advantages of franchising

Are You Looking To Become A Many-Unit Franchisee?

July 17, 2012 By Joel Libava Leave a Comment

Sit back, close your eyes, and visualize owning many franchise business units. How does it look?

Owning many-units, (or multi-units as they’re more commonly called) of a franchise concept is the goal of a fair number of today’s would-be franchisees.

It can be like building your own little empire.

A Many-Unit Kingdom

I’ve been able to help several franchise buyers become multi-unit franchisees. Becoming the owner of a multiple location business can be downright exciting.

While it’s not for everyone-especially because of financial reasons, for those that do venture into multi-unit franchising, the rewards can be great.

But, they’re not guaranteed. You still have to do your homework.

Once you’ve selected a franchise business concept that you feel is right for you, and have done the due diligence needed to make an intelligent, fact-based decision, you’ll need to put a comprehensive plan into place. This business plan isn’t going to be just for your banker…it’s for you, too. Doing the financial projections for a single unit franchise has it’s challenges; doing spreadsheets for several franchise units that will be opened year after year brings with it a whole new set of challenges. But, you can do it.

And, if you need help putting your plan together, get it!

You can buy this great tool- and return it within 60-days if it doesn’t do the job for you. You can also work with a CPA that is familiar with multi-unit business ownership.

Here’s one more thing you can do, if dreams of owning many-franchise-units are dancing in your head;

Read this Entrepreneur.com article featuring a gentleman that owns many-franchise-units.

22 of them.

Filed Under: advantages of franchising, business plans, Buy a franchise, Entrepreneur.com, location location Tagged With: buffalo wild wings, many-unit franchises, multi-unit franchising

The Most Monumental Mantra in Franchising

February 5, 2012 By Joel Libava 5 Comments

From Ray Kroc, the founder of the McDonald’s corporation;

“In business for yourself, not by yourself.”

Kroc was referencing the business model of franchising-the business system itself, when he came up with that powerful quote. And, it still holds true today.

One of the greatest things about the franchise business has to do with the fact that you’re not really alone. Now, you may be alone when you’re walking up to the front door of your business to open up in the morning, but it kind of stops there. You have some employees around you. You have customers. And, you have a support team that’s a phone call or email away.

Independent business owners don’t have a lot in the way of support, in most cases. It’s kind of all up to them. But, franchise owners do have support. In addition to the team at franchise headquarters, franchisees have another source of help that may even be better than the help that’s available from the corporate office. Would you like to know more about the source I’m referring to?

Read my new column over at the Cox Small Business Navigation Program website to find out what I’m talking about.

Have you read the Free Chapter of my franchise book, yet? Here

If you’ve read my book, I’d really appreciate it if you’d post a short review here. Thanks!

Filed Under: advantages of franchising, book reviews, McDonald's Franchises Tagged With: business mantras, ray kroc

This Park Ridge, Illinois Resident Loves Franchise Businesses

January 20, 2012 By Joel Libava 12 Comments

Park Ridge, Illinois.

Population: 37,480

Location: 15 miles northwest of Chicago.

FFI, (Franchise Friendly Index) 100

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Not all local communities are what I call, “Franchise Friendly.” Sometimes, local officials oppose big franchise chains coming into town. That’s unfortunate. The revenue from a properly run franchise operation can be pretty substantial, especially if it’s a shovel-ready food franchise. Towns need revenue. Especially in times like these. I really can’t imagine a town turning down a franchise business–but it happens.

But, not in the city of Park Ridge, Illinois.

It seems that some the local officials and local residents there really get it.

That’s because the subject of franchise businesses came up during the Park Ridge’s Economic Development Task Force’s 1st meeting held recently.

And in Park Ridge, just like in any community across America, the independent businesses vs. corporate chains and franchises tug of war took place. One area resident described Park Ridge as, “A community of many ‘mom-and-pop’ shops.” He also said that he was, “Happy that franchise businesses have opened as well since they bring consumers into the community.” Read more at The Park Ridge Herald-Advocate.

Test The Waters

Here’s a tip:

Before you consider buying a franchise that will require a physical location in your area, test the waters a bit. See if you can get a feel for how Franchise Friendly your community is. If they’re not, it’s okay. They may need a little education. It’s easy to find stats that support the economic impact of franchises in local communities.

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