Franchise Education

Franchise Articles & Interviews

2009-03-04T17:21:00.000-08:00

As a part of our ongoing quest to share the best in Franchise Information, we find that we are asked to either write franchising articles or participate in franchise interviews. Of course, we want to make sure that our readers also have access to our latest thoughts on franchising so we have created this page where we can share our latest efforts.

Franchise Articles To Read -

If there are subjects that you would like more franchise information on, please feel free to contact us at info@educatedfranchisee.com. Your question may become the subject of our next franchise article.

Low Cost Franchises and Home Based Franchises

2009-03-04T17:20:00.001-08:00

The great news for those who are considering franchising is that the franchising world offers tremendous variety in terms low cost franchises and home based franchises.

When people think about franchising, they normally think about quick service restaurants, hotels and other store front franchises. Although these can be good business opportunities, they are also some of the more expensive franchises. At the other end of the spectrum, you can find quite a few low cost franchises and home based franchises with investments of less than $100K.

One of the great advantages of low-cost franchises and home based franchises is that they require minimal fixed expenses. Home based franchises obviously have no rent and very little overhead often leading to a faster break even. In addition, low cost franchises and home based franchises often have strong growth potential over time and can provide a significant return on investment for those with the right skills and the willingness to work hard.

But, as you might imagine, low cost franchise and home based franchises are not risk free. In some ways, they are riskier than higher cost franchises. These franchises tend to attract individuals that are focused only on cost ignoring the reality that low cost sometimes means low quality. The goal of course is to make sure that you purchase a high quality franchise - regardless of the investment.

If you are interested in home based franchises or low cost franchises, you need to read The Educated Franchisee. The research techniques outlined in The Educated Franchisee will help you discern low cost franchises that offer a good system and support from cheap franchises that fall into the category of buyer beware. By asking the right questions and turning over the right stones, the potential franchisee can identify low-cost franchises and home-based franchises that offer both high quality and reasonable cost.

Franchise Opportunity

2009-03-04T17:03:00.001-08:00

Finding just the right franchise opportunity takes both time and effort. As described in The Educated Franchisee, the first step is to identify reliable franchise resources. Places and people you can rely on to give you great information about various franchise opportunities. The websites listed below are some of the best on the web. Not only can they provide you with value information on a given franchise opportunity, they also can act as franchise resources with articles and advice

In Chapter 9 of The Educated Franchisee we discuss how these franchise opportunity websites can be used as franchise resources to gather information. Take some time to explore the information these websites provide.

There are several reputable franchise opportunity web sites. Feel free to safely explore the franchise resources available at any of the following websites:

Premier Franchise Opportunity Websites

Bison, Inc (Franchise Opportunity website)
www.bison.com

Since 1995, BISON has been recognized as a leading online franchise resource. Featuring the nation’s fastest-growing franchises and business opportunities, BISON has always worked hard to match qualified entrepreneurs with successful businesses.

Our goal is to provide timely franchise information in a format that is well-organized, easy to navigate and valuable to the reader, and we pride ourselves in providing high-quality leads to our franchisor clients. Prospects can browse the franchise showcases alphabetically or by category, search for franchise news, and gain franchise-related advice from industry experts.

BISON is a pure lead site, dedicated to protecting our visitors’ personal information.

Other Franchise Opportunity Websites

Go to Website

Entreprenuer.com (Franchise Opportunity website)
http://www.entrepreneur.com/

Go to Website

Franchise Gator (Franchise Opportunity website)
www.franchisegator.com

Go to Website

Franchise Solutions
(Franchise Opportunity website)
www.franchisesolutions.com

Go to Website

FranchiseOpportunities.com
(Franchise Opportunity website)
www.franchiseopportunities.com

Go to Website

Franchising.com (Franchise Opportunity website) www.franchising.com

Go to Website

World Franchising (Franchise Opportunity website)
www.worldfranchising.com

If you are looking for information on a franchise opportunity, the above mentioned websites can be a great starting place. Even though the content is predominantly advertising driven, you should find the franchise resources to be reliable. Good luck.

Magazines

2009-03-04T17:02:00.001-08:00

As with all sectors, the franchise business has a number of respectable magazines and business journals. These magazines constantly survey the franchise community to identify the top franchises. The top 100 franchises are representative of the franchise businesses that achieved a certain level of success in the previous year(s).

