FranNet of NJ & NYC

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Although the “American Dream” is slowly denigrating under a further understanding of corrupt governmental and business structures which inhibit the success of certain individuals and communities – no...

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A Franchise with a Friendly Face: Engaging with the Social Media Landscape - Frannet of Nj & Ny

As the hub of social activity and networking, franchises in NYC have a unique opportunity to take advantage of the powerful tool of social media in the modern marketing landscape. In order to capture the consumer’s attention, one must appeal to the avenue of communication that garners a vast majority of the average consumer’s time … Continue reading A Franchise with a Friendly Face: Engaging with the Social Media Landscape →

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First Time Entrepreneur? Why Franchising Might Be Your Best Bet!

Although the “American Dream” is slowly denigrating under a further understanding of corrupt governmental and business structures which inhibit the success of certain individuals and communities –  no matter how much effort they exert and hard work they put in – there are still aspects which ring true today. More often than not, America does offer great opportunity for stability and success for the average individual – much more than in past centuries. Of course the beating heart of America, and one of its most beloved locations, New York, captures the ethos of the business world within the city.

If you are looking to invest money and hard work into that which has a high rate of stability and chance of success, the world of franchising may be of great interest to you. Although times are changing and the market is moving toward ever evolving structures of experience-oriented sales within their target market, the concept of the franchise has stood the test of time and proven to be a worthwhile choice for thousands of Americans.

Here are some positives of Franchising that may entice you to consider investing in such an endeavor in your own life.

 1.       EasyStartup

 When you buy into a franchise, all the technicalities are taken care of right off the bat. Instead of having to struggle to find a desirable location, carrying out market-analysis and many other logistical elements, these elementshave most often already been addressed on your behalf. With a “plug-it-in” approach, franchising does the hard groundwork and allows you to plug in all the different aspects to a preset formula. The simplicity of purchasing a franchise is a consistent point of attraction for New York business men who are looking for a successful formula that they can be apart of.

 2.       Bulletproof System

 Based on the franchise, there are differing levels of wiggle-room to experiment with advertising and other abstract elements. However, a constant aspect of franchising is the fact that a reliable and effective system has been instituted which will aim you toward success.As long as you adhere to the standards and regulations of what the franchiser expects from you, the proven system will get you where you want to go, without having to deal with the stresses of an individual business start-up.

 3.       Established Brand

 When a brand new Taco Bell or Dunkin Donuts pops up on a street corner in New York, the local group of highschool kids, or the rushed mother trying to get dinner together for her family, could not care less about who is running the business. Instead, with a brand that they recognize and a product they’ve come to trust though work that is entirely beyond your efforts, you shouldhave some built-in business without the hassle of attempting new advertising strategies or else having to worry about competing locations that sell the same product. The customers will not be dissuaded by your personal humble beginnings, but will have faith in the overarching brand that you represent, which gives both you and the customer peace of mind.

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Keep Your Day Job: Tips For The Semi-Absentee Franchise Owner - Frannet of Nj & Ny

Working full time while building a semi-absentee franchise is a tall order, but here are some tips to keep in mind and you will be well on your way to success.

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How Franchise Owners Can Turn Their Setbacks into Victory

Running your own franchise can be an incredibly rewarding experience, but like everything else in life that is worth doing, it is not without its challenges

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New Jersey franchisees typically have a number of excellent traits in common that help them run successful businesses

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Inspiring Success: Quotes for New York Franchise Owners to Hang on their Wall

As a general rule, New York franchise owners tend to be positive individuals with a lot of drive

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Two Up And Coming Franchises In The Musical Education Industry

Interested in a franchise that moves to the beat of a drummer? The start-up cost for this unique music school franchise is between $370,000 and $522,500

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Your mind is made up. After countless hours of research, meeting with your FranNet franchise consultant and weighing all the pros and cons, you’ve decided on a franchise that is right for you. Now...

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Some franchisors in New York allow their franchisees to operate their own social media accounts for their franchises while others prefer that these platforms only be operated at the corporate level....

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Questions you’re dying to ask about franchise fees

Your mind is made up. After countless hours of research, meeting with your FranNet franchise consultant and weighing all the pros and cons, you’ve decided on a franchise that is right for you. Now you’ve only got to sign the contract, go through the training and pay the fees. But speaking of fees… maybe you’ve got a few questions.

