Guide to Today's Top Franchises - 2016
The 200 best franchise opportunities for 2016 as rated by current franchisees.
The 200 best franchise opportunities for 2016 as rated by current franchisees.
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SPECIAL REPORT: <strong>Top</strong> <strong>Franchises</strong><br />
Left: Firehouse Subs franchisee, Val Lemoine, owns two locations in Georgia.<br />
Right: (from left) DreamMaker Bath & Kitchen of Ann Arbor, MI owners, Bob Ender and Lee Willwerth, <strong>to</strong>ur a job site with a carpenter and DreamMaker President<br />
and CSO, Doug Dwyer.<br />
says Mike Powers, Managing Direc<strong>to</strong>r of<br />
Painting With a Twist. “There is no substitute<br />
for being personally present, interacting with<br />
cus<strong>to</strong>mers, and leading your team.”<br />
FUNDING YOUR DREAM<br />
“To raise a present sum:<br />
therefore go forth.”<br />
(The Merchant of Venice)<br />
It’s essential <strong>to</strong> crunch the numbers in order<br />
<strong>to</strong> know how much you will truly have <strong>to</strong><br />
invest in getting a franchise open and running<br />
prior <strong>to</strong> purchasing one. Franchise fees range<br />
from as little as $500 <strong>to</strong> millions of dollars<br />
and set-up fees vary greatly as well. Almost<br />
all new franchises require initial advertising,<br />
inven<strong>to</strong>ry, and promotional expenses. Others<br />
may involve build-out, inven<strong>to</strong>ry, equipment,<br />
insurance, rent, signage, grand opening, and<br />
other costs. In addition, you must be certain <strong>to</strong><br />
have enough money saved <strong>to</strong> live comfortably<br />
until your business is generating enough profit<br />
<strong>to</strong> provide you with some income. Once your<br />
business is off the ground, ongoing expenses<br />
will include royalties, marketing, and interest<br />
payments if you <strong>to</strong>ok out a loan. Depending<br />
Questions <strong>to</strong> Ask Franchisees<br />
1. Did the opening of your business go according <strong>to</strong> plan?<br />
2. How effective and useful was your initial training and is the ongoing training?<br />
3. How much support does the franchisor give you on a day-<strong>to</strong>-day basis?<br />
4. If you run in<strong>to</strong> problems, does the franchisor help you solve