Similar to other investments, identification of the top franchises does not indicate future success, so this, by itself, can only be a starting point for you. Look at the top 100 franchises, but do not limit yourself to this list.

In addition to identifying top franchises, these magazines also provide a lot of information on a variety of other topics in the world of franchising. Everything from the latest trends in employee management to healthcare initiatives is discussed from time to time.

This is a list of the strongest magazines focused on franchising.

Premier Franchise Magazines

Other Franchise Magazines

Go to Website

Franchising World
1 202 628 8000 http://www.franchise.org

Go to Website

Franchise Times – The News and Information Source for Franchising
1-800-528-3296 http://www.franchisetimes.com

Go to Website

Franchise Update
1-408-997-7795 www.franchise-update.com

Go to Website

The Franchise Handbook
1-414-272-9973 http://www.franchise1.com

Go to Website

Area Developer
1-408-997-7795 http://www.areadeveloper.us

Go to Website

Entrepreneur Magazine
1-800-274-6229 https://www.entrepreneur.com

These magazines do more than just identify the top franchises or list the top 100 franchises; they offer resources that you can rely on over the years. Get to know these magazines and order one.

Franchise Business Data & Analysis

2009-03-04T17:01:00.001-08:00

In measuring business opportunities, access to good data and analysis can be vital. The franchise business is no exception. Franchise opportunities flourish where the data and analysis support growth. The best place to begin gathering data is directly from the franchisor. Any high quality franchise business will have access to the data impacting its business model. But keep in mind, the franchise opportunity usually pays a considerable fee for this data.

There are also companies that supply independent surveys on specific franchise opportunities. These surveys usually include interviews with franchisees from the specific franchise business and a general sense for the health of the system. Although these should not be used in lieu of your due diligence, they can be a useful starting place.

If you want to gather general data on the franchise business, there are other places to look. Every few years a comprehensive study is conducted on the franchise business. A few of these studies are listed here for download. Also listed are various companies that offer packages or specialized studies on either the franchise business or on specific franchise opportunities. Although these studies can be costly, in some cases, they are the only place to secure the data you may need.

Premier Suppliers of Franchise Business Data and Analysis

Other Suppliers of Franchise Business Data and Analysis

Go to Website	FRANdata 800 485 9570 www.frandata.com
FRANdata’s objective is to positively impact decisions at all levels of the franchise industry. For more than 15 years the FRANdata has been the company everyone turns to for information with which to support business decisions and activities of businesses operating in and around the franchise world.

Download	FRANdata Download
The Profile of Franchising is a study conducted by FRANdata and published in Franchising World Magazine in March 2007. Click to go to our Download Center and download the report.

Go to Website	FranSurvey 800 410 5205 www.fransurvey.com
Fransurvey.com is the only franchise rating system in the country where franchisees get to do the voting.

Download	Price Waterhouse Study - Download
The Economic Impact of Franchising is a study for the International Franchise Assosciation Educational Foundation and was conducted by Price Waterhouse. This is a lengthy study at over 400 pages. In the Download Center we have divided the study into three sections for ease of use.

If you are looking for great sources of information on the franchise business, the above mentioned sources are a great starting place. If you are looking for access to additional resources regarding the franchise business, please feel free to contact us at info@educatedfranchisee.com and we will do our best to assist.

Legal Contacts - Franchise Law

2009-03-04T17:00:00.001-08:00

This page is completely dedicated to franchise law and the lawyers that specialize in franchise law. As is discussed in The Educated Franchisee, it is important to use the right advisor for the right task. If you feel that using a franchise lawyer is needed to review the franchise agreement, then it is critical to contact a lawyer that specializes in franchise law.

All of the lawyers listed below have extensive experience in franchise law and in the intricacies of both the Franchise Disclosure Document and the Franchise Agreement. A high quality franchise lawyer can help you understand the Franchise agreement and raise any flags should the franchise agreement have abnormal language.

As discussed in The Educated Franchisee, it is your responsibility to understand the Franchise Agreement. Once you have read the Franchise Agreement, use these lawyers to further educate you regarding the nature of the Franchise Agreement and the relevant franchise law that may apply. You can feel confident in contacting any one of these high quality franchise attorneys listed below to help you better understand franchise law and how it applies to the franchise agreement you are reviewing.

