We’ve all heard the failure rate for new business concepts. As much as 50 percent of new businesses fail within their five years of operation, and just one third of those that survive that timeframe make it to 10 years.
The Emerging Franchise Brand
A franchise provides opportunities to entrepreneurs who want to open and run their own business. The franchisor owns the brand and through a licensed relationship provides rights to franchisees that own individual locations. This agreement allows franchisees to use the brand name and trademark as well as utilize the business system in their market.
5 Common Mistakes Emerging Franchisors Make And How to Avoid Them
You have to expect some mistakes will be made, but you can save yourself time, money and some headaches if you learn from the pitfalls many other franchisors have experienced. Here are the five most common mistakes emerging franchisors make with tips on how you can avoid making them.
The 5 Most Common Challenges You'll Face in Your First Year as a Franchisor
The most common trials for franchisors during their inaugural year include undercapitalization, building infrastructure, awarding franchises to the wrong candidates, the inability to build strong relationships with franchisees and converting to franchisor from business owner.