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Is my business ready to franchise? Answer these 6 questions.
Daniel Hayes
Things are going well with your business, and someone says to you, “You should franchise!” Should you? Are you ready? Before you leap to action, ask yourself six critical questions.
Is your business idea performing consistently?
Sure, you’re having a good season right now, but is your business established enough to show strength across all seasons for a number of years? Buyers are looking for consistency over potential, so you need to be ready to prove to them by your own model that they can be assured success. This evidence will elevate the value of your franchise.
Is your business marketable?
Yeah, you’re doing well, but what makes your business stand out above your competition? What do you bring to the table with your franchise that others don’t? Your business should get others excited about the concept of doing the same thing. We’re talking unique, credible, success, vibe, and sizzle. These details are what attract potential franchisees to you.
Is your business concept repeatable?
In other words, can it be cloned? You want to make sure that your business is easy to replicate into a franchise. The magic power should be in the business design, product, or service. If your key to success is the perfect location or rockstar employees, replicating that formula may be difficult to ensure success to a franchisee. Your business should be easy to replicate in a variety of markets and locations. Your methods and processes should be easily teachable to others.
Can you promise a return on investment?
Franchisees are looking for a profit, and they turn to franchises for a short cut on that learning curve. Are you able to provide those assurances that you’ve done the hard work for them and streamlined proven processes to achieve a profit for them as well as you by way of royalties?
Are you ready to commit yourself to the extra responsibility?
When franchising your business, you are growing your brand with the help of others’ investments, but they expect some commitment from you in exchange. As a franchisor, your role will change from an owner/operator to owner/operator/sales/support/marketing/trainer. Part of the value of your franchise is your participation and preparation for the franchise success.
What about capital?
Yes, it’s true. It costs money to make money – even when franchising. You will require funds first for the legal details of your franchise. Next, there will be costs associated with marketing your franchise and a robust training program complete with materials for your franchisees. Before taking steps to franchise, make sure you have the means to see it through.
Talk to an expert
Before making any sudden moves toward franchising, give each of these questions some considerable thought if you can answer some questions with more confidence than others, list out the goals you still need to achieve, and a plan to achieve them. Consider it your playbook to the ultimate goal of franchising your business. It would help if you also spoke with a franchise consultant to identify and fill any additional gaps to your readiness. They have first-hand knowledge about what details get the attention of those prospective franchisees.
Many aspiring business owners are drawn to franchise ownership for its higher success rates, thanks to specialized support, a recognizable brand, and an established business system. However, running a franchise still presents challenges. Many new franchisees are unaware of additional resources available for support, such as financing options, educational opportunities, or consulting with a franchise expert.
Ready to take the plunge into business ownership? Here are 3 reasons for aspiring entrepreneurs to choose a franchise for their first business venture.
Are you a budding veteran entrepreneur? Here are three franchise opportunities that offer incentives for a veteran business owner.
When franchising, many investors think first of huge chain businesses. But here are a few of the benefits of franchising with a smaller company.
As a Certified Franchise Consultant (CFT), I assist clients in understanding the franchise industry and reaching their business ownership aspirations. My clients benefit from my advice, education, and coaching services. I introduce them to businesses that align with their backgrounds and ambitions, helping them determine whether becoming a franchisee will help them achieve their goals and is suitable for them personally. The mission of Hundred Acre Consulting is to promote community and economic development by aiding families and individuals in achieving their dreams of business ownership. I do that by starting with a portfolio exceeding 800 franchised brands across 78 industries. Hundred Acre Consulting is a comprehensive, certified franchise consulting and referral firm serving clients in the United States, Canada, and 80 countries around the world. My approach is unique as I focus on my clients’ lifestyle goals and financial objectives. I assist my clients in evaluating whether franchising is a viable option to meet their absolute goals and objectives, and if so, which business models would be most effective. For me, understanding the client's reasons comes first, followed by how they can achieve their goals, and finally, what the business does. I began consulting in the nonprofit, entertainment, and franchising sectors in early 2008. Since 1983, I have been coaching emerging and established enterprises and organizations in both the private and public sectors, focusing on business development and contributing to economic and community growth.
