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Most Recent Questions in Franchises

Can I Buy Into a Franchise with Little Experience and Capital?

The first step for you is to take every opportunity to increase both your capital and your experience. It's not easy to save money while in college but it is possible. Work as you have the... (more)

How Can I Determine the Success Rate for a Franchise?

You're focused on an important component of investigating any franchise -- the success rate. Assuming that by "success" you mean how many units don't fail, this is easy to determine. In... (more)

How Do Franchise Territories Work?

This one of the most important and contentious topics in the franchise industry over the past 20 years. Many, but not all, franchises grant an "exclusive territory" to their... (more)

How Can I Determine if a Franchise Will be a Good Fit for Me?

These are three great questions so let's take them one at a time. First, there are many important steps you'll take when investigating any franchise but the three most important are: 1)... (more)

What's the Secret to Winning Repeat Customers?

To say there is only one really important factor in generating a repeat purchase misses a point. Several factors are involved when it comes to considering whether to bring a product or service to... (more)

Is my business suitable for franchising?

There are three quick and dirty tests for whether or not a business might be a candidate for franchising: 1. Is it a good moneymaker? The old rule of thumb is that the franchise company is going... (more)

Why do so many franchises fail?

There are three main reasons why new franchises fail. Avoid these and you'll greatly increase your chances for success. 1. Capital Issues The classic blunder for anyone entering a new... (more)

As a potential franchisee, what do I need to know about franchise fees?

There are commonly two types of franchise fees that companies charge to a franchisee entering their business. The first is the initial franchise fee and the second is the ongoing franchisee fee... (more)

How can I finance my franchise?

It's a tough market to find any sort of financing, but for new business startup funds, it is next to impossible. The secret to success seems to be one of three things: 1. If you have... (more)

What makes for a successful entrepreneur?

That's a pretty open-ended question, but there are some general principles I can outline for you. First, you need a good vision for what you ultimately want your business to be, and that requires a... (more)

Where can I connect with people who can help me open my business?

I have three recommendations: 1. Go through your contacts and talk to people you personally know who have started a business. Set an appointment. Let them know what you are doing and ask them if... (more)

What's the most important skill for an entrepreneur to have?

There are a good number of skills that are important. But in any business, nothing happens until a sale is made, so I would say the number one skill is learning to sell -- or how to sell better.... (more)

How should I compensate a silent investor?

It sounds as if you are looking for an angel investor to help launch your business. Angels typically are affluent individuals that provide capital in exchange for equity ownership or convertible... (more)

I have a great idea for a business, how can I raise the money to launch it?

Having a good idea is important but it is only one step in the process of starting a business. There are many other elements that are required which include a business plan, a team, capital, a... (more)

What's the difference between a franchise, license and affiliation?

These are basically legal terms that differentiate the type of business entity for purposes of defining how much disclosure is required to be made to a prospective buyer. A franchise is a license... (more)

What do I need to know before I buy a franchise?

This is one of those questions that's quick to ask but involves a long, multi-part answer if you want the full scoop. I'll try to give you the quick and dirty answer. What you want to see in... (more)

Should I worry that the franchise I'm interested in is closing some locations?

This shouldn't cause you any more worry than if you were sailing on the Titanic's maiden voyage. Okay -- seriously, this is very troublesome indeed. This franchise system has lost about 13... (more)

How can I turn my business into a franchise?

My first suggestion is that you need to walk before you can run. This sounds like a great idea in theory but you need to put the theory to test to make sure it works in the real world. It... (more)

Do I need an attorney to purchase a franchise?

There is no hard and fast rule about needing an attorney in order to buy a franchise. There are three common sense questions you need to answer in order to determine if you need an attorney: 1.... (more)

What's the best way to recognize a good business opportunity?

Where is the market research that says you really need a restaurant in that area? Where will you get the financing to do the repairs? How much time will the landlord give you to get the repairs... (more)
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