Today, BizEngine is hitting you with a piping-hot plate of news from around the world of franchise. Get your forks and knives ready!
Know What Being A Franchisee Means
Many want to get into the franchising world, but not all are prepared for it.
That’s why this interview at Business News Daily is a valuable one. In it, you’ll find advice for running a successful franchise, such as underestimating the challenges you’ll face. Apparently, that’s a common mistake amongst franchisees, who are lured in by the ability to be at least semi-independent. I liked this quote:
A strong franchisor will give you absolutely all of the tools you could ever need, but you are ultimately responsible for building the house. The franchisee is the leader in their organization, and they will determine the success of their business.
One of the things to look out for is becoming less of an issue at certain franchises, as you’ll see below, and that is the lack of support from franchisors. It’s worth keeping that in mind as you strike out on your own.
Be sure to read the whole interview for more quality advice.
Franchisors Focus On Loans
Franchisors can be hands-off and downright aloof, or they can be hands-on and helpful. Given the fact that unsuccessful franchisees damage their bottom line, it’s better to be the latter.
So increasingly franchisors are aiding their franchisees in picking up loans, according to the Wall Street Journal. This is partly a good business move by the franchisors and partly the only business move they can make:
“Helping franchisees access financing wasn’t a franchiser function a couple years ago,” says Shelly Sun, founder and CEO of BrightStar Franchising LLC, which provides home-health-care services and staffing. “Now it’s job No. 1.”
I can’t help but applaud this, even if some franchisors are being reluctantly dragged into it. There’s plenty of franchise financing out there, but it takes a little know-how and a little leverage to pry it loose. Bringing in big-time executives from places like McDonald’s can only help the process. Applause all around.
Equipment Finance Demand By State
Though it’s only loosely related to franchises—they do need equipment, after all—this is a very cool post from PointBlank. It’s a great examination of where the demand is coming from for equipment finance, and the eight states where businesses have been most successful in getting it.
Other Useful Links
Photo credit to dimitri c at http://www.sxc.hu/photo/1183643