Many businesses ignore their competition at their own risk. You need to know and understand those that you are competing with. In some respects your opposition will be successful; they have made mistakes that you can learn from, rather than repeat the same mistakes. Top sports men and women and top teams spend a great […]
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In this Blog we will outline the final 3 criteria of franchisability that follow on from the previous 2 blogs…. Capital – While franchising can be seen as a lower cost way of expanding a business, that doesn’t mean that it is “no cost”. As a franchisor you will need the capital and resources to […]
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Following on from the last blog post, there are yet more criteria that must be met to ensure that you can franchise your business. Differentiation – In addition to all the criteria in the first blog in this series, like any business you must be different enough to be recognisable and to stand out from […]
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While it is initially impossible to determine the franchisability of a business concept without a significant amount of analysis, there are pointers that give a good indication of the feasibility of a company for franchising and the likelihood that it will achieve success as a franchisor. In this Blog we will outline 5 items and […]
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Who else is entertaining your customers? You cannot ignore your competition. They are out there, whether you like it or not and they are chasing your customers – just like you are chasing theirs. You need to know everything you can about them. Keep your friends close and your enemies closer. You can learn a […]
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Identify your niche market and find your point of difference. Buyers love choice – but not too much. But how do you stand out in a crowded market place? Standout and be different – but not too much. If all companies in one industry offered exactly the same then they would sell the same […]
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Your Brand Oxford Dictionary: Brand:A particular identity or image regarded as an asset Branding: The promotion of a particular product or company by means of advertising and distinctive design: Branding is Everything. Your Franchise will raise and fall on your brand, no matter how much expertise you have, how much advertising you and how much […]
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Unfortunately starting and running a franchise is not a guaranty to untold wealth and riches and there are not guaranties of success. Now, a guarantied success formula would be great, but there is no such thing. But when you look at why businesses fail – certain patterns begin to emerge. Businesses that are aware of […]
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At some stage during your franchise journey you will need to outsource some kind of products or services. These can range from the printing of brochures and stationary, to parts or ingredients and items or ranges of stock. You need to be able to guaranty supply or else you run the many risks with your […]
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The first Franchise has been sold – well done. You have a Franchisee ready to go and keen to get started. Don’t make the mistake of thinking that you’re now highly successful and all the hard work is over. In reality, you have just begun! Training Franchisees in proceedures and systems is now very important. […]
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