM by
viewed 59 times
Of the countless articles and information available on franchising, I would suggest that the majority of content is directed to finding and evaluating a franchise opportunity. I haven’t seen a great deal of information that addresses what makes a franchisee successful. For this reason, here are the factors that I think can mean success for a franchisee. Start with the Right Franchise: As a franchisee you can’t expect to be successful if you don’t start out with the best franchise for you. This means that the franchise you decide on fits your financial and skills profile. If these areas are out of balance then the opportunity to be a successful franchisee will be at risk. This should include a careful evaluation of the franchisor. Be a Sponge: Learn all you can at training and leave no stone unturned. Follow up after training with any questions that you need answered. Seek out a successful existing franchisee to gain insight. Many franchisees are willing to provide assistance and answer questions. Most importantly, be sure that you have all of your questions answered before you open up your new franchise. Once you’ve begun operations don’t stop seeking answers to your questions. Build the Right Team: Unless the franchise is a one person operation you need to have the right team to help operate the business. As a franchisee you can’t expect to operate the franchise every hour of the day. Having a competent team will provide the people and the support you’ll need to be successful. Manage and lead your team effectively and if you need management assistance then get it. Follow the Program: In all my years in the franchise industry I can’t recall one franchisee that didn’t follow the franchise and was still successful. To the contrary, my most successful franchisees would always attribute their success to following the franchise program. Obviously, the franchise program must be sound and not flawed. Remain in Control: In all cases the successful franchisee remains in control of his or her destiny. If for some reason there is an operational problem with your franchise you will need to take the necessary steps to correct any major problems, including reaching out to the franchisor for assistance. If the franchise has flaws that seem difficult to overcome, even after you’ve followed the franchise program, than consult a franchise attorney and establish a plan for getting out. If it’s happening to you then chances are you’re not the only franchisee having problems. Control your Growth: It’s important toavoid taking on another franchise or adding more territory until the existing franchise is running smoothly and is consistently profitable. Don’t decide after six months performance to add another franchise. Operating one franchise enables a franchisee to devote their full attention, capital and resources to that franchise. Taking on the added responsibility of another franchise may detract from your ability to be successful and put you at risk of losing your investment. Operating a successful franchise requires that certain steps be followed. This begins with selecting the right franchise that matches your financial resources and personal and business profile. If after performing due diligence you acquire the franchise than follow the key points I’ve presented to enhance your probability for success. About the Author: Ed Teixeira has over 35 years of franchise industry experience as a franchise executive and franchisee. He has served as a franchise executive in the c-store, manufacturing and home healthcare industries and has licensed franchises in Asia, Europe and South America. Ed operates FranchiseKnowHow which provides information and advice to prospective and existing franchisees and franchisors. He publishes newsletters for the franchise community. MORE NEWS FROM BLUEMAUMAUGoing Green Costs Franchisees Much GreenBeing forced to buy imaginary products is just one of the nonsensical results of government policy affecting franchisors and franchisees. Good News, U.S. Hotel Profit RecoveryAccording to the new PKF Trends survey, the U.S. lodging industry produced a 12.7% profit growth in 2011. 80.5% of participating hotels enjoyed an increase in total revenue while 72.3% achieved growth in profits. The recently released 2012 edition of Trends presents data from a sample of nearly 7000 financial statements of United States hotels. For the Trends report, hotel profits are defined as net operating income (NOI) before deductions for capital reserves, rent, interest, income taxes, depreciation and amortization. Federal Court Invalidates "Quickie" Union Election Rule, For NowOn May 14, 2012, the U.S. District Court for the District of Columbia set aside a controversial final rule of the National Labor Relations Board ("NLRB") that was designed to make it easier and faster for unions to hold organizing elections. Chamber of Commerce of the United States of America, et al. v. NLRB, Case No. 11-02262 (D.D.C. May 14, 2012). Business groups are hailing the decision, but the celebration may be short lived. Because the ruling was essentially decided on a procedural point, the NLRB may seek to resurrect the rule, which creates a very short window for union elections, and leaves employers with little time to react to an organized union campaign. Field Representatives Coach Franchisees to Victory
A good coach will make his players see what they can be rather than what they are. "Live For Now" Stars Dead IconPepsiCo announced aggressive marketing plans, boosting ad spending by 20% and bringing back deceased pop icon Michael Jackson as part of a worldwide campaign. RELATED SMALL BUSINESS NEWSHot Franchise Topic: Getting a LoanIt seems like the entire franchise industry is focused on funding, and with good reason; franchise loans are still a bit challenging to secure. Production Agreements of a Supply Chain; The Other End of the RainbowMany years ago I was pulled away from my usual assignments to do a major product production tolling agreement between two of America’s larger food companies. It was a stroke of luck for me because it provided something new for my interest in multivariate risks management. Since then I have prepared many multivariate high risk agreements, and it is always an enjoyable as well as remunerative adventure. When you think of every brand as a franchise in itself, it fits perfectly into my customary practice of managing franchise relationship disconnect issues. Know the Benefits of Application Protection in Any OrganizationIt is very important to ensure proper method of data availability on time. In that case, replication needs to be adopted in order to manage current backup information and system settings so that it can deliver fast restoration of data after any kind of disaster. As we know that it is not possible to avoid any kind of natural disaster or human error; but it is always mandatory to take proper measures for application protection, so that users do not face any kind of problem related to data loss. And, data replication is found to be the only way to remove or minimize the time lapse experienced in these situations. Pepsi Wants a New GenerationEverything the light touches this year is rapper Nicki Minaj’s kingdom. From the Billboard Top 100 to the Super Bowl half-time show, and her reign is about to expand to a major role in a new ad campaign for Pepsi. A Business Plan Should be a Requirement for Buying a FranchiseVisit any website that offers advice on starting a new business or expanding an existing one and you’ll find articles and advice on the importance of writing a business plan. There are tips ranging from how to write an effective business plan to the reasons why it’s so important. |
Get funding to grow your small businessLet us help you find the best financing option for your business needs.
Stay up-to-date with our small business newsletterTweet, +1, and Like FunderFollow Us  |
|
Copyright © 2012 RBF Management, LLC | Lighter Capital Network™ Privacy Policy | contact@funder.org |