Considering franchising? You might be debating between a popular mega-brand or a smaller company. Most investors choose franchises for the well-known brand name, which reduces risk and offers a proven business model while allowing them to run their own business.
While some enjoy winter days by the fireplace, others see it as a time to invest in a lucrative franchise. The holiday season offers great opportunities to boost income. Some franchises thrive in winter, while many succeed year-round. If you're thinking of investing this winter, consult a franchise expert who knows the industry. They can help find a business that fits your needs and skills. Unsure about starting a franchise now? Here are some profitable winter-friendly franchise ideas.
Consider the advantages of owning your own business: the ability to act as your own boss, set your schedule, and exercise control over both your financial stability and lifestyle. This goal is attainable. It is not an unrealistic aspiration or reserved for others alone.
There are numerous franchise opportunities available for prospective investors, including notable options from the Franchise 500 list. At Hundred Acre Consulting, our mission is to assist you in identifying the franchise that aligns perfectly with your individual objectives as you strive for an enhanced quality of life for yourself and your community. How can we ensure that we are the ideal partner for this mission?
When individuals become franchise owners, one of the primary benefits they expect is operating under an established brand name. While this is generally true, it is still necessary to develop a comprehensive and brand-consistent marketing strategy for the franchise. Although being a marketing expert is not required, understanding the marketing basics is essential for a franchise owner. The most effective marketing strategy for a franchise depends on the specific industry, so it may be beneficial to discuss methods to expand the customer base with the franchisor or a knowledgeable franchise consultant.
If you’ve chosen to start your entrepreneurial journey as a franchisee, you might have many questions regarding your potential business and its requirements. Franchises provide certain advantages over starting a new business independently, such as having support from a franchisor. Unlike a new business that lacks a track record, franchises come with established and proven business models, along with franchisors who assist in setting up and operating the business effectively. Before finalizing your decision, here are four questions you should ask your prospective franchisor.
Dreaming of starting your own business? Finding the proper franchise involves evaluating different options and considering the potential in various industries. However, the financing and logistics of making your vision a reality require careful planning. It is important to consider every detail. If you are struggling to determine which business opportunity aligns with your skills and financial situation, consider consulting a franchise consultant. Experienced in the industry, they can help you identify the right franchise and guide you through obtaining financing for your new business venture.
When considering becoming self-employed, one might contemplate whether to develop a startup or invest in an existing franchise. So, what is a franchise? A franchise involves a company (franchisor) granting an individual (franchisee) the right to operate a branch of their business. This permission is provided for a specific area and comes with guidelines to ensure brand consistency is maintained.
Prospective business owners should decide whether to start a new company or invest in a franchise. While buying a franchise offers established operations, it doesn't ensure success. Starting a business from scratch has an even higher failure rate. To reduce risks, seek advice from an experienced franchise consultant who can help identify the best opportunities.
Potential investors often focus on the earning potential of franchising but must also consider the risks. Franchisees should be ready to face challenges. Consulting with a knowledgeable franchise expert can help you understand the benefits and risks, enabling an informed investment decision.
W hen most people consider the franchise opportunities available to them, the first thing they imagine is a generic Dunkin’ Donuts or Subway. While those options may be the best for some entrepreneurs, others might prefer to own something with a bit of personality. If you’re a member of the latter group, it’s recommended that you meet with an experienced franchise consultant who can help you find the perfect franchise that matches your interests and goals. There are franchise opportunities for potential franchisees of every personality type and from all walks of life. The possibilities are endless! Here are a few unique franchise opportunities for people who think outside the box.
G iven that the median age of all franchise owners is between the ages of 45 and 54, many younger people are left wondering, “Am I too young to be a franchise owner?” But contrary to popular belief, becoming a franchise owner at a young age has distinct benefits. Most millennials don’t have experience running a business or a robust network of entrepreneurial social connections, making it hard for them to strike out on their own. Owning a franchise can provide support in these areas, already packaged with policies, processes, and networks that young investors might otherwise lack. In addition, franchises have lower startup costs, making them an investment with the potential to serve you for years to come.
