Archive for franchise

Grow Your Business (Part 3) by Robert Finkelstein

Posted in General Management, Grow Your Business with tags , , , , , , on August 25, 2009 by Robert Finkelstein

Grow Your BusinessWe’re exploring options for growing your already very successful business. Thus far, we’ve tackled two distinct possibilities – Adding another location and franchising. Both are great options, but you need to make that determination. Now on to one of my favorites – Licensing.

Licensing
Superman lunchboxIf you have a product, whether it be branded or service, this might be the way to go. And what’s particularly nice about this route, is that it tends to be less costly than our previous two methods of expansion, and yet very effective. Unlike other ways of growing your business, you can receive money and royalties upfront, with much less risk than would be associated with launching your own company, manufacturing and selling your products.

Idea protectionIf this sounds appealing, start doing your research. You’ll be looking for companies that provide similar services or products as you do or are considering doing. Before you get overly ambitious and start calling all your hot leads, take it from one who had an idea stolen from him (turned into a motion picture), talk to an attorney who specializes in intellectual property rights, trademark and patents. You’ll want to make sure you’re fully protected.

What makes sense for you and your business? Lots more ideas to come.

If you have any questions or comments,
please write them below or email me at Robert@RobertFinkelstein.com.

Grow Your Business (Part 2) by Robert Finkelstein

Posted in General Management, Grow Your Business with tags , , , , , , , on August 24, 2009 by Robert Finkelstein

Grow Your BusinessSo you want to expand your business? There’s lots of ways of doing it. The first option we discussed was opening a new location. No matter what you decide, make sure you’ve done your homework. If you’re running a successful business, I’d like you to keep it that way. Next up…franchising.

Franchise
FranchiseIf you’ve created a terrific brand and a very thorough operating systems…I mean, you’ve got it down, literally…on paper…this might be the way to go. Have you had experiencing with franchising? Ever owned one? Know someone who does? I would recommend networking with people in the franchising community. Find yourself a mentor, someone who’s successfully done what you’re considering doing now. You’ll want to become a member of the IFA, International Franchise Association. You’ll want a good franchise attorney, and probably a franchise broker too. The latter is used by more than half of all franchisers, and account for more than 10% of all sales. In other words, you’re going to need to do some research.

FranchisesSo if this seems like the route you want to take, you’ll need to streamline all your internal systems and marketing materials. Look at as if it was your company in a box. If you gave it to someone, could they open it, find the instructions and get started. Kind of a plug-and-play system. The more complicated you make it, the less appealing it becomes.

In order to successfully franchise you’re busy, you need to be ready, willing and able to grow your vision, remain a strong leader of the company and brand, and keep a keen focus on your goals.

If you have any questions or comments,
please write them below or email me at Robert@RobertFinkelstein.com.