Franchising News
Franchisers Can Stick To Friends And Family At First, Story Says
Written by Jenna Weiner
Published: 7/6/2011
In recent SmartMoney article, reporter Angus Loten, a small-business reporter for the Wall Street Journal, wrote some franchising news that could be useful for business owners.
In recent SmartMoney article, reporter Angus Loten, a small-business reporter for the Wall Street Journal, wrote some franchising news that could be useful for business owners.
Loten wrote that those who are looking to franchise may want to start small and stick with who they know when it comes to opening their initial locations. Those wary of giving a complete stranger a 10-year franchise agreement can see if any of their family members or friends want to run the first few stores, the news source said.
"That can be successful if they're savvy business people, but you can get burned if they're not the right fit," Christine Freidberg, director of FRANdata, a franchise research group based in Arlington, Virginia, told Loten.
Freidberg suggests starting off the initial franchise expansion effort in the immediate area and getting involved with neighboring communities' chambers of commerce.
On FranchiseHelp.com, Christopher Conner, president of Franchise Marketing Systems, a franchise development and marketing firm, writes that franchising a business can be one of the best recipes for having a stable company.
Conner said that the most successful entrepreneurs write out long-term goals that put into place the correct systems that anyone can run before expanding.
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