Tag archive for ‘franchise’

Why a Family Entertainment Franchise Is Worth Investing In

by Admin - on Nov 12th 2018 - Comments Off on Why a Family Entertainment Franchise Is Worth Investing In

franchiseIf you’re planning on getting new business, it’s often a great idea to pick a field that always has ready buyers. One of these fields is in the family entertainment business since families are not about to go out style anytime soon. Here are other profitable reasons for investing in this enterprise.

Customizability

Owning a family entertainment center franchise means you’re able to enter almost every kind of venue and create party venues, arcades, and even indoor playgrounds suitable for the type of community you want to work with. Since these businesses offer simple and yet fun activities for all family members, you can be as grand or as subtle as you want, filling as much space as you are allowed which can also be dependent on the size of the venue.

Reach

Since this business is almost always welcomed in any community, it can also be used to bring people together, especially in neighborhoods where events that call for interaction are encouraged. The target market can include single parents, large families with extended aunts and uncles of increasingly tenuous relations and even individuals who just want to be with their friends. You would be making the world a slightly better place by making everyone feel welcome.

Timelessness

Some things never go out of fashion as long as there are people who can appreciate it. While kids have their playmates and the teenagers exploit the Wi-Fi, adults can enjoy the nostalgia of what could ostensibly be called simpler times. You have the power to create and use to its fullest the emotional attachment of people to childhood and innocence. Even when the kids have grown up, and a new family moves in on the houses lining up the streets, your business will still manage to gain clients.

Family activities can get boring nowadays because many have stopped placing value in its true meaning. By putting up a family entertainment business, you are creating a warm and accepting venue for kids of all ages. And admit it; even seniors can still be a kid at heart.

End-of-the-Year Checklist for Your Franchise Business

by Admin - on Oct 5th 2018 - Comments Off on End-of-the-Year Checklist for Your Franchise Business

Business team in a meetingThe year is wrapping up, and you’re right to focus on the holiday sales and all the profit it could add to your franchise’s bottom line. However, you also need to pay attention to specific tasks that you ideally need to tackle head on so you could start the New Year right. Put these tasks on your must-dos right now so you could welcome the New Year with ease.

Reevaluate Last Year’s Goals

Get your business plan as well as other relevant documents, including your action plan from last year so that you could review your previous goals. Find out if you accomplished your goals from last year—if yes, how, and if not, figure out why.

After answering this question, you could then write your goals for the coming year, keeping in mind what you did right as well as what you did wrong or didn’t do and how you could address your shortcomings next year, suggests a franchise consultant from Accurate Franchising Inc.

Clean Up Your Books

You probably don’t do your accounting, but even if you don’t, it’s a good idea to review last year’s expenses. Take some time to categorize your expenses properly, so you know where your money is being spent.

If possible, run a profit and loss (P&L) statement to check for any discrepancies that you could address prior to handing it to your accountant. This would likewise give you a much better sense of this year’s finances—do you need to lower your spending or increase the budget for specific areas next year? Which ones, and why?

Update Your Marketing Strategy

Although you’ll probably continue doing the same marketing stuff especially if it’s working for you, it’s best that you reevaluate your existing marketing strategy so you could make changes if necessary. Remember, technology changes at a rapid pace so you have to make certain that your strategy involves tactics that would resonate to current and prospective customers.

As cliché as this might sound—businesses that don’t plan are those that plan to fail—it’s 100% true. Addressing the above tasks before December even rolls around could help ensure the success of your franchise in the coming year.

4 Questions to Expect from Your Franchisor

by Admin - on Oct 4th 2018 - Comments Off on 4 Questions to Expect from Your Franchisor

Franchisor taking care of her businessSo you’ve seen a franchise opportunity that you like and made an inquiry about it. As you wait for the franchisor to give you a call, there are a few questions you need to prepare for. These questions are meant to find out whether you and your franchisor are a perfect fit before the both of you make any commitment.

What makes you interested in a franchise?

As a franchisee, you’ll be running a small outlet that operates under a much larger, complex structure. It’s important to understand the concept of franchising, as well as what you perceive to be its benefits. With this knowledge, it becomes easier for you and your franchisor to start on the right footing.

Why did you settle on this industry?

As you’ve probably found out during your research, there are lots of franchise opportunities in different sectors. Your franchisor will be interested in knowing why you’ve decided to choose a Transworld business advisors franchise, for instance. Is it because you have the passion for it? Or is your decision based on growth potential? You need to demonstrate the success drivers of the industry.

How much business experience do you possess?

Your franchisor will certainly provide some training to set you up for success in your new business. However, it’s important to some that you have industry-relevant experience. Having some sales and customer service experience, for instance, is a plus.

Where do you plan to open the business?

Many franchisors have site opportunities for potential franchisees, while some expect you to locate a site you think is viable. If you have a site in mind, expect that your franchisor will evaluate it keenly.

