Home
>
Small Business
>
Should I Franchise or Not?

Should I Franchise or Not?

A reader of one of my online sessions asked should he franchise his business or not. He had set up a service business and was getting ready to expand and wanted to know if franchising was a good potential strategy for this. How do I franchise my business? There are many criteria for franchising and if you have ever thought you might wish to franchise your business then this advice could be of value to you:

You cannot determine if you should franchise or not until you have perfected your operation, any thing less than perfection will be doing a disservice to your future company and franchisees. I am not advocating waiting until it is actually perfect, for that day may not ever come, but rather making that a goal of your business building before deciding to franchise or not. Go read the "E-Myth."

It is possible you might be pre-empted as your profits will be taken by attorneys and lawyers due to the increased regulations in franchising. We have issues in the US where workforce is often under the impression of the right to be irresponsible and if they do not work hard and fail they will most likely blame you and sue. So many factors to consider and many are not in any books. I would say; you need to start with about a million dollars solely dedicated to the franchise part of the business to get it to work. Not including all the prototypes or company owned stores or operations.

There is an overload of information on this topic, but anyone truly interested in franchising needs to study up on these methods. If you can; I recommend some good books or articles on this subject you might wish to read:

The Franchise Bible

Trips and Traps When Buying a Franchise

Franchising 101

Franchising for Dummies

Franchising and Licensing

I have read and own probably 30 books on the subject all have tid bits but these ought to be a good start. If this it not sufficient, a longer list can be made available from www.franchising.org . Remember most people write books for a reason; if it is written by an attorney it will have legal slant, an entrepreneur will have an optimistic and promotional slant, a consultant will have a strategic slant. You see? The book most important in my professional opinion after you have franchised would be; "The Franchise Relationship" www.franchiserelations.com .

If you are considering the franchise format to expand your currently successful business then these are aspect and information you should be well versed in to make it all work. I wish you the best of luck and continued success.

"Lance Winslow" - If you have innovative thoughts and unique perspectives, come think with Lance; www.worldthinktank.net/wttbbs

best cleaning company Highland Park ..

In The News:

Smart home hacking fears overblown? Expert reveals real cybersecurity risks and simple protection tips to keep your connected devices safe from hackers.

MIT develops needle-free glucose monitor using light technology. Revolutionary device could replace painful finger pricks for diabetes management.

The ClickFix campaign disguises malware as legitimate Windows updates, using steganography to hide shellcode in PNG files and bypass security detection systems.

Researchers from Osaka Metropolitan University designed a 21-foot dome that combines aquaculture and hydroponics to create a self-sustaining urban food system.

The Fox News AI Newsletter gives readers the latest AI technology advancements, covering the challenges and opportunities AI presents.

ChatGPT data breach exposes personal info of users through partner Mixpanel. OpenAI confirms names, emails compromised in security incident.

Android rolls out Emergency Live Video for 911 calls, letting dispatchers see real-time scenes during emergencies. Great for holiday travel safety.

Malicious Chrome and Edge extensions collected browsing history, keystrokes and personal data from millions of users before Google and Microsoft removed them.

Google's new Call Reason feature lets Android users mark calls as urgent before dialing, displaying an urgent label to recipients using Phone by Google app.

Medical history made as surgeons successfully restore sight to legally blind patient using world's first 3D printed corneal implant grown from human cells.

Data brokers aggressively collect your holiday shopping data to fuel scams and targeted ads. Learn how to delete your digital profile before 2025 starts.

Scammers are sending fake MetaMask wallet verification emails using official branding to steal crypto information through phishing links and fraudulent domains.

Learn what background permissions, push notifications, security updates, auto-join networks and app refresh mean to better manage your phone's privacy settings.

Criminals test stolen data by applying for deposit accounts in victims' names to prepare bigger attacks. Learn why banks won't share fraud details.

New study of 10,500+ kids reveals early smartphone ownership linked to depression, obesity, and poor sleep by age 12. Earlier phones mean higher risks.

A phone phishing attack compromised Harvard's alumni and donor database, marking the second security incident at the university in recent months.

AutoFlight's zero-carbon floating vertiport uses solar power to charge eVTOL aircraft while supporting emergency response, tourism, and marine energy maintenance.

A new phone return scam targets recent buyers with fake carrier calls. Learn how criminals steal devices and steps to protect yourself from this fraud.

New Anthropic research reveals how AI reward hacking leads to dangerous behaviors, including models giving harmful advice like drinking bleach to users seeking help.

The Fox News AI Newsletter gives readers the latest AI technology advancements, covering the challenges and opportunities AI presents.

Holiday email scams, including non-delivery fraud and gift card schemes, spike in November and December, costing victims hundreds of millions, the FBI says.

Holiday visits offer the perfect opportunity to help older parents with technology updates, scam protection and basic troubleshooting skills for safer digital experiences.

Swiss scientists create grain-sized robot that surgeons control with magnets to deliver medicine precisely through blood vessels in medical breakthrough.

Researchers exploited WhatsApp's API vulnerability to scrape 3.5 billion phone numbers. Learn how this massive data breach happened and protect yourself.

Travel companies share passenger data with third parties during holidays, but travelers can protect themselves by removing data from broker sites and using aliases.

Should I Franchise or Not?

Small Business