Since a franchise is such a big investment, it’s important to ask any questions you have about these fees – and get answers. Here are a few common questions (and answers!) that new franchisees ask about franchise fees:  

Q. What is an initial franchise fee?

A. This is the upfront amount you have to pay to join the franchise. It is usually a flat rate. Sometimes there is a discount in the initial franchise fee for veterans.

Q. How much are initial franchise fees?

A. It depends on the franchise. Some franchises can have fees of only a few thousand dollars while others have fees in the tens of thousands. In general, the average initial franchise fee is around $30K.

Q. What do I get in exchange for my initial franchise fee?

A. When you pay your initial franchise fee, the main thing you are paying for is the right to use your franchisor’s business system, name, brand identity and products within a specific territory or area. Some initial franchise fees also include some marketing to help you launch your new franchise.

Review your Franchise Disclosure Document carefully to see what your fees include. If you have any questions, be sure to ask before signing.

Q. Will I have to make additional investments in my franchise once the initial fee is paid?

A. Yes, besides the initial franchise fee there will be other costs involved. For example, you will most likely have to pay a royalty to your franchisor which can either be a percentage of gross sales or a flat rate. Often the higher the royalty is, the more established the franchisor. In general, the average royalty is 6% to 8% of gross sales.

You may also have to pay additional marketing fees, technology fees, or accounting fee. You might not have to pay any of these fees too. It all depends on the franchise. Then you need working capital to cover any build out and equipment, etc. Any business also has ongoing costs as well such as payroll and inventory too.

Q. How may I learn more about franchise fees?

A. The first place any new or potential franchisee should go to get information is their Franchise Disclosure Document. The will not only outline what you need to know about the fees of a specific franchise but also other important financial and historical information including any history of bankruptcy and litigation. In a Franchise Disclosure Document, section five will outline the initial franchise fee, section six will outline other fees, and section seven will outline working capital.

Q. Can I get financing to pay the initial franchise fee?

A. Yes and no That answer depends on how you want to finance your business. New franchisees have a number of financing options available to them including SBA loans, 401k rollovers as well as private loans. Your franchise consultant will be able to share a number of programs with you that you might be eligible for.

Having questions about franchise fees is of course very natural when you are investing a large sum of money into a business. It is important that you take the time to have your questions answered before you invest. Doing so will help give you the confidence that you have made the right choice – or – if any red flags are raised, it may encourage you to seek out another opportunity.

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Facebook 101 for Franchise Owners

Some franchisors in New York allow their franchisees to operate their own social media accounts for their franchises while others prefer that these platforms only be operated at the corporate level. So before opening up a Twitter account or creating a Facebook page for your franchise, it’s important to know what the rules are for your particular business. If you are allowed to have your own franchise accounts, it can be to your benefit to do so as long as you know how to maximize your ROI. In this article, we will discuss how franchisees can make the most of Facebook business pages:

Let’s take a look at a few tips from the pros:

1.       Offer a peak behind the curtain

Like other social media platforms, Facebook is about building a relationship with your audience. One way to do this is to let your viewers feel that they have the “inside track” on what is going on at your business. For example, if you are conducting renovations, post a few photos of the transformation as it takes place. If your business hosts birthday parties for children, post a few photos of your employees as they decorate! Be creative and encourage your audience to be as excited about the things that go on behind the scenes as you are.

2.       Upload videos straight to Facebook

If you have a YouTube account for your franchise, chances are that you are still posting YouTube links on Facebook. But Facebook now offers the option to upload videos directly to Facebook instead. What is the advantage of this? It’s really quite simple – Facebook’s algorithms will give priority to Facebook videos over YouTube videos – which means that when you upload directly to Facebook, more people will see your video in their newsfeed.

3.       Share exclusive offers

If you want customers and prospects to “Like’ your franchise’s business page, then one way to attract them is by offering incentives. Facebook is a great platform to share special deals and coupons to your devoted fans. Not only will this help attract more business to your franchise, but you’ll also see an increase in followers looking to cash in on the next deal.