The conversation you have with a franchisor forms the basis of a potential long-term relationship. The best thing to do is to answer any questions as honestly and transparently as possible.

4 Top Reasons It’s Smart to Buy a Franchise

by Admin - on Sep 11th 2018 - Comments Off on 4 Top Reasons It’s Smart to Buy a Franchise

Cartoon holding a franchise dollhouseEveryone has aspirations. For some people, their dream is to start a business and control their destiny. If that’s your goal this year, then it’s a good idea to consider buying a franchise. But what things can you gain by buying a franchise instead of venturing out independently? Here are four of them.

1. A Proven Record of Success

One of the top reasons to buy a franchise is that you get an existing method of doing business that already works. Sign business opportunities from Signarama franchise, for instance, can provide you with a successful business model guaranteed to provide results. You also get a lot of information that you can verify with other franchisees and make your final decision.

2. Necessary Training

One of the reasons new businesses fail is because the owners do not have the necessary skills to run them well. Franchise companies help prevent that by providing training programs that equip franchisees with the best ways to run their businesses. Additionally, you get adequate reference materials to assist you to deal with any situation that comes up as you run the business.

3. Marketing Help

Most startups don’t have enough money to launch formidable marketing campaigns. A great marketing strategy is just what a new business needs to gain recognition. With a franchise, you get lots of marketing assistance from the franchise company for both your grand opening and afterward. This is a great boost to your business.

4. Operational Support

As a new entrepreneur, you need all the help you can get in running your business. A franchise company has an experienced and dedicated staff to help navigate your journey as a business owner. You, therefore, have the assurance that there’s someone to call on when you need help.

Running a business comes with lots of challenges, especially for new entrepreneurs. Thanks to franchises, however, many of these challenges are eliminated.

How Much Should You Pay for a Retail Franchise?

by Admin - on Aug 9th 2018 - Comments Off on How Much Should You Pay for a Retail Franchise?

woman owning a clothes shopIf you’ve been thinking about buying a T-shirt franchise in Australia, the cost may reach at least $50,000 according to the Franchise Council of Australia (FCA). Fully Promoted adds that this will still depend on the type of business.

The FCA said that other common expenses of retail franchise purchases include a fixed shop-front and store fittings. Before signing a deal, experts said that you should conduct your own due diligence, especially now that some brands aren’t performing well.

Cost Considerations

Those who want to buy a service franchise may invest for as low as $5,000. As these businesses don’t require a store front, most people can operate at home or in a mobile unit. Prices would vary for a store-based or service franchise, but remember that you would spend more when buying a franchise from a more popular brand.

In case your savings won’t be enough, the FCA suggests taking out a loan from a bank or a franchise lender that has an accredited franchise system. This means that institutions have faith in the profitability of the business. You may also benefit from lower interest rates and the amount of property security by doing so.

Due Diligence

If a franchise system already shut down hundreds of stores, it could be a red flag for not buying a business. Be wary of acquiring existing franchises since you may be assuming more liabilities than assets.

An existing franchise riddled with loans and payables is an example. That’s why some people still do their research on a retail franchise, even if the system has grown to include more brands.

The cost of a franchise primarily encourages or deters buyers from becoming a part of a franchise network. Think carefully if you can meet your desired franchisor’s requirements. Not all established brands are always profitable for the same reason that smaller franchises aren’t always a bad venture.

3 Business Types Most Suited to Franchising

by Admin - on Apr 10th 2018 - Comments Off on 3 Business Types Most Suited to Franchising

sandwiches ready to be servedStarting a business can be an overwhelming prospect, especially if you are a newbie entrepreneur. Aside from the pure guts and energy, it takes to get something built from the ground up, dipping your toes into the world of business requires financial investment as well. There are even loan broker franchise opportunities you can explore if you want to.

You have to answer the question of what kind of business to build. As per experts’ advice, your best bets are any of these franchise opportunities.

Fast Food

The best thing about a fast food franchise is that these businesses have proven operational systems in place. On top of that, most of them have already established brand recall hence you no longer need to shell out big money on marketing and promotion.

If you are considering purchasing a fast food franchise, these lucrative names should be on top of your list: Jimmy John’s, Subway, and Dunkin Donuts.

Food Carts and Trucks

Food carts/trucks have come a long way from being decrepit food stalls serving people on-the-go to aesthetically pleasing and diverse food spots catering to all iterations of foodies.

An individual food cart/truck is said to rake in between $5,000 and $10,000 a week, which makes this the right time to hop on this bandwagon.

Service-Type Businesses

These businesses work in a rather simple model: money for time. Customers hand in cash in exchange for all manners of services from landscaping to grocery shopping. For as long as working people have a surplus of money and deficit of time, your investment stays safe with these service-type brands.

Getting a franchise for a pre-existing brand or business is the best way to assess whether you have it in you to thrive and succeed as an entrepreneur.

These established names will allow you to have both the autonomy to run your business and the support you need from an organisation that knows what it is doing and has your best interests in mind.