Premier Advisors Specializing in Franchise Law

Other Advisors Specializing in Franchise Law

Colorado

Jeff Brown
J. Brown & Assoc
Denver, CO.80222
(303) 757 3800
Jeff@jbrownlegal.com

Garrett Tuttle or Kim McCullough
Perkins Coie
Denver, CO 80202
303-291-2300
gtuttle@perkinscoie.com ; mccuk@perkinscoie.com
www.perkinscoie.com

Kevin Hein
Snell & Wilmer
Denver, CO 80202
(303) 634-2015
khein@swlaw.com

Florida

Debra Hill
The Smith Hill Law Firm
Jacksonville, FL 32217
+1 (904) 346-0140 WK
+1 (904) 346-3933 FX
dhill@fdn.com

Georgia

Joseph J. Gottlieb
Cohen Goldstein Port & Gottlieb, LLP
Atlanta, Georgia 30328
(678) 775-3545
(770) 901-9417 fax
www.cgpglaw.com

Massachusetts

Eric H. Karp, Partner
Witmer, Karp, Warner & Ryan LLP
Boston, MA 02109-4812
Phone: (617) 423-7250
Fax: (617) 423-7251
ekarp@wkwrlaw.com
http://wkwrlaw.com

Minnesota

Kevin Koepke
Firm: Koepke Law Group
Plymouth, MN 55447
Phone: 763 201 1201
Fax 763 201 1212
kkoepke@koepkelawgroup.com
www.koepkelawgroup.com

New Hampshire

Steven Siegel
New Hampshire
603-726-5510
siegel4@adelphia.net

New Jersey

Robert Egan
Archer & Greiner, P.C.
Haddonfield, NJ 08055
(856) 354-3079
http://www.archerlaw.com
regan@archerlaw.com

North Carolina

Jim Cobb
Wyrick Robbins Yates & Ponton LLP
Raleigh, NORTH CAROLINA 27607
(919)781-4000
Jcobb@wyrick.com
http://www.wyrick.com

Oregon

Kevin E. Brannon
Schwabe, Williamson & Wyatt
Portland, OR 97204
503-222-9981
Direct: 503-7962874
kbrannon@schwabe.com
www.schwabe.com

Pennsylvania

Gerald Cook
Fox Rothschild
Pittsburgh, PA 1522
(412) 391-6428
(412) 580-2110
gcook@foxrothschild.com
www.foxrothschild.com

Jonathan T. Krassenstein, Esq.
Krassenstein & Associates
Wexford, PA 15090
(724) 935-6227
jtk@krasslaw.com
www.krasslaw.com

Nancy Lanard, P.C.
Maple Glen, PA 19002-3005
215 525 1165 WK
215 542-0346 FX
nlanard@lanardlaw.com
www.lanardlaw.com

Texas

Jim Sheets
Fort Worth, TX 76102
817-335-6040

Virginia

Warren Lewis
Firm: Williams Mullen
McLean, VA 22101
703-760-5200, ext. 1228
wlewis@williamsmullen.com

James Wilson
Wilson Stoyanoff, PLC
Richmond, VA. 23233
Wk: 804 864 5268
Mo: 804 334 5280
jim@wilsonstoyanoff.com

Wisconsin

Chad J. Richter
Firm: O'Neil, Cannon, Hollman, DeJong S.C.
Milwaukee, WI 53202
Phone: (414) 276-5000
Fax: (414) 276-6581

Franchise Law is a specialty. The above mentioned attorneys can help you fully understand the franchise agreement, the Franchise Disclosure Document and the nature of the relationship you are considering entering.

Franchise Your Business - Franchisor Consultants

2009-03-04T16:56:00.000-08:00

The franchisor consultants mentioned in this section specialize in assisting franchisors in driving both growth and success. These franchisor consultants can help if you feel that you have a great business prototype and you would like to become a franchisor or if you are already a franchisor and would like assistance growing your company.

Most franchisor consultants are able to help you analyze your current business to determine if it is suitable for franchising. If your business passes this first test, then these franchisor consultants will be able to assist you in building your systems and formalizing your franchise disclosure document and franchise agreement.

