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Showing posts with label Franchising. Show all posts
Showing posts with label Franchising. Show all posts

Saturday, October 6, 2007

Hot Franchising Opportunities for 2007

Entrepreneur magazine published a short franchising opportunity article listing the hottest trends for 2007. The top seven categories are:

  1. Senior Care Services - The aging population in the United States makes this category an obvious target for up and coming businesses.
  2. Personal Care Services - The aging baby boomers want to look young and there are numerous franchises that are ready to cater to their wishes.
  3. Enrichment Learning Programs for Kids - The tutoring, assessment, test preparation and supplemental content suppliers markets are growing at 6% annually. Americans obviously take their children's learning very seriously.
  4. eBay Drop-off Stores - Online auction business (led by eBay) is still growing at a rapid pace. I don't find it difficult to sell on eBay, but it seems that many people are ready and willing to pay good money to have other people sell their stuff!
  5. Food - Given the obesity problem in the United States, it shouldn't surprise anyone that food franchises are still growing rapidly. Fortunately, franchises that serve healthy alternatives are growing at a rapid clip.
  6. New and Unique Concepts - Wacky (or unusual) ideas often get a lot of press coverage which helps a small business take off. Franchises like Cereality (hot and cold cereals) and the Miami Rice Pudding Company are expanding fairly rapidly.
  7. Business Consulting/Staffing - Businesses need employees and expertise at certain times which drives this market niche. The Bureau of Labor Statistics predicts that staffing services will grow rapidly over the next ten years.

So if you are looking for a franchise opportunity, you may want to investigate these areas first and see if there is an opportunity that is a match for your skill set and expertise.

Tuesday, September 25, 2007

Top Ten Mistakes of Prospective Franchisees


Evaluating a franchise opportunity is a tricky business. Roger C. Rule, writing for Inc. Magazine provides this list of the top ten mistakes that people make when exploring franchise offerings:

1. Not reading, understanding or asking questions about the disclosure document.
2. Not understanding or having an inaccurate or incomplete interpretation of the franchise agreement and other legal documents to be signed.
3. Not seeking sound legal advice.
4. Not verifying oral representations of the franchisor.
5. Not contacting enough current franchisees.
6. Not confirming the reasons for failed franchises.
7. Not having enough working capital.
8. Not recognizing the need for financing, not knowing how to make a proper loan request and not developing a true and accurate financial statement.
9. Not meeting the franchisor's key management personnel at their headquarters and the field representative assigned to your territory.
10. Not analyzing your market in advance.

Be sure to check out the full explanations of the items in this list at the Inc. Magazine web site.

Related Posts:
Free Business Plan Templates
Low Cost Franchises

Friday, September 14, 2007

Small Budget? Try These Low-Cost Franchises



Want to start a business but you are low on cash? Entrepreur lists the top low-cost franchises for 2007. Many of these cost less than $50,000 and some are even as low as $2,000! As always, you need to do your homework which should include interviewing other owners of the same franchise to satisfy yourself that any claims and estimates the franchisor is making are reasonable. Click here for a great list of questions to ask franchisees before investing.

See you on the Fortune 500! Use this handy product to learn learn all about franchising!

Related Posts:
Top Ten Mistakes of Prospective Franchisees
Free Business Plan Templates

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