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1. Criteria for Franchising
The first issue a new franchisor must address before franchising its business, is to consider the following four key elements- longevity and potential of products/and or services; unique brand and business identity; model is easy to operate and capable management systems established- to make the franchise system work to the best of its ability.
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Growing Your Franchise Business
After creating a unique business plan for your start-up business, this should help you with the first initial stages of the business operation. You should consult your business plan when you need to make changes, adjust, add new staff etc. This will help you keep on track and grow your business into a successful franchise operation.
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Using a Franchise Broker
A good franchise broker can help aspiring franchisees to choose their prefect business by providing them with expert insight into possible opportunities with the franchisors they represent. They can save valuable research time and can often point franchisees in directions they would not otherwise have thought of but which could turn out to be the right ones for them.
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Marketing a Franchise
View these key points in relation to the marketing of your franchise or business opportunity. Either your franchisor or you will help promote the business on a local or national level using effective advertising and PR campaigns. However, for first-time franchisees, generally the franchisor will create and allocate marketing campaigns on behalf of the franchisees.
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Myth of Franchise
View an explanation of the myth of franchise providing a guarantee for a successful business. A franchise can be very successful only if the franchisee is willing to work hard and is committed to the successful operation of the business. This is combined with a proven business model that works, all this adds up to a potentially successful franchise business.
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Financing A Franchise
A franchisee can avail of many sources for financial assistance in starting up the franchise business. This can be in the form of a bank or other financial institutional loan, a loan from a family member or friend, or the franchisor might assist with funding for the franchise start-up costs.
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Franchising: The Stepping Stones
Read this article for an overview of the key steps you will have to take when deciding on investing in a franchise or business operation. Remember every franchise business model is different and unique and will have different criteria. It is up to you to take the relevant steps to find the perfect franchise to suit you.
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Assessing the Franchisor
When assessing a potential franchisor you should follow the checklist provided in this article to clearly define the franchisor’s credibility. The Franchisor…
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Evaluating Yourself
You should take the time to assess your individual skill set strengths and weaknesses before deciding to invest in a franchise or business opportunity. Use this on-line assessment to define your skill set strengths and weaknesses…
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Assessing the Business Type
You should check that any franchise or business opportunity you are interested in investing in, is a genuine franchise or business operation. Use the checklist provided here as a guide to asking the right questions about a franchise investment before investing your hard earned money.