If you are already a franchisor but have not achieved your growth objectives, these franchisor consultants can help you dissect your current business and create a winning plan to reestablish growth.

If you are a franchisor or hope to be a franchisor one day, these franchisor consultants can help you.

Premier Franchisor Consulting

Other Franchisor Consultants

Go to Website

Edwards Global Services, Inc. (International Franchisor Consultants)
949.224.3896 www.edwardsglobal.com

Go to Website

The Franchise Consulting Group (Franchisor Consultants)
(310) 552-2901 www.franchiseconsulting.com

Go to Website	The iFranchise Group (Franchisor Consultants) (708) 957-2300 www.ifranchisegroup.com
The iFranchise Group is the world’s premier franchise consulting firm. Whether you are an experienced franchisor or refining or improving and established company or looking to expand through franchising for the first time, the iFranchise Group can provide the real-world guidance and hands-on assistance needed to reach your full growth potential.

Being a franchisor is a challenging. It takes dedication and a winning formula. These franchisor consultants can help you make great decisions early in the process, thereby avoiding many of the pitfalls traditionally encountered without the sage advice of proven franchisor consultants.

Questions to Ask

2009-03-04T16:52:00.001-08:00

Asking great questions is the foundation for gathering honest, unbiased franchise information. As discussed in The Educated Franchisee, in order to gather great franchise information, you need to ask questions of yourself, the franchisor and the franchisees. This will allow you to gain the best franchise information and know whether or not a franchise is a great match for you.

The downloadable lists of questions are by no means complete. You will need to customize each list to the situation. All the franchise information you need is there for you if are willing to ask the right questions and listen carefully to the answer. By using these questions, you will be able to gather the franchise information you need and thereby make an educated decision.

Premier Downloads to help you gather Franchise Information

	Questions to ask yourself
This is a starter list of questions you should ask yourself before you enter into a franchise agreement. Many of the questions on this list follow the thoughts found in The Educated Franchisee – Part I

	Questions to ask franchisors
This is a starter list of questions you should ask franchisors before you enter into a franchise agreement. You can use this as a starting point but should add franchisor and industry specific questions as you seek to expand the franchise information.

	Questions to ask franchisees
This is a starter list of questions you should ask franchisees before you enter into a franchise agreement. You can use this list as a starting point but should expand and customize it to fit the franchisee you are speaking with. Chapter 11 in The Educated Franchisee discusses how gather great franchise information from franchisees.

There is nothing more important than high quality franchise information to make great decisions. Let these questions help you gather the franchise information you need.

Franchise Funding - Where to Find Reputable Franchise Loan Consultants

2009-03-04T16:50:00.000-08:00

Franchise funding questions are among the most critical questions for anyone thinking of buying a franchise. The ability to secure franchise funding is often key to a potential franchise owner’s decision to move ahead with the purchase of a franchise opportunity. Although there are many possible sources of franchise funding, the best avenue is usually with reputable franchise loan consultants.

In Chapter 13 of The Educated Franchisee, you’ll find a thorough discussion of franchise business financing. The chapter includes discussions on both debt and equity funding. By the end of the chapter you will have a thorough understanding of the various options available for franchise funding.

Prospective franchisees have many options in terms of franchise funding. These options include hiring franchise loan consultants, getting bank loans, home equity and more. What follows is a list of reputable franchising loan consultants and other sources of franchise funding information.

Franchise Consulting Organizations

2009-03-04T16:49:00.001-08:00

Today’s franchise buyer has some very powerful tools at their disposal as they seek to identify the perfect franchise opportunity. One of those tools is a qualified franchise consultant.

As we discussed in detail in Chapters 9 and 14 of The Educated Franchisee, finding a franchise consultant is easy. Finding a high quality, proven franchise consultant that can add real value to your search for the perfect franchise opportunity is the trick. On this page we have listed Franchise Consulting organizations that have separated themselves from the pack through their long, proven track record. All of the companies listed on this page have the following characteristics –

Experience – These companies have been in the Franchise Consulting business for over 5 years
Knowledge - Their Franchise Consultants have proven track records in franchising and/or business ownership prior to becoming a franchise consultant.
Transparency - These companies list the names, direct contact information and full biographies of all their consultants on their website.
Leadership - They are members of the International Franchise Association and abide by the IFA’s Code of Ethics.
Cost - These companies do not charge you for their service. They only make money when they are successful in matching the right person with the right franchise opportunity.

