I don't know about you, but a few years ago I was getting a dozen credit card offers each week and letters from banks begging me to borrow money. Now it is almost impossible to get a business loan or even open a new credit card account. Where is the access to capital for small business? There are thousands of people ready to open their own business. The biggest obstacle keeping entrepreneurs from opening their doors is the lack of capital. Didn't we, the taxpayers, give billions of our money to banks? As the banks tighten their lending guidelines, I wonder how we can... Continue Reading »

As interest rates on credit cards continue to rise, homes values sink and the unemployment rate increases, aren't you ready to take a break from all the negativity that surrounds us and hear something positive? I thought so. I had the opportunity to speak with Julie Clark, founder of Baby Einstein (educational videos for babies), and I wanted to share her amazing story. It's a story of a little startup that made it big. Her story motivates me, and I hope it will motivate you as well. Clark was a former grade-school teacher and stay-at-home mom who had a simple idea.... Continue Reading »

The West Coast Franchise Expo just swept through Los Angeles, showcasing hundreds of franchise opportunities. Because of the increasing number of people laid off recently and the growing uncertainty in corporate America, self-employment is becoming very popular. More and more people are deciding to take their employment and their futures in their own hands through franchising. The expo is a great place to discover a concept that sparks your interest and to speak one-on-one with different franchisers. The expo makes it easy to compare cost, concepts and companies all in one location. From franchises that offer a $10,000 initial investment to companies that... Continue Reading »

I just read an article that claimed franchisers are targeting college graduates to be the next generation of franchisees. The article claims college graduates are attracted to opening their own businesses because they cannot get jobs in this economy. Last week I read another article that claims veterans make the best franchisees because they possess the ability to listen and follow directions. and they are usually very dedicated. An article before that claimed laid-off executives made the best franchisees. They have business skills, are career-driven and do well following a system. Young, old, military or corporate background, it matters who you are more than your background in determining... Continue Reading »

Let's take a break from talking about franchising and talk to people who make franchising work. Welcome to my first blog for the "Whom to Know in Franchising" series. I hope to introduce you to some interesting people in the franchise industry and share with you their insight and experience. For my first blog of the series, I interviewed Lisa Druxman, creator of Stroller Strides. Stroller Strides is the country's largest and fastest growing fitness program for moms. Druxman has more than 300 franchise units, has published a book, Lean Mommy, developed a weight-loss video series for women,... Continue Reading »

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In honor of Labor Day, I would like to take a break from writing about franchising and write this blog about how we work. We have all heard people say there just isn't enough time in the day. The good news is that each of us has 24 hours every day to get things done. You have the same amount of time to run your business every day as President Obama has to fix this country. It's how you use your day that helps you be productive or not. So what can you do to organize your work day? Just... Continue Reading »

Like every other business, the franchise industry has changed due to the limitless access to knowledge on the internet. Before the World Wide Web, people usually researched a few concepts that they knew, liked and trusted. They would request information on four to five concepts, make a decision and open their business. The industry average has been that for every hundred leads franchisers received, they would award one to three franchises. But now it takes more leads to sell one franchise because the internet makes it easier for people to discover different franchise opportunities and request information. Just type "franchise"... Continue Reading »

Now that you have planned to grow your franchise strategically, it is time to talk about the regulations and fees per state. I know what you're thinking: "More fees? I just paid more than $20,000 for my FDD." And yes, unfortunately there are more fees. Each state has its individual regulations, fees and licensing requirements regarding franchising. In some states, there are no additional fees to register. Just compete your FDD and you are ready to start awarding franchises. Other states, like California, require you to submit your FDD, audited bank statements, pay a fee and possibly wait more than 30 days to... Continue Reading »

When you started your business, you put in a lot of time, hard work and research before you opened your doors. Now that you have developed a successful business model, you are ready to grow. If you decide to grow your business through franchising, determining where you will grow your business is just as important as deciding how you will grow your business. How you grow and develop your business can make or break you, so it's important to do the research, access your assets, maybe even speak with a consultant or adviser and strategically plan how and... Continue Reading »