Y ou’ve finally signed the paperwork, and you’re officially a franchise owner. Or perhaps, you’re still in the process of discussing franchise opportunities with a franchise consultant. Either way, you should know that your first year in business as a franchise owner won’t be easy. Franchisors might try to tell you that it’s smooth sailing in the beginning, but the first year of franchise ownership is generally the most difficult. It will take time for you to grow a consistent customer base, the work hours will be long, and retaining staff will be challenging.
C reatives often shy away from franchise opportunities, assuming that these businesses will limit their ability to explore new ideas and express themselves. At a glance, this concern seems valid since franchisors are known to have strict policies and procedures. These stringent regulations determine elements like the internal workings of the franchise and how it should go about marketing.
F or potential investors, owning mobile franchises can be a dream come true. You get all the benefits of operating your business under an established brand name while forgoing the challenges that come with running a brick-and-mortar franchise. When most people think of a mobile franchise, the first thing that comes to mind is owning a food truck. However, food trucks aren’t your only option —there are plenty of profitable mobile franchises across various industries. If food service doesn’t suit your style, here are a few popular mobile franchises that may provide a better fit for you.
Many people know what it’s like to receive a message from a long-lost high school classmate asking if you’re interested in “learning more about their business.” You click on their profile, and it’s full of posts proclaiming that they love running their business because it allows them to make money working part-time while selling products that they actually use.
A s a self-care staple, beauty treatments are essential to the mental health and wellbeing of people from all walks of life. Herein lie lucrative franchise opportunities for eager investors ready to run a beauty business from the comfort of their own homes. Studies predict that the beauty industry will expand to a market value of $805.61 billion by 2023. So if you love caring for people and providing them with a confidence boost, now is the perfect time to invest in beauty franchises. As technology evolves, the beauty industry is following, making franchising more achievable than ever before. To start your journey, here are a few beauty franchises that you can run from home in 2021.
W ithin the past year, the e-commerce industry has grown exponentially. Of course, this leaves potential investors wondering, is it still worth it to invest in a traditional brick-and-mortar franchise? The answer is yes. Brick-and-mortar franchising has distinct advantages that online franchise opportunities will never be capable of offering. Owning a conventional storefront allows you to service your customers in real-time and build a personal relationship that keeps them coming back. Even with online shopping, providing your customers with a fun, in-person shopping experience will always be in demand. If you’re looking at franchises for sale, it’s still worth considering the traditional route before hopping on the e-commerce bandwagon. Specifically, here are four benefits of brick-and-mortar franchising.
B y 2025, America will require a staggering 2.3 million new healthcare workers to care for the senior population. With this will also come the need for more senior care facilities. If you’re considering senior care franchising, starting your business now can put you in a prime position to take advantage of the coming boom. Owning a senior care franchise is a great way to make a meaningful impact on the lives of older people while securing your financial future. With strategic planning, a solid team, and a supportive franchisor, you can turn senior care franchising into a stream of passive income that keeps on giving. Here are a few tips to point you in the right direction.
T he franchise industry is stepping into the future. Currently, millennials are aged 25 to 40 and comprise over 28% of franchise owners. So what does this mean for franchising as we know it? Millennials look for very different qualities in the franchises they choose to invest in, and they possess a leadership style that contrasts that of prior generations. As they come into their own, millennials are rapidly reshaping franchise ownership with advances in innovation and technology, all while creating a sense of connectedness within their businesses.
If you dream of helping the elderly by owning a senior care facility, the opportunities are ample. In fact, the healthcare industry provides some of the most stable options for potential franchise owners. The percentage of older people in America is increasing every day, with experts predicting that the senior population will grow to 22% by the year 2050.
While everybody else is relaxing and partying this summer, you could be making extra income with the right seasonal franchise. For some franchises, the best time to start building your clientele is during the summer because they are only profitable when it’s hot outside. Each franchise has different start-up requirements, but there’s a lot more to choosing the right franchise than the cost. The franchise you choose must be in alignment with your skillset, knowledge, and personality. So, which of these best seasonal franchises is right for you?
Within the past year, mobile franchising has grown in popularity exponentially. For one thing, new investors realize that it’s much easier to succeed with a franchise than to start their own business from scratch. Add in the low start-up costs and flexibility of self-employment, and it’s easy to see why people are interested in this type of investment opportunity. However, there are two sides to every coin, and running a mobile franchise has a few pitfalls. It’s draining to be the only one in charge of your business, large or small. So, is running a mobile franchise right for you?
