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Peg, Tell us more about yourself. Start by writing a Business and Marketing Plan.
Then visit SCORE. SCORE is FREE.
Good luck, LUCKIEST
My recommendation would be:
1. Go to work for a successful franchise (ideally one related to the industry you hope to enter). While you're doing that, read every book you can find that was written by or about the founder of a successful franchise (Ray Kroc, McDonalds; Howard Schultz, Starbucks; Mary Kay Ash, Mary Kay Cosmetics; etc.) This will provide invaluable first hand experience at recognizing what works and what doesn't in a franchise operation.
2. Next, plan and start-up a business of your own that you intend to franchise, but do it following a "franchise-friendly" business model (which you will have learned and probably even found ways to improve on). Continue to refine the operation until you feel that every single aspect of the enterprise has a "can't fail" process built-in -- one that any franchisee could follow and be successful.
3. Finally, contact a franchise development consultant. There are people and firms who specialize in the legal, operational, and marketing aspects of launching a franchise. They know how to take a business that is truly franchise-ready and expand it nationwide (or worldwide).
Hope this helps. Best wishes.
I had a friend purchase a Quizno's franchise. I helped him with the ongoing staffing needs of his store. When they first opened, they quickly became the #1 store in NorCal. But after the novelty wore off, the store sales dropped off.
His biggest challenge was keeping min wage staff at an acceptable and consistant level. He is the nicest guy in the world and was a hands-on manager every day they were open. He decided to sell about 2 years ago and purchased an independent yogurt shop. He's much happier now as the restrictions imposed by the Quiznos franchise handcuffed his ability to break out of his sales slump.
The amount of money and personal time he spent in this franchise was astounding. Rather than pick apart the Quiznos franchise, I want to establish one of my own. Doesn't have to be sandwiches.
Running my own business is a dream. But I don't want the nightmare of a sole proprietorship.
What I'm looking for are stories or ideas about building a new franchise so I can boil down the key elements of success and try and bypass the common failures.
Peg, a franchise is not for everyone. It's often better for novice business people because there are systems in place, and inter-franchise experience. By following the "model" success is more likely for novice business people than going it on their own.
Those who love business will not like following a model. They will prefer to control the various elements and "go their own direction". Of course, Peg; you are one of those who prefer the freedom to control things, and then provide the model for others to follow.
Interesting question. I believe strongly in what Lighthouse24 has said about the situation.
I have worked with many businesses who we have developed into successful franchises. As Lighthouse said, it is a very delicate process as you have to review the legal, the financial, and the operational sides of a franchise. These franchises will be operating under YOUR name and business. If they do not operationally follow procedures, regulations, or policies, you can be on the other side of the legal repercussions.
I know it is an exciting experience, but make sure you work with somebody who has experience in establishing franchises.
peg, As I said last time SCORE here in Rockland County N. Y. has helped CREATE a franchise.
Not to mention names, but, think of Ice Cream. You MUST have a Franchise Lawyer.
I have created a business franchise vs buying one.
*What is your current status? *
Do you have a franchise business model in mind?
Do you have a business plan comleted?
Do you understand the legal issues in franchising?
I created rather than buying one.
I could write a book on that whole experience, maybe I should.
At any rate, knowing what I know now. The first thing I would do
is get involved with CEO Space and get a team and some help
and not do it all myself with only hired help.
I'll never forget my very first forum for CEO Space I attended in LA.
I was sitting in the training with a top in the world franchise attorney and in the first
10 minutes he said, this is the mistake that most franchise and licensing attorneys
makes and it cost the client millions. And I said to myself, yep, that is exactly
what my attorney did/
So, it is most important to get it straight from the very beginning.
If you want more on my own experience, email me at email@example.com
Thank you for that. I giggled a bit when I read it. Actually, there are about 3 books I've been asked to write. Unfortunately, my husband is the author in the family and he is working on his on books.
I'm building up to it though. Started writing articles.
My company, the iFranchise Group, specializes in working with companies that are looking to franchise. Our consulting team has worked with 98 of the top 200 franchise companies worldwide and they have more than 450 years of experience in franchising. Many of our consultants have been senior officers (Presidents, CFOs, etc.) of major franchise companies like McDonald's, Auntie Anne's Soft Pretzels, Line-X, Dunkin Donuts, PIP Printing, and others. We work with both small companies and large companies who are looking to franchise, as you will see on our website. We offer everything that a company needs to franchise under one roof.
Of course, you will need to start with a successful operating prototype at a minumum.
We are happy to send you a one-hour seminar on video titled "How to Franchise Your Business" at no charge. You can go to www.ifranchisegroup.com or you can write me directly at firstname.lastname@example.org.
Best of luck in your franchising efforts.
The iFranchise Group, Inc.
I am offering for sale a Franchise Project of one if my clients.My client is a very successful franchise in Latin America offering a "Key in Hand" project in he US. email@example.com
Having worked in operations for a large pizza chain, I learned a long time ago that there is a great difference between opening a franchise and creating a franchise. Owning a franchise means you are subject to rules and guidelines that are set by someone else. The system works but you are paying for someone's plan. Creating your own franchise means you are the one setting the standards and guideline. It is your plan that everyone will be working from.
I prefer the creating a franchise route, there is more freedom and more risk but it is your baby from the beginning. You are growing and nurturing your idea or dream. That's not to say that you can't grow and nurture an existing franchise but it isn't the same. I think it comes down to your personality and situation.
You will definitely need a great lawyer and accountant but even more you need a operations expert to help you develop the system that all the other franchises are going to work from. Before you can do any of this, you have to get the orginal idea up and running. And that is hard enough.