4.       Run a contest

There are many ways that you can run a Facebook contest while promoting your franchise at the same time. One idea is to have a photo contest where patrons take photos of themselves at your establishment. You can either choose the winner yourself, or you can have them share the photo to get as many “likes” as possible from their friends and family. This second method is a great way to introduce your business to even more people. Just make sure you follow the contest terms and conditions set out by Facebook along with local contest laws.

5.       Interact with your fans

Unlike other forms of media, social media is a two-way dialogue. When people post comments on your page – even negative ones – it’s important to respond and show them that you’re listening. It’s also a good idea to interact with other pages.

For example, did your employees participate in a fundraiser for a local charity? Then post a picture of your team on that charity’s page!

6.       Create a custom tab

This final point takes a little more programming knowledge, but it’s worth doing even if you have to pay a third party. Custom tabs can be created for your franchise’s Facebook page for a number of purposes. These might include a menu if you serve food, a quote calculator or calendar of upcoming events.

As a New York franchisee, you can use Facebook for the benefit of your business – but it pays to know the tricks of the trade.

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Top Organizational Apps for New Franchise Owners - Frannet of Nj & Ny

As you embark on your new franchise, you know that it will be an exciting journey. But at times it can also be a stressful one – there is so much to do and so much to keep track of. Entrepreneurs have always sought out ways to make the task of organization a little bit … Continue reading Top Organizational Apps for New Franchise Owners →

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Married and Operating a Franchise Together - Frannet of Nj & Ny

Are you thinking about getting into a franchise business but would like to do it with a partner? And is the business partner that you’re thinking of also happen to be your life partner? Operating a franchise business with your spouse or significant other can be a wonderful adventure, but there are also some pretty … Continue reading Married and Operating a Franchise Together →

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Franchise Profiles: MidiCi and Club Pilates - Frannet of Nj & Ny

Today we are going to discuss two fresh and exciting franchises that can work on the semi-absentee model: MidiCi and Club Pilates.

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For the last 30 years, Oliver had been working as a successful global financial sales & trading professional. The only problem was – his commute was a killer.

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Questions To Ask Yourself before Choosing a New York Franchise

If you’ve been considering investing in a New York franchise, you might be wondering where to start. You probably have been presented with a number of interesting options by your franchise consultant and are wondering the best way to narrow down the field and decide which franchise is right for you. Fortunately, the process is not too difficult. There are certain key questions that you should ask yourself when making your decision.

1.       What will it take to make me happy and successful in my New York franchise?

Consider the answers to this question as your list of “must-haves”. What are you going to require to have long term contentment with your franchise? Most entrepreneurs of course, are going to include a certain level of income on their list.

What else do you NEED to have? A certain amount of time off to spend with family or to travel? The opportunity for continued learning? An element of fun? Whatever you need to have to be happy and consider yourself successful – compile them in a list and see if it matches up with what you think you can expect from the franchises that you are considering.

2.       What is your ultimate goal?

Even though you’re just embarking on your journey as a franchisee, you should still look ahead to what you want the end of that journey to look like. Is your goal to run one successful business and make enough to support your family – or do you have loftier goals of owning multiple units.

Before you decide on which New York franchise to invest in, you should see whether that franchise is compatible with your endgame.

3.       What won’t I do?

Let’s face it – we all have things we don’t like to do, so it’s a smart idea to avoid franchises that might include duties you really aren’t willing to undertake. Afraid of dogs? That pet grooming franchise is probably a bad idea? Does the idea of cleaning a grease trap make you feel like barfing? Food service might be a bad fit.

Remember, even if you plan on hiring employees to do much of this work there may be occasional times when you’ll have to do the work yourself. As a general rule, if the business involves jobs that you are not willing to do, you should keep looking.

4.       Are my skills a good match for the franchise?

This question is not as easy to answer as it may seem at first because often what you perceive to be the necessary skills for a particular franchise may not be the same skills that the franchisor is looking for. For example, if you are a licensed mechanic you might think that a franchise that does car repair is ideal – in reality however, the franchisor might be looking for franchisees with skills in sales and HR – and expect the franchise to hire their mechanics. This is where the value of having a franchise consultant really comes into play, as they can help match your skills to suitable franchises.

Take some time and see if you can find a suitable New York franchise that aligns with your passions.

Answering all of these questions honestly, will help to give you a good idea of which franchise opportunities might be right for you.