How to Expand Your Business Though Franchising 2014

Franchising is Not a “Get Rich” Scheme If your interest in franchising is not driven by a genuine desire to expand your business, then franchising is not right for you. Franchising is some type of get rich quick scheme or opportunity. In every business - including a franchised business - success is not automatic nor quick. If you are interested in franchising because you want to “make money fast”, I will tell you that you do not have the right mindset and you will be making a mistake. Franchising is a proven expansion option and expansion vehicle, but, like anything else, you need to build it up, you need to work at it, and you need to insure that the franchise system that you create is a “win-win scenario” for you as the franchisor and for the franchisees who will be placing a significant amount of trust in you. So franchising is not a get rich quick opportunity, and is not a decision to take lightly. Although franchising is something that may be readily achieved, once you are involved, you will be engaged in a development process, and a very rewarding one. Can franchising help you level the playing field? It can and let me share my perspective on this important point. Well, I have been a franchise lawyer for many years, and in the past few years, I have also had the opportunity to follow my passion and develop a franchise company. I can tell you that, on a personal level, franchising truly is an opportunity to level the playing field. It is an opportunity to take what was or is a small local business and to create a national brand. Throughout the country franchise success happens every day. To be certain, there are also franchise failures, but from my perspective these “failures” have much more to do with perspective, approach and execution and not the franchise business model. So franchising is a very real opportunity for you, it is something to build around if it is right for you and your business and you work hard at it. 5 • THE INTERNICOLA LAW FIRM, P.C. One of the most important things that I have come to know both, in business and in franchising, is that it is not the best idea or franchise concept that necessarily succeeds in the marketplace, but, rather, the business that “executes” best. So, you probably have a good business, and you probably have good business systems, but what’s going to decide your success is whether or not your get started and, once started, how well you execute and continue to execute. You need to keep pushing on a daily basis. Just because you have the best idea or best product means nothing if you don’t execute properly. You are not going to survive in the marketplace on good ideas alone and if you don’t get started and you fail to launch then, for sure, success will not be possible. Is franchising right for your business? Now, this brings us to a very big point to discuss. For those of you participating in this conference, reading these materials or listening to the CD, I think it is safe to say you are looking for something more, to expand your business and for many good reasons you are drawn to franchising. Like many others, the question you have and the one that I am asked often is whether or not franchising right for you and your business? I can tell you that there are a ton of a franchise consulting companies, lawyers and others out there that will try to sell you very expensive “feasibility studies” that really tell you nothing. Feasibility studies are about your business - the one you built and know better than anyone else - they really don’t help answer the franchise question of whether or not franchising is right for your business. [

How to Expand Your Business Though Franchising 2014 | Page 10