The Franchise Business Model

Idea_Thinking_Woman2Franchising is one of the most ubiquitous business models used in today’s commercial sphere.

The Franchise Business Economic Outlook for 2015, published by the International Franchise Association Educational Foundation, reports that in January 2015, a total of 781,794 small U.S. businesses are franchises. Statista, a statistics portal, estimates that the economic output from these small businesses will generate $889 billion.

With such a foreseeable impact on U.S. businesses and the nation’s economy, some people may be asking: “Exactly what is the franchise business model?” (more…)

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How MyCorporation Helps Franchises

Recently we’ve started exploring an often over-looked sector of American small business – franchises. Franchising is a major part of our economy, accounting for 4-5% of the country’s GDP, according to the IFA. It’s also a great way for people to be their own boss and open a business, without having to start from scratch. FranchiseA misconception amongst would-be franchisors, however, is that they’ll get everything they need from the main-office. While that’s partly true, there are a lot of ways MyCorp can help franchisors.

We act as another level of support

When you buy into a franchise, you usually get three things from the head office – a right to use its name, access to its system of success, and some assistance when you first start out. (more…)

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Experts Weigh In: What have you learned from owning a franchise?

How to Brand Yourself in Local MarketsOwning a franchise is a completely different experience than owning your own, independent business. For this segment of “Experts Weigh In,” we asked our franchise experts what they’ve learned about the franchise experience and what they would tell potential franchise owners. Here were our 14 favorite answers:

1.“As a franchisee with Brightway Insurance, I learned about the incredible support available to me within the Brightway system vs. the support I would have had if I struck out as an independent insurance agent on my own. From technology to telephony to business analytics to marketing, it’s like working at a large corporation with a terrific infrastructure but still being my own boss and responsible for building my own business. 

If someone is interested in getting involved in a franchise, I’d tell them to ask a lot of questions about the support available to them and the track record of the model. In most cases you should find something that has been thought out, tried, tested, and proven so all that is left is to leverage it.” -Billy Wagner, Brightway Insurance, Inc. (more…)

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Follow Your Business Bliss: Let Your Passions Be Your Guide

David NilssenBy David Nilssen, CEO & Co-founder, Guidant Financial

Follow your bliss. We’ve all heard this simple advice, stated succinctly by writer and mythologist Joseph Campbell. We’ve heard it so often that maybe we’ve lost sight of Campbell’s intent. It wasn’t permission to do nothing, or to squander our gifts. In saying “Follow your bliss,” Campbell exhorted us to action. To proactively seek out what we’re passionate about and build a life around it. After all, if you’re doing what you love, it doesn’t feel like work—but you can make it your living.

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Buying a Business? Play to your Strengths

David NilssenBy David Nilssen, CEO & Co-founder of Guidant Financial

We all have dreams. They start off big when we’re very young. As we grow up, most of us temper our ambitions with a dose of reality and a need to fit in—to do what others do. This is true for aspiring (and frankly existing) entrepreneurs.

First, let me say that not everyone is cut out to be an entrepreneur. There is tremendous potential for reward—both material and in personal freedom and satisfaction—but there is risk in entrepreneurship, and a fearful or risk-averse person should not attempt it.

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