Of course simply being on this list does not guarantee that all the consultants in these franchise consulting organizations will be right for you. It is also important to note that there are some high quality consultants that are not associated with franchise consulting organizations that meet the standards set out above. Use the tools and strategies found in Chapters 9 and 14 to make sure you are working with the right franchise consultant.

Hot Franchises – Risk and Reward.

2008-12-04T06:21:00.000-08:00

We all know who I am talking about. They are always following the latest trends, buying the new concept car and spending all night in line to buy the latest iPod. These folks want to be part of the ‘in crowd’ and feel that there is safety in having what everyone else says they want. They are always looking for the perfect school, spouse, church, house and business. Most of all, they are never satisfied, always wondering if they have the best.

So what’s wrong with this you may ask? Nothing, so long as you know what you are doing and recognize the fact that chasing the latest thing, while exciting, is not always the most reliable. Why is this? Well let’s use franchising as a case study.

There have been a number of hot and sexy concepts in franchising. How about the home meal replacement craze from a few years ago lead by Boston Market? Five years ago the hot and sexy concept was Ebay Stores, where you could drop off your extra items and they would sell on Ebay for you. A couple of years ago we were all drooling over the dinners-to-go concepts such as Super Supper and many others. This year we have been watching Cold Stone Creamery begin to sputter. All of these concepts were hot and now they are not and investor/entrepreneurs were divorced from their money. Why is this?

The reason is quite simple. These franchises are hot and sexy because they are NEW ideas in unproven industries. The thing to remember about unproven ideas and industries is that, by definition, they are unproven. These businesses have a significantly higher risk/reward ratio. If you corner the local market with a new idea, then there is a great reward; however, if the idea or industry is just another fad, then the business will probably falter regardless of the skill and effort you put forth.

If you are the kind of person that tends to chase the latest hot trends, you know there is a risk to this. The new cell phone that you wanted may not be all that it is cracked up to be and the new concept car may be more concept than car. New, hot and sexy businesses are no different – so don’t expect them to be.

Having been born and raised in the ‘Show Me’ state of Missouri and as the author of The Educated Franchisee, I am all about making sure something is proven before parting with my money. Quite simply, I want to stack the deck in my favor. To do this you have give up on your concept of ‘hot and sexy’ and instead focus on ‘tried and true.’

‘Tried and true’ would include franchisors that have been around for a few years in proven, mature industries. Try painting, house cleaning, aged care, hair cutting, window washing or even taxes. Boring as it may sound, this is the most predictable path to business success. Even though there is more competition, you also know there is demand today and there will be demand tomorrow. A high quality, proven franchisor will be able to provide you with a superior approach to securing and retaining customers thus allowing you to control an appropriate share of the local market.

Remember, the latest hot trend can cool off. Become an educated franchisee and stack the deck in your favor.

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The Educated Franchisee is dedicated to franchise education through the sharing of franchise information. Our objective is –
‘To create educated franchise buyers that have clearly defined objectives and are able to recognize the right, or wrong, franchise when they see it. An educated franchise buyer will move into the franchisee role with their expectations properly set and will have a heightened potential for success within the franchise system creating a win/win for all involved.

To get more franchise information about how to stack the deck in your favor –
Visit our website at www.educatedfranchisee.com or
Purchase our franchise book – The Educated Franchisee by Rick Bisio, Franchise Consultant or
Contact author directly at rbisio@educatedfranchisee.com or call 941 778 4660.

Franchise Education

Franchise Articles & Interviews

Low Cost Franchises and Home Based Franchises

Recommended Reading

Recommended Reading List

Franchise Opportunity

Premier Franchise Opportunity Websites

Magazines

Premier Franchise Magazines

Franchise Business Data & Analysis

Premier Suppliers of Franchise Business Data and Analysis

Legal Contacts - Franchise Law

Premier Advisors Specializing in Franchise Law

Franchise Your Business - Franchisor Consultants

Premier Franchisor Consulting

Questions to Ask

Premier Downloads to help you gather Franchise Information

Franchise Funding - Where to Find Reputable Franchise Loan Consultants

Franchise Consulting Organizations

Hot Franchises – Risk and Reward.