One of the many roadblocks that can keep a prospective franchisee from owning a franchise is the amount of money it costs. Without proper funding, a franchisee won’t be able to pay the fees and costs of owning a franchise or purchase the necessary materials and equipment to get started. Luckily, there are ways for franchisees to gain funding to help afford the franchise that they are interested in. One of those options is receiving financing from your franchisor. Read on →

As a franchise owner, you will come up against many challenges in your career. One of the significant challenges that you may face is referred to as the “coattail effect.” When a franchise experiences the coattail effect, this means that other franchises of the same brand are failing or doing poorly. Due to the performances of those other locations and the loss of reputation for the brand, you may see a drop in sales and the number of customers coming into your store. Read on →

Your business’ ability to make a profit is important for it to sustain itself and remain competitive, but it is also important for you as the franchise owner. It’s important to discuss with your franchisor to understand better how you, the franchisee, will be paid as well as how much. This blog post will discuss three factors that contribute to franchisees’ earnings: a loyal customer base, sales revenue and cost savings. Read on →

As a franchise owner, bringing in more revenue is always a top priority. There are several strategies you can use to increase your profits, but in this blog, we will focus on three areas: keeping employees happy, expanding your business and taking advantage of what e-commerce has to offer. It is important that you smoothly transition into using these tactics. You do not want to do anything that may disrupt the flow of your business and cause financial woes. Read on →

For many potential franchisees, the fees and costs that come with owning a franchise can turn them away from following through the process of purchasing a franchise. Luckily, there are funding options available for those who need help when it comes to financing their franchise. One of the more popular sources of loans is the U.S. Small Business Administration. The government doesn’t directly provide these loans but works through its partners to help finance small businesses. Read on →

Every franchisee wants to turn his or her franchise into a successful business that benefits its community. But as with every industry, there are pitfalls that franchisees must look out for. One that is common in the franchise industry is referred to as the “coattail effect.” In franchising, the coattail effect refers to a situation where franchisees who are prosperous and doing well may be forced to shut down due to the failures of franchisees who own a franchise of the same brand. Read on →

As a franchise owner, your earnings are directly related to the success of your business. If your business is going through a rough patch financially, you may see the effects of this when it comes to what you earn as the owner. This is a humbling reality that you as a franchise owner should be prepared for. Luckily, there are many ways for franchise owners to increase their earnings. Some depend on actions taken by the owner, while others focus on employees’ hard work. Read on →

When you own a franchise, your revenue is of the utmost importance to you. Without it, your business can’t operate the way it needs to in order to be successful. Every business goes through periods when its revenue dips or stays stagnant for one reason or another. Luckily for franchise owners, there are several ways to get your business to a better place financially. Depending on loyal customers, updating your marketing strategy and offering discounts are discussed below and are only three of the many methods that can help you increase your business revenue. Read on →

For many entrepreneurs, owning a business is a lifelong dream. Many people are able to make this dream come to life for themselves, but even more are kept from achieving their goal of business ownership for one reason or another. One of the biggest deterrents for those wanting to operate a franchise is having limited funds or a lack of funds altogether. Luckily, there are many ways to purchase a franchise, even if you are in an less-than-desirable financial situation. Read on →

It is no secret that many entrepreneurs pride themselves on being individualistic people, seizing the opportunity to be their own boss and to pave their own way. And while there is nothing wrong with any of that, all business owners can benefit from having a mentor who has been in their shoes before. Let’s explore three ways that a mentor can help guide and reassure entrepreneurs who are just getting started with business ownership: Read on →