Franchising Articles Authored by Rick Bisio
Being a thought leader requires the willingness to take the time and effort to provide relevant commentary on subjects related to franchising. All of the articles in this section were written by Rick Bisio and The Educated Franchisee. They share best practices and are designed to leave the reader with practical nuggets of information. Many of these articles have been reproduced, with our permission, within various publications and forums. 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. Simply ‘Click’ on an Article Heading to read the full version. If there are subjects that you would like more franchise information on, please feel free to contact us at firstname.lastname@example.org, your question may become the subject of our next franchise article.
|Franchising Articles by Rick Bisio|
|Success in Three Easy Steps|
As a Franchise Coach, I mainly deal with entrepreneurs and people who want to run their own business. I am commonly asked share my “secrets” to success. If you Google “secrets to success”, you’ll get 145 million responses in about two-thirds of a second!
|The 5 Sections to Pay Close Attention to in a Franchise Disclosure Document|
A great deal of your time and money is on the line, so you need to know everything there is to know about the franchise you want to purchase.
|How Do You Size up a Potential Franchise? Schmooze.|
The six types of franchisees you must talk with to assess whether a particular system is right for you.
6 Franchise Coach Myths, Debunked
Keep it in the Family - Never Forget What's Important
When it Comes to Business, Teach Your Children Well
Today's Job Market: The Modern Day Slave Trade
Limit Your Time and Resources to Truly Master Your Universe
Manage Your Expectations as a Business Owner
The Secret to Success for Entrepreneurs
Mid-Life Hurdles: Taking Control of Your Career
Top 3 Lessons for Franchise Business Success
|Fixed vs. Percent: Understanding Franchise Royalty Fees|
If you’re reading this article, chances are that you’ve been researching Franchises. By now, you should be familiar with a Franchise Disclosure Document or FDD. This is one of the most important documents detailing many of the costs associated with a particular franchise. This article will explore the benefits, and pitfalls, of the ongoing Franchise Royalty Fee. If you’re wondering what these fees are for, the best way to understand it would be to remember that the Franchise Fee is a one time, upfront payment to join the franchise system. The royalty is an ongoing payment made in return for continued support over the length of the franchise relationship.
|12 Reasons You Probably Should be an Entrepreneur|
In a recent online article authored by Scott Dinsmore titled: Full Disclosure: 12 Reasons You Probably Shouldn't Be An Entrepreneur (The story no one tells), Mr. Dinsmore, an accomplished entrepreneur, eloquently catalogs the pitfalls often associated with building a small business.
|Determining time to profitability for a franchise opportunity|
From the time you sign the franchise agreement to the time you can reasonably expect to make a profit varies greatly from franchise to franchise. Due to the fact that franchising exists in approximately 75 different and distinct industries, each situation will be different. In addition, each business owner will approach the objective of profitability differently.
Franchise Discovery Day: Who Should Pay The Costs?
|Understanding Item 19, Part 2: The 4 Types of Item 19’s|
In our previous review of Item 19, we provided a general guide to items found within a company’s Item 19 Financial Performance Representation (formerly known as an Earnings Claim; also known as Article 19). In part 2, we review how these Financial Performance Representations can be useful and their limitations.
|How Much Will I Make With a Franchise?|
At the core of every potential Franchisee is the age-old question: How much money can I make? The Federal Trade Commission (FTC) has enabled Franchisors the ability to offer an educated answer to this question via Item 19 of the Franchise Disclosure Document (FDD).
|Characteristics of Business Owners|
I am often asked, 'What kind of person is most likely to start a business and be successful?' People are looking for the secret. They want to know if there is a specific profile of skills and experience that tends to lead to business ownership and success. The answer is clearly 'No'. I have seen people with many different backgrounds successfully move into business ownership.
|What Is Due Diligence?|
Now, more than ever, the world is full of opinions. False information is not created by accident. It is purposefully created by people who want to sway your thinking. It is your job to determine the difference between opinion and fact. Successful people do not cling to false information because it fits their preconceived ideas. The only way to make great decisions is to be open to learning. The only way to be open to learning is to accept the fact that you might be wrong.
|A Primer on B2B Franchises|
The purpose of this article is to let you know that there's another whole world out there! Business-to-business (B2B) franchises, which provide services to businesses, rather than to individual consumers, are one of the fastest growing sectors in franchising. Products and services range from temporary personnel placement to commercial window cleaning. They include sign companies, computer support, business coaching, printing, marketing services, logo apparel and on and on.