So, you’ve finally found the right franchise to meet your needs and aspirations. Congratulations! The next step in your journey is to build a team of dedicated and focused employees. In 2021, this can be daunting. In today’s era, anybody can apply for a job with the click of a mouse. It’s easy to become overwhelmed by the vast number of applications, along with the stress of interviewing each potential candidate individually. Luckily, we have a few tips to streamline your hiring process so that you find the right employees for your franchise business.
So, you’ve decided you’re going to open a franchise. While your mind may be filled to the brim with different questions and concerns, one of the most important decisions you’ll make when opening a franchise is whether to open a single unit or multi-unit franchise. Both options have their pros and cons. The answer to this question depends entirely on your knowledge and goals as a business owner.
There is much confusion surrounding the titles of “franchise consultant” and “franchise broker,” and rightfully so. About 30 years ago, it became commonplace for many franchise brokers to refer to themselves as consultants to evade the stigma surrounding the term “broker.” However, in dodging the negative connotations often associated with brokers, they wound up creating confusion within the franchising community. In the sections below we give a quick rundown of a few key differences between franchise consultants and franchise brokers to clear things up.
Not every franchise opportunity requires long hours and your undivided attention. Semi-absentee franchise ownership is designed to allow you to earn extra money and create a growing enterprise while continuing your current career or focusing on your family. If you hope to grow your semi-absentee franchise, we’ve put together a few excellent tips to help you get the ball rolling.
2020 and the global pandemic were not kind to people’s wallets. Financial difficulties touched people in almost every industry across the world. Still, some franchises thrived during the pandemic by adapting. Now, five years later, those looking for franchise investment opportunities might still be nervous. To help boost your confidence in business ownership, we’ve found six franchises that have not only survived the pandemic but are also continuing to grow. If you are looking for franchises that survived the pandemic, here are a few investments worth a second look at.
If you are looking to invest in a new business model, you may be thinking owning a semi-absentee franchise is a win-win. You can invest your money into a business that comes with a limited time commitment and continue with your career. However, there are unique challenges that come with owning a semi-absentee franchise. Investing in a franchise is a critical business decision that shouldn’t be taken lightly. To help guide potential franchisees on their path to franchise ownership, we’ve brought together a list of the most common challenges that new semi-absentee franchise owners will face. This information will allow you to start on your journey armed with information to be successful no matter what type of franchise you choose to open.
A franchise can provide the perfect investment for a smart-minded entrepreneur, but how do you go about finding the right franchise? As of 2019, there were almost 800,000 franchise options in the United States alone. That’s close to a million different franchise opportunities. Finding the perfect opportunity to suit you and your financial endeavors can be complex and frustrating. Here are some tips on how to find franchise opportunities so you can succeed and grow your entrepreneurial dreams through 2025 and beyond.
2020 was devastating for everyone, with the pandemic impacting every corner of the globe. American businesses and industries got hit harder than anyone could have expected. In the franchise industry, many businesses thrived and even became essential. However, despite the financial difficulties, there is sunshine on the horizon. Industry experts predict that 2025 is the year to own a franchise. As the dust of the last four years settles, people are searching for wise investments to boost their revenue after facing some devastating losses. Plus, nothing beats the sense of pride you feel when you own a franchise. Here are the top 4 reasons why owning a franchise in 2025 is the best business decision you can make.
Becoming an entrepreneur can be an exhilarating experience. There’s nothing more rewarding than owning your own business. However, owning and operating a franchise differs in many ways from running an independent company. The responsibilities franchise owners face are unique because you benefit from working with an established brand instead of being an independent operation. Here, you begin with a proven business model that has gone through the trials and errors of business ownership and emerged victoriously. Success can be as easy as fulfilling the responsibilities of a franchise owner and demonstrating a passion for your new entrepreneurial path. Consider these everyday owner responsibilities to help you be successful on your new career path.
BBecoming a business owner is a dream that many people hold. When it comes time to decide what type of business you want to own, you should consider whether owning a franchise is for you. Buying a franchise gives you a proven and effective business model along with a credible brand, eliminating many of the risks that come with opening a non-franchise business of your own. But how do you decide which franchise to purchase? A franchise purchase is a significant decision that should not be taken likely. This is where a franchise business consultant comes in.
