The Franchise Academy Blog

The lure of franchise ownership can be a heady experience. You imagine the thrill of being your own boss, creating wealth for yourself instead of someone else. But you don’t want to enter the search process unprepared, susceptible to mistakes.

There are many good sources of information about franchise opportunities.  For most people, the process that makes the most sense is to first make sure you understand the business model of franchising.  After you’re clear on what franchising is all about, then you can try to identify industry segments that may be of interest to you.  Finally, you can research individual companies to see which ones match best with what you are looking for in a franchised business opportunity.

So, you've invested in a franchise, now what? Are you ready for the fun, the money, the freedom and living on easy street? Ok, not so fast. Buying a franchise does not guarantee success, just as joining a gym does not guarantee that you’re going to get in shape. In a franchise business, just like the gym, you have to show up, follow the program and do the work.

Taco Bell is executing a large expansion across the United States and is looking for Franchise Owners. Whether you like Taco Bell's food or not, it's a good food franchise to own, if you're interested in food concepts.

I was the area developer for Maui Wowi Smoothies in the greater New York market several years ago. I was responsible for helping new franchises in my jurisdiction find their locations and help with getting set up and execute a grand opening. My support would continue after they opened offering best practices. People looking to buy into the franchise would call me and say, “If I can get Yankee Stadium as a location, I’ll buy the franchise.” I would share that I know the people who run the food concessions at Yankee Stadium and once you’re a franchisee, I will introduce you. Many would go around my back and call Yankee Stadium to talk with the food and beverage manager, Jamie, at the time. Jaime, who had been working at the stadium for 40 years, would chew them up and spit them out. I would never hear from the prospect again. One day in 2002, a prospective buyer of Maui Wowi, named of Mitch, heeded my advice and bought the franchise first. The week after he signed his agreement we got a meeting with Jamie and Mitch got a location near gate 4 at Yankee Stadium and killed it! My point is, the franchise has the resources, the clout and the know-how regarding real estate. They don’t want you to open in a sub-par location and fail. That is not good for anyone. There has to be a level of trust between the new prospective franchisee and the franchise company.

When I was in high school, more than three decades ago, music was my thing, especially heavy metal. Living in Brooklyn, NY, going to Lamour’s nightclub, was a weekly ritual for my friends and me. By 1981, the club was transitioning from a 70’s discotheque to a rock and roll concert hall. Many tribute bands played Lamour’s but every few months the band Twisted Sister would play at the venue and it was always an iconic night. My friends and I would don our Twisted Sister tee shirts and have our SMF (Sick Mother F..ker) fan club membership cards in hand and off to the show we’d go.

I get the question all the time; is it better to franchise - Buying a franchise seems to be more expensive than starting something from scratch? Yes, on the surface, franchising does seem more expensive. That’s until you understand the real costs of starting a business on your own.

September 13, is National Franchise Day. It’s not nearly as significant as President’s Day, Martin Luther King Day or national pancake day - when everyone gets free pancakes at IHOP, but it’s important, nonetheless. 

I have a confession to make.