Where is the automotive industry in 2015?

It’s a good time to be a part of the automotive industry. While all industries — including the automotive industry — took a hit in the recession of 2008, we have seen great growth along with the rest of the economy. In fact, automotive sales have increased over the past five years, from 2009 to … Continue reading Where is the automotive industry in 2015?

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Why franchising works economically

Franchises offer a lot of benefits thanks to the economies of scale.

When looking to buy a franchise, you may be wondering how the system functions as a whole. It’s good to understand, as you can build your business strategy not just on the franchise model, but with an understanding of how it functions normally. You’re probably thinking that there’s more to franchising than paying some fees upfront, … Continue reading Why franchising works economically

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What makes a good franchisee?

Being a good franchisee means having unique traits different from mere entrepreneurship.

You may be thinking about buying a franchise right now. You like the idea of working with a trusted brand, along with starting your own business. However, being a franchisee is unique from other forms of entrepreneurship. There’s so much that goes into a franchise that you wouldn’t think of if you were to start … Continue reading What makes a good franchisee?

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Talking to other franchisees

Talking to franchisees can help you understand what you're getting into.

There is a lot of research you have to conduct when looking to buy a franchise. You should read as many documents as possible regarding the franchisors you want to work with, learning as much as you can. This information can make you a better-informed entrepreneur. However, it’s important to remember that a franchisor has … Continue reading Talking to other franchisees

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Investigating a franchise with the franchisor

There a lot of questions that should be asked during the interview between franchisor and potential franchisee.

When you’re looking to buy a franchise from a specific franchisor, you should learn as much as you can about the company. That includes reading over the franchise disclosure document, doing research and finding out what options you have in terms of purchasing it, among other things. One of the most important ways of learning about … Continue reading Investigating a franchise with the franchisor

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Being prepared to buy a franchise

Being ready to take on a new franchise requires preparation.

While buying a franchise can be a great way to run your own business, it’s also a major investment. Depending on the location, size, brand and market for the franchise, you could be looking at dropping  a significant chunk of money just to get the property and brand. And then there is the time spent getting … Continue reading Being prepared to buy a franchise

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9 ways a franchisee can give back to the community

Being a part of the community means more than just helping out customers.

  Being a franchisee means more than just knowing how to run a business. There’s also talking to customers and working with them to solve their problems. Within your store, you’re working closely with employees so that they can help your store perform well. You also have to work closely with local and national suppliers … Continue reading 9 ways a franchisee can give back to the community

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