Junk Mail and Due Diligence
|Evaluating a Franchisor Marketing Program|
Marketing should drive customers to franchisees without having to hire and manage an outside marketing firm. A consistent marketing message helps build the franchise brand across the marketing area. Because all the franchisees pay into the marketing fund, the franchisor can hire a strong marketing firm and afford larger media buys that an individual franchisee probably could not afford. And because a large franchisor has enough marketing volume, the franchisor can negotiate national pricing agreements and deliver saving to the local franchisees.
|Evaluating Franchisor Training Programs|
Most franchisors build their training programs on the assumption that you – the new franchisee – have never worked in this business before. Franchisors also assume that you have never owned your own business before. Their intention is to design a thorough training program that positions the franchisee for success. Frankly, some franchisors are better at this than others.
|Franchise Resales - Part I: Advantage and Disadvantage|
Some franchise candidates want to make their mark by starting a franchise business from scratch. Others prefer to skip the startup and purchase an up-and-running franchise business. If you think you might be part of the latter group, here is some franchise information to consider...
|Franchise Resales - Part II: Due Diligence Tips|
Buying an existing franchise will give you a real franchise education! Here is a primer on how to go about looking at an existing franchise...
|Home Based Franchises - Pros and Cons|
So, you think you are interested in a home based franchise. There are myriad advantages to home-based franchises, and a gamut of pitfalls. You have probably thought through many of the “pros” of working from home, so, for this chapter of your franchise education, let’s start with the “cons.” If you make it through those, you might be a candidate for a home-based franchise!
|Making the Most of Discovery Day|
Discovery Day is a two-way street designed for you to discover more about the franchisor, and for the franchisor to discover more about you. Not all franchisors hold discovery days, but most do. Discovery Days are generally scheduled at the end of the discovery process and are held at the franchisor’s headquarters. This ensures that time can be spent focusing on the franchise information issues that can only be answered face to face.
|The Accidental Ambush, Part I|
Perhaps you already have an idea of what type of franchise you’d like. Or perhaps you have no clue. Either way, you are at a critical juncture. Making good decisions now can save you a lot of time and heartache by ensuring you only investigate franchises that might be a good fit for you.
|The Accidental Ambush, Part II|
If you are serious about being a franchise owner, the next step would be to seek advice from business professionals who have practical experience in franchising, in the industry that you are considering and better yet, in the franchise you are considering. The franchisees are a wonderful resource and in most franchise systems they are open and willing to help. An accountant that has experience in this industry and knows the norms regarding profit would be very helpful. A franchise consultant that has years of experience in franchising can provide you with a balanced point of view regarding the opportunity. Finally, a lawyer that specializes in franchising can be helpful in reviewing the structure of the relationship.
|Where to Find Great Franchise Information|
Frankie was eating a sandwich at a fast food franchise. He liked the sandwich. The place was packed. “This place must be a gold mine,” he reasoned. He called the franchisor, carefully read the franchise information the franchisor provided, talked to a number of franchisees, went to discovery day, rounded up his down payment, and opened his doors.
|Will A Franchise Work In My Town?|
There are a number of reasons why a franchise that is successful in one town might do poorly in another. In many cases the difference is the result of the franchisee’s abilities and attitude – in other cases the difference is in the franchise’s territory size, population density, and/or demographics.
|A Bad Economy May be the Best Time to Buy a Franchise|
When the economy falters, many people tend to stop moving forward. But if you have an entrepreneurial spirit, now could be the very best time to take action. History has shown that strong performers tend to take advantage of downturns in the economy, and buying a franchise is one of the top ways to come out a winner.
|Analyzing Franchise Growth|
There are many factors to consider when selecting the right franchise opportunity. Not only do you want the franchise to be a good fit for you – you also want to work with a franchisor that’s going to be around for a long time.
|Are You An Entrepreneur?|
When you think about owning your own business do you think about the freedom of not having a boss? Do you think a franchise business will ensure your success? Do you see entrepreneurship as a route to a flexible schedule, with no one looking over your shoulder, while you bask in the pride of ownership, and enjoy all that money…
|Franchise Myth Busting|
Gathering great franchise information and choosing a proven franchise concept is perhaps the best route to successful business ownership. There are many advantages to buying a proven business but many people are surprised to learn buying a franchise does not guarantee success. This is a fairly common misperception. This article examines some of the realities – and misperceptions.
|Franchising with a Financial Game Plan|
People buy franchises for a number of reasons. Perhaps they aren’t challenged enough in their current job, they recently lost their job or they’re sick of the corporate game. I hear these reasons from my clients frequently, but what I hear most often is a desire to have the kind of lifestyle that can only be created by making more money than they will ever make in the corporate world.
|Understanding The Franchise Agreement|
Up until now, it’s been kind of fun, hasn’t it? This whole ‘franchise education’ process? You’ve told your friends that you’re thinking of being your own boss, you’ve found a franchise that seems to fit your goals and desires, you’ve talked to existing franchisees…and now it’s time to read the Franchise Disclosure Document (FDD) and Franchise Agreement. Ugh. It looks and feels heavy and legal. No fun. Scary even.
|Why Franchises are ‘Awarded’|
Are franchises ‘bought”, ‘sold’ or ‘awarded’? Is the franchisor’s representative in the ‘franchise development’ department or ‘franchise sales’ department? This may seem like semantics but it is at the heart of what a health franchise relationship is all about.
Hot Franchises or Proven Franchises?
Thinking Inside the Box!
|Earning a Six Figure Income as a Business Owner|
Yesterday I received this interesting question from one of my candidates: Hi Rick….quick question…..in talking with a friend this weekend……wondering: is there an opportunity to earn a six figure income with a franchise that is strictly home office-based?…all communication done by phone, email, fax, UPS etc . . .