Financial Performance Representations vs Audited Financial Statements
January 30, 2020 by
The franchise development process makes mention of two financial concepts: Audited Financial Statements and Financial Performance Representations. Often times these two topics lead to confusion. Audited Financial Statements and Financial Performance Representations are two different things. Let’s start off with a definition of each. Audited Financial Statements Audited Financial Statements are statements that are prepared…
How to Structure a Franchise
January 31, 2019 by
If you are like most business owners the idea of expanding your business is one of your dreams. Perhaps you have decided your path for expansion is franchising and you wonder how to structure a franchise for your business. You have researched on the internet and realize there are a lot of moving pieces and…
Franchise Document Templates Are Bad
January 11, 2019 by
You have decided to franchise your business and like most business owners you want to get it done quickly, easily and for as little money as possible. You start researching how to franchise your business online and stumble across franchise document templates for sale. Franchise document templates are generic, one-size-fits-all boilerplate documents that you can…
How Can I Franchise a Product
December 27, 2018 by
It may be quite often that you run across someone who says to you they have invented a really neat product (for example maybe this person invented a new hybrid-type of coffee bean infused with tequila) and it comes out in conversation that they want to franchise it. But is a product (in this example…
Does it Make Sense to Franchise Because My Name is Gold
October 19, 2018 by
So you have a business with a really clever name and as a result you have customers and/or clients who approach you and say, “this has to be a franchise because the name is gold!” And with many franchised businesses out there with a clever name attached, this is not an uncommon misconception. Your customers…
Franchising Revenue Recognition Rules
August 21, 2018 by
The Financial Accounting Standards Board (“FASB”) sets the standards for what is known as “GAAP” which stands for generally accepted accounting principles. You may or may not be aware that the FASB has set new revenue recognition standards that will go into effect for private companies in just a couple of months which is January…
Questions to Ask Before You Franchise Your Business
August 21, 2018 by
It is appealing to any business owner to grow exponentially. Sure bet you’ve thought about this many times. Ideally you want the quickest and easiest path to grow exponentially. You may know, there is really no such thing as becoming a fully branded business overnight. Perhaps you have tossed around the idea of opening up…
Do I Need Multiple Locations Before Franchising
July 31, 2018 by
As a business owner you may be under the impression that your business must have multiple locations before franchising or already be in operation in multiple markets. You may feel that once your business has reached the point where you have multiple locations or are in multiple markets that you have finally jumped some hurdle,…
When Starting a Franchise Things to Consider
June 14, 2018 by
If you are like every other entrepreneur, you want to grow, become well-known, make money and you want it fast. So you figure you already have a business that makes money, maybe it’s time to start a franchise company and sell franchises off of your business. Franchising is exciting, powerful and yep has the ability…
Where You Should Franchise Your Business
April 27, 2018 by
As you are thinking about franchising your business one of the questions you are more than likely to have is where you should franchise. You may be wondering when you first start franchising if you should stay within your city, your state or immediately go nationwide. The strategy of where you should franchise your business…
Can Any Business be Franchised?
March 30, 2018 by
Look closely at the different services you use or businesses you purchase from. It’s likely that many of them are franchises! Technically speaking, any type of business can be franchised (read about the different types of businesses we have franchised). However, it is important to assess what your business really has to offer and will…
Why Franchise Out a Business?
November 30, 2017 by
The Franchise Maker works with business owners who are seeking to grow their business and help them determine if franchising is a wise path. So why would someone want to franchise out a business? As you are talking with someone who owns a business (or if you own a business) you may hear that person…
Dangers of Franchising Your Business Too Soon
August 24, 2017 by
This might be hard to do, but imagine you are looking to buy into a franchise. You find something that looks promising and you buy into the concept. As a new franchisee your expectations are that you are buying into a program that is already figured out. You are under the impression that all you really have to do is learn all the…
Franchising Your Business and How it Will Affect Your Future
August 9, 2017 by
Does this sound like you? “I have been thinking about franchising my business but I want to have some idea how it will affect my future. I am concerned about giving up control, the people who will be operating my business and will I be able to succeed as a franchisor?” These questions are valid…
How Much Do I Need to Make Before I Franchise My Business?
April 21, 2017 by
So, you are daydreaming about summer, being on the beach and drinking large quantities of tequila. As you are daydreaming your thoughts go to your business and you remember at one point talking with a really neat company called The Franchise Maker about franchising your business. You continue daydreaming and imagine yourself in the future…
Six Simple Things to Know About Franchising Your Business
April 6, 2017 by
Franchising has been around for decades, plays a big role in our economy and has made many businesses (and people) very successful. Whether franchising your business has always been your goal or you are just now thinking about it, it’s important to know what makes franchising successful. While every successful franchised business is different, they all share common aspects that…
Franchising a Business Means
March 28, 2017 by
While franchising a business provides numerous benefits and has the potential to catapult a business into mainstream society, depending on a person’s perspective franchising can mean different things for different people. For example franchising has a different meaning for a business owner (like you) compared to an entrepreneur who buys into a franchise. Regardless of perspective, franchising (and if franchising…
A Couple Advantages of Franchising as a Strategy for Growth
February 28, 2017 by
Are you looking for ways to stand out and stay ahead of your competition? Franchising may be a strategy. Yep, that’s right franchising your business can actually help you beat your competition. How exactly does a franchising strategy actually work? Easy, let’s take a minute to explore it. Opportunity for Accelerated Growth Saturate the market….
How to Know if My Business is Franchisable?
February 14, 2017 by
From restaurants and retail stores to hotels and service-based businesses, franchises are everywhere. They are in almost every imaginable industry. So, how do you know if your business is franchisable? While some businesses seem to have an obvious potential for franchising, it’s not always so blatant. If you are like many business owners you have…
Benefits of Franchising
January 31, 2017 by
No doubt franchising can be a powerful way for you to expand your business into other markets. If you want to grow your business but may be limited in resources, franchising can be very enticing. While the idea of franchising might have been a blip on your radar at one time, you may not be…
What is Franchising?
January 13, 2017 by
Franchising, when people hear this word it may mean different things for different people. It could mean someone is looking to franchise a business. Or it could mean someone is looking to buy a franchise. Either way the facts are that in 2017 alone franchising directly contributed $745.3 billion dollars out of our $17 trillion dollar economy and…
What Makes Me More Money, Franchising or Opening Other Locations?
December 9, 2016 by
Perhaps you are thinking about growing your business and you’ve thought, “Do I make more money franchising or opening other locations?”. This is a good question and depends on many variables including how involved you want to be and how many more locations you actually plan to open. Let’s explore this a bit further. Open Few…
