Category: Understanding Franchise Business
Has COVID Pandemic Destroyed the Franchise Industry?
Since the pandemic started in March 2020, it has brought on an economic downturn in the US and worldwide. Many lost their jobs because some businesses were closed, while others shifted to the work-from-home setup. In fact, the unemployment rate has spiked to 13.1%, the highest rate in 80 years. According to the US Department …
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Multi-Unit Franchise Model: Key Advantages and Challenges
In recent years, the multi-unit franchise model has become one of the most exciting business opportunities out there. It’s especially appealing to entrepreneurs who want more than just one location and are aiming to scale quickly. By managing multiple locations and tapping into multiple revenue streams, multi-unit franchisees can accelerate growth, lower costs, and build …
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Picking the Right Franchise Consultant (5 Traits)
Like a reliable map, a franchise consultant with great traits can navigate anyone in the entire franchising process. Thus, this means that you need to consider their expertise before investing? Consultant advice will help those less experienced from the learning process of franchising to determining the right franchise business opportunity. With 4,000 brands out there, …
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Franchise Business Plan: 7 Elements That You Should Know
Creating a franchise business plan is a must for both franchisees and franchisors looking to grow. Think of it as your roadmap – it outlines your goals, strategies, financials and how your business will run day-to-day. For franchisees, a business plan is an essential tool not just for launching a successful business but also for …
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7 Major Characteristics of a Perfect Franchise
William Penn said that “Patience and diligence remove mountains.” If you’re seriously considering franchising, you’re looking for the perfect franchisor to partner with. But that would not be enough because it is vital to check the characteristics of a franchise business that you are looking for. Sifting through the ocean of information about your options can …
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What’s it Like to be a Franchise Owner?
Looking back when I started my own franchise business, I somewhat think “Is this really for me?” The beginning of my journey was like driving down a rough road. It’s quite challenging. The fact that I started without any experience in running a franchise business brought a lot of risk factors and made it harder …
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