June 20, 2017
As business men and women, we’re always on the hunt for the “next best thing.” But once we venture into the franchise world, we need to balance the necessity of a proven model without crossing the line into an outdated business plan. After all, no one would have wanted to buy into a Blockbuster franchise on the eve of Netflix and Redbox emerging into the marketplace.
May 23, 2017
Converting your thriving business into a profitable franchise will bring about a seemingly endless laundry list of decision-making. One you will need to face is setting the best term for franchisees. Franchise terms, the length of time you are allowed to operate the business, typically come in three different flavors: 5 years, 7 years, or 10 years. While I have seen some deviate, such as a 20-year term, most businesses abide with these timeframe standards.