Time is a precious commodity these days and although buying a franchise is a
time consuming process, there are ways to cut to the chase. Of course you
should do your due diligence, but first make sure you’re focused on viable
choices. Here are some tips to quickly identify the best franchise
opportunities for you so no time is wasted.
One of the most difficult tasks
faced by the leadership team of a growing franchisor is the development and
maintenance of an optimal capital structure and access to the resources that
the franchisor will need to stay strong and maintain its growth plans. Access
to affordable debt and equity capital continues to be a problem for the
growing franchisor even though franchising has matured as a viable method of
business growth.
Should I franchise my business?
Is it the right time? Is franchising the right growth vehicle for my business
model? Does franchising fit with my ambitions, tendencies, preferences and
general corporate culture?
Once upon a time, Americans had two options to alleviate their beef binging
desires: visit a fast food jointor go to a traditionalsit-down restaurant.
The former often offered sub-par meals, while the latter required too much of
a commitment of both time and money. The people demanded a happy medium,
where they could be chowing down on quality eats within minutes of ordering.
Politicians, academics, and corporate leaders alike love to proclaim that the
"dreams of the youth" will drive our country's economic future. It's a fine
sentiment, to be sure, but many of these same leaders, blind to the realities
of the modern American (and global) economy, seem to incorrectly believe that
these youthful dreams include following the increasingly unreliable path of
earlier generations. Get a clue!
Idea wealth, that is. Many entrepreneurs are too scared to talk about their
new idea because they think that somebody else will steal it! In more cases
than not, nobody has the time, energy, resources or PASSION to turn that idea
into a reality. Got an idea? Tell people about it! You'll beshocked at some
of the great feedback you get.
During my work for the past decade, both running and consulting to companies at every level of the business spectrum, I have noticed a curious and extremely prevalent trend.
Before going into the negotiating aspect, one must always ask the franchisor
whether they are willing to negotiate. Usually franchisors state that they
have a rigid Franchise Agreement and that it is not open to negotiating.
However, there may be some instances where the franchisor may allow some
flexibility. Stated below are a few tried and tested tips for negotiating
franchise agreements and which areas to concentrate one’s efforts on.