Franchises are a different breed of business investment. They offer an established business plan with proven results and an unparalleled support system. It’s a wise investment for those looking to dive into the business world while mitigating some risks. It is also proving to be a great business venture for millennials. For millennials interested in entrepreneurship, owning a franchise could be the start of a storied career in business ownership. With their creative and can-do spirit, millennials can be the perfect fit as a franchisee. Read on to learn why
Sometimes when entrepreneurs start on the path to franchise ownership, they focus too much on profit-building and not the big picture. The big picture, in this case, is having a franchise exit strategy. Yes! Before you can consider the beginning of your career in franchising, you must consider the end. A franchise exit strategy enables a business owner to minimize or liquidate their interest in their franchise location(s) while still making a significant profit.
Imagine you are an entrepreneur looking for the ideal franchise opportunity to invest in when you come across a low-cost franchise. The appeal of the cost buy attracts you most, but the question that pops up in your head is whether it is a good idea to invest in a low-cost franchise. We say yes.
Every industry has its myths, including franchising. So, as you consider buying a franchise, a question you may have is how do you know what franchise myth to believe and which ones you should ignore? Our team at Hundred Acre Consulting can help. Below, we debunk the top five franchise myths.
Franchising is a business agreement in which one entity licenses another to use its trademark or individual business systems and processes. This enables the party to manufacture and sell a product or service that meets specific criteria. The franchisor is the person who grants these rights, while the franchisee is the person who buys them. However, you must consider the challenges of owning a franchise.
Customers rely on goods and services throughout the year, and sometimes these needs are seasonal. As the owner of a seasonal franchise, this poses a big challenge. It is up to you to navigate a seasonal franchise’s unique struggles and find a way to keep your business thriving when customers aren’t as regular. However, having a seasonal business doesn’t mean you won’t have cash flow during the off-season. In reality, it’s all about strategic preparation and devising a strategy to keep you afloat long after peak season ends.
Deciding to invest in a franchise can be an exciting moment in any entrepreneur’s life. There is the undeniable thrill of building an empire with the help of an established brand. However, like most business owners, there is the question of where to start. The answer is to work with a franchise consultant. A resource to be used often, these knowledgeable individuals are vital to your entrepreneurial success. Together, let’s take a look at what it’s like to work with a franchise consultant.
Buying a franchise is a significant moment in your entrepreneurial career. It can be the launching pad for a successful business that may one day grow into a multi-unit franchise empire. The question is, how do you find the right franchise opportunity for you? There are thousands of franchises to choose from, which can be overwhelming for anyone looking to own a business of their own. If you are wondering where to start your search, check out these five first steps to franchise ownership. And if you still have questions, feel free to reach out to our team at Hundred Acre Consulting.
Few industries have been more affected by the COVID-19 global pandemic than franchising. Unquestionably, its existence has changed the top enterprise trends in the franchising industry as well as the top 8 franchise opportunities that will be available for purchase in 2025. Not convinced by us? Let us examine the most successful franchises and how the pandemic has boosted interest in and recognition for each of them.
If you’re looking for a way to break into franchising and the healthcare industry, senior care franchising is an excellent investment opportunity. As the population grows older and lives longer thanks to medical advancements, the need for senior care increases. If you’re unconvinced of the void owning a franchise can fill, check out these six benefits of senior care franchising. Maybe we can change your mind.
Becoming a franchise owner is an exciting and lucrative business opportunity that tons of entrepreneurs seek. However, many get lost in the hype of potential business ownership and forget to do their research. That’s what we at Hundred Acre Consulting are here for. So, before you express interest in a business and join the nearly 773,000 franchise owners nationwide, here are some important questions to ask before buying a franchise.
After finding business success, many entrepreneurs view franchising their business as the next logical step in business ownership. There are many benefits to growing your business, including access to capital, expanding their market reach, or the most common reason: they believe they have something extraordinary to share with the world. Whatever your reason, before you start dreaming of the perfect location, we recommend looking at our list of ways to grow your business.
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