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Actual for You - Finding the Right Franchise
The quote – though originally badly misspelled – is from Meriwether Lewis, upon finally seeing the Pacific Ocean. Through a long and twisty branch of our family tree, I get to claim this brave explorer as a relative.What do we have in common? Frankly – not a whole lot. Captain Lewis was unbelievably brave to set out to explore the western two-thirds of our nation. I thought I was pretty brave last month to take off alone for San Francisco for a Klemmer & Associates seminar. Lewis was appointed the governor of the Louisiana Territory. Me – I share the governorship of our home with my wonderful husb
Customer Service and Customer Surveys are a very interesting topic and it is amazing how much you can learn that you may not have even known about your own business by doing surveys. For instance iRobot makes those little vacuum cleaners for the house and they are indeed cool little tricky gadgets and the hottest item in personal tech in a long time.The corporation iRobot had customer surveys to ask people what they liked, disliked and what they could do to improve it. Well, some of these surveys came back with bizarre notations. You see kids were buying them and using them for parts to make robot
Here are SmarterFranchise’s signs of a great franchise concept.
1. Multi-unit Ownership
The proof is in the pudding. The best indication that a franchisee is happy with his business is if he spends more money to purchase another unit or an additional territory. The logic is the same as why Honda has such a strong reputation in the car market. If your uncle Jeff has bought three Accords in a row, Honda must be doing something right.
For the most part, multi-unit owners start with one store which becomes so successful that the want a second and so on. In order to finance a second store, a lender will examine the first store’s cash flow. If a franchise wasn’t financially viable, it would be nearly impos
The quality of a lead has been debated for years and will continue to be debated for the foreseeable future.Why?Because there is no standard definition for a quality lead. Advertisers and marketers typically try to define lead quality by asking questions like: Is a quality lead defined by conversion based on time? Is it based on Return on Investment (ROI)? These questions will continue to go unanswered because different businesses have different benchmarks when considering lead quality.Another prominent question is: Does lead quality diminish over time because of over-exposure?
Here are SmarterFranchise’s signs of a great franchise concept.
1. Multi-unit Ownership
The proof is in the pudding. The best indication that a franchisee is happy with his business is if he spends more money to purchase another unit or an additional territory. The logic is the same as why Honda has such a strong reputation in the car market. If your uncle Jeff has bought three Accords in a row, Honda must be doing something right.
For the most part, multi-unit owners start with one store which becomes so successful that the want a second and so on. In order to finance a second store, a lender will examine the first store’s cash flow. If a franchise wasn’t financially viable, it would be nearly impo
“I will do anything to stop this project and I expect you to do the same!” The young lady sitting before me in tears, reporting that to me, worked for the IT Director who was in charge of the systems integration for a project we were leading. She didn’t work for me, she worked for him and he reported to me ‘dotted line’ as they say today.We were part of a high tech company and the decision had been made, based on my recommendation, to outsource the primary warehouse of this fast growing $11 billion outfit. It was a culture clash of gigantic proportions. My team was brought in from the outside to d
1. Multi-unit Ownership
The proof is in the pudding. The best indication that a franchisee is happy with his business is if he spends more money to purchase another unit or an additional territory. The logic is the same as why Honda has such a strong reputation in the car market. If your uncle Jeff has bought three Accords in a row, Honda must be doing something right.
For the most part, multi-unit owners start with one store which becomes so successful that the want a second and so on. In order to finance a second store, a lender will examine the first store’s cash flow. If a franchise wasn’t financially viable, it would be nearly impo
Interviewing with confidence is a bit like parachuting. Granted, not just like parachuting, but they are similar in the fact that both require confidence, practice and perfect timing or you could fall on your face. For those keen on giving a spectacular interview, here are a few helpful hints to tip the scales in your favor and see that you land safely in the seat of the job you want.When you prepare for an interview, don't just assume that picking out a power suit and sticking your CV in your bag is all there is to it. Those are two very important things to begin, but a few added efforts and doin
For the most part, multi-unit owners start with one store which becomes so successful that the want a second and so on. In order to finance a second store, a lender will examine the first store’s cash flow. If a franchise wasn’t financially viable, it would be nearly impo
Running a freight brokerage can be very profitable. Although being a freight broker can be very rewarding, financially speaking, it can also be very challenging. Especially since drivers depend on you to pay them quickly. And many times, your clients make you wait 30 to 60 days before they pay you.So you have a challenge. Your drivers want to get paid quickly but your clients want to pay slowly. The math doesn’t work. Unless you have a nice cash cushion in the bank, paying your drivers will be a problem. And trying to get bank financing will get you nowhere. Banks always provide financing based on
Multi-unit ownership is also an indication of operational efficiency in a concept. With some franchises, there is so much work that is impossible for the franchise owner to focus on anything but day to day operations. The book, “The E Myth” talks extensively about this trap of getting stuck “working in your business” vs. “working on your business.” Even if you never plan to open multiple units, this is an important characteristic, because more likely than not, you would eventually like to retire or at least take a vacation one day.
Be wary of franchise owners who explain low multi-unit ownership by suggesting franchisees make enough money with just one unit. If there is one thing history has shown, people rarely decide they have “enough” money.
2. Proven Franchisor Track Record
There are three items to think about when examining the franchisor’s track record. The first is an understan
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