Any relationship between two parties is a two way street; that goes for franchisor-franchisee relationships as well. If you’re looking into buying a franchise, you probably have spent a lot of time evaluating whether franchising is right for you. But, as you get further down the road to ownership, you’ll find that franchisors are evaluating whether you would be a good franchisee as well.
A business plan is just what it sounds like – a plan for your business. Of course, it’s more than that. Well-written business plans include many details on the goals you have for your business, what the market looks like, and the steps you’ll take to make your business succeed.
Business plans are used not only as a roadmap to success, but as proof that you’ve got a well-thought-out plan in place in the event you are looking to secure financing for your business.
Read on to learn some franchise-specific tips to crafting a business plan that works for your business.
Anyone considering buying and running a franchise, asks themselves if they have what it takes to be successful. There are plenty of external factors that have an impact on success. These include things like the how well the franchise is doing as a whole and how the local market will respond. But there are also internal factors, like personality traits, that point to running a successful franchise. Read on 6 personality traits that most successful franchisees possess.
It’s no secret – buying a franchise is expensive and requires a large up-front investment. There’s a wide range in cost for franchises, from tens of thousands to more than a million dollars, and it’s unlikely that potential franchisees have that kind of cash lying around.
Franchising has been one of the most important sectors of the global economy for decades, so it’s no wonder why so many Americans choose to go down that road in order to free themselves from the shackles of their nine-to-five job. According to the International Franchise Association’s 2018 report, strong economic fundamentals and a boost from the tax reform and favorable regulatory environment support above-trend expected growth in 2018.
via IFA’s Franchise Business Economic Outlook for 2018
Franchising is an enticing option for many potential entrepreneurs who want to own a business but don’t have the resources or know-how to start from scratch.
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