Franchising is the easiest and quickest way to grow a business beyond your personal capabilities. If you want to branch out but can only manage two or three stores by yourself, you can franchise your business and open up branches through your franchisees in different locations.
The franchise industry is highly competitive because franchising is the easiest way to expand a business and grow. However, not all franchises are successful. In fact, a majority of them fail within the first year and a few more collapse in the second. While franchising is a shortcut to growth, it’s not an easy road […]
Franchise owners need to provide their franchisees with all the information and tools needed to run the franchise well. One of these tools is a comprehensive franchise operations manual.
Training is one of the most important aspects of a franchise business. The key to the success of any franchise is the consistency of service. Customers know what to expect when they walk into a franchise branch and that consistency keeps bringing them back to the establishment.
If you want your franchise to be successful, you need to recruit the best franchisees and a good sales process would help you with that. Brands usually compete for great franchise candidates so you need to ensure the best ones choose your company.
Royalties are a part and parcel of being a franchise owner or franchisee and almost all franchise companies use them to gain profit from their brand. It’s important to understand the concept because an incomplete understanding can cause franchisors to undervalue their brand, and franchisees to pay too much.
A store manual is a guideline that your franchisees and their employees can use to maintain standards. As you might know, franchise branches need to maintain a set quality of service and products because customers expect consistency.
Franchises rely on consistency of service and brand for success because customers expect the same services, products, and environment in every branch they visit. If a branch fails to provide good quality service, or doesn’t provide the same shopping experience, it has an impact on your brand.
The success of a franchise often depends on how well the franchisor and franchisee can communicate with each other. If the exchange of knowledge, ideas, problems, and solutions is smooth and free-flowing, your franchise has a high success rate.
Subway is one of the most recognizable fast food restaurants in the world. In fact, now it’s almost as ubiquitous as McDonalds and Dominos Pizza. This establishment offers completely different fare compared to traditional burger and pizza restaurants; that’s why it’s quite popular in many countries. The establishment grew to become a global phenomenon in […]
Poolwerx is one of the most recognizable franchise chains in Australia, and has enjoyed tremendous success over a short period of time. The company was only established in 1992 and in a matter of 24 years it has become a household name in Australia and expanded its business to the US as well.
McDonalds is an excellent example of the potential of franchising. The well-known brand started out as a humble hamburger restaurant and eventually grew to become a global presence. Today, it’s considered one of the most successful and recognisable franchises in the world with a presence in over 119 countries. The company sells an average of […]
Trading business are usually B2B establishments like importers and wholesalers. They supply products to other businesses or large-end customers and keep them in stock. They’re not always B2B enterprises because some trade businesses do sell directly to the customers, but they profit more from large scale bulk orders. Many people are under the impression that […]
Franchising is very popular amongst food business owners and with good reason. It’s relatively easy to set up, the upfront investment is low, and there’s great potential for growth and success. This is illustrated by the global success of food business franchises like McDonalds, Starbucks, Pizza Hut, etc. If you have a great product and […]
Franchising is a great way to expand your business and gain profits on low investment. Most people assume that you can only franchise a fast food chain because they’re the most visible franchise opportunity.That’s not always the case; because almost every business can be franchised if you plan it well. At The Franchise Institute, we […]
It’s easy to become confused between franchising and licensing because on the surface they sound remarkably similar. When you delve deeper, you’ll notice there are many key differences between the two, than can impact the manner in which your brand is used and how much control you have over it.At The Franchise Institute, we encourage […]
Franchising is an excellent way to expand your business and increase the visibility for your brand. With very little investment, you can set up stores or business establishments in several different locations. However, it’s not a completely risk-free venture. Yes, you do minimize your loss and risk thanks to lower investment, but you need to […]
A mobile business, as the name implies, is a business that keeps moving. You don’t have a physical location where you can set up shop permanently and run your business. In this model, you’re free to go where the customers are and that can be very profitable. The best examples of this business model are […]
Many people have started to work from the comfort of their home because it allows them to spend some time with their family, reduce their overall expenses, and the level of stress. Studies show that people who work from home have higher job satisfaction and work-life balance rates. There are many different kinds of home-based […]
It’s a very common myth that only large companies and establishments can franchise their business. Most business owners believe that they need considerable amount of resources and finances to start a franchise, but that’s not true at all.What you need is an established business. At The Franchise Institute, we always encourage small businesses to consider […]
