Month: November 2016

F is for Franchising

Posted on by franfrog2016

Looking into franchising is one of the most popular and most common ways of entering into the world of business. First time entrepreneurs and even expanding business owners find franchising as a profitable and easily feasible venture. Even people with minimal knowledge about commerce can now start a business once they have identified the right franchise for them.

Before you go around looking for the right franchise, you must have a firm grasp of what franchising really is.

Let us discuss the basics.

As defined by Entrepreneur.com, Franchising is a method of doing business wherein a franchisee is granted the right to engage in the business of offering, selling or distributing goods or services under a system prescribed in substantial part by a franchisor. The franchisor also provides the trademark, the trade name, logo and advertising.

Franchising is a form of a contract. It is an agreement between the Franchisor and the Franchisee outlining what each could do for the other. This agreement usually contains the use of company name, use of the franchise system and franchise fees.

The franchisee is allowed to use the company name of the franchisor. As franchise brands are already established and may already be popular, there is then no need for the prospective entrepreneur to think of a brand. The franchisor is lending its name to you.

Most businesses, even with the vision of a product or a service, still have a hard time initially. This difficulty stems from the complexity of creating a system that works for the business. You would have to create protocols, establish guidelines and implement standardized procedures. It is admittedly a daunting task, especially for people who do not have previous experience in handling or starting up a business. In franchising, the franchisor is lending you a tried and tested system of the franchise brand.

It looks like you are being handed free lunch because everything is ready for you. But franchising is far from free. You would have to pay a franchise fee to the franchisor once the agreement is underway. Franchisors also normally charge royalty fees on a regular basis depending on the agreed terms.

Franchising is a challenge, as with any other type of business. You need hard work to succeed in business. Couple your hard work with our knowledge at Fran Frog and you will find a sure-fire way of achieving your goals. We are not just a franchise consulting agency, we are your family.

Three Frachisee-Caused Reasons For A Franchise To Fail

Posted on by franfrog2016

There is really no fool-proof strategy to succeed in business. There are a lot of major and minor factors that can contribute to its success or failure. Even in franchising where almost everything is ready-to-go, there is still no guarantee for it to really prosper. There are factors both franchisor-caused or franchisee-caused that can still cause it to fail despite its proven effectiveness in other branches.

In this article, we will talk about those things that are influenced by the franchisee which can lead to the failure of the business. Below are three of them:

1. There is no real passion about the business in the first place.
Most successful businessmen did not start by pursuing money, they started by pursuing their passions. This is where most catastrophes happen. When people franchise a business that does not capture their heart, they will not have a strong desire to really pursue it nor will they have their own inputs about it. Sure, franchisors have their established system but without great ideas and strategies on how to implement them, which can only come from a place of fervor, on how to implement them, such a franchise is bound to fail.

2. Insufficient investment funds.
Some franchise businesses may be cheaper than others, but still any entrepreneur who is interested in franchising should have enough funds to back-up the starting business. There will always be other miscellaneous expenses like utility bills and rent. If the money coming in is insufficient, at least in the first few months, it will be very difficult to continue the business, or hope for it to ever succeed.

3. Unrealistic expectations leading to real frustrations.
Some franchisees set the wrong expectations for the wrong business. This happens to a lot of people who have not gotten proper advice before undertaking a franchise business. When their desired results do not happen, they lose heart and dare not keep on with the business they have chosen.

Franchising may be relatively simple but it is not at all easy. That is why we need all the help we can get to make the right decisions before even taking our initial steps. When it comes to this, a franchise consulting agency can be very helpful especially to newer entrepreneurs. These agencies help aspiring franchisees to understand their goals and to find the perfect franchise business that will help them achieve those goals. Aside from that, they will help them understand if it is really the right venture that is fit for their personality, expertise, and even resources. To succeed in anything, it is always best to make informed decisions from the very beginning.

For your franchising decision needs, call FranFrog at 1-800-388-2810.

3 Advantages Of Working With A Franchise Consulting Agency

Posted on by franfrog2016

Working Together At Office

Purchasing a franchise can be quite an overwhelming decision. After all, you have to choose from hundreds of concepts and thousands of franchises to potentially work with! To help you narrow down your decision, we at FranFrog, your friendly franchise consulting agencyis here to help.

Still hesitant about working with a franchise consulting agency? Well, here are some benefits that it can bring you:

They have a wide reach.
If you are new to the business world, tendency is you might not have that wide of a reach yet. And by this, we mean that you might not have that many connections as of the moment – and that is okay; after all, you are just starting out. However, when you work with a franchise consulting agency like ours at FranFrog, you will be able to utilize our wide reach and connections!

After all, aside from the most well-known franchises like, McDonalds, Dairy Queen, and etc., there are literally millions of franchise prospects for you to choose from. At FranFrog, we can help you narrow down this long list and find “the one” franchise company that best suits you.

They can help you save time.
In your quest to find the best franchise that you want to work with, you will have to do exhaustive research into thousands of possible choices. To help you save time, a franchise consulting agency like us at FranFrog can help you sort through your choices! We can help you sort through information; and we can help you deal with a lot of the paperwork that comes with franchising.

They can help you in choosing what kind of funding suits you best.
There are several ways for you to fund your franchise. Nonetheless, if you are new to the industry, you might be overwhelmed by the countless funding options that you have to choose from. At FranFrog, we can give you an insight into the many lending plans you can use and help you narrow down which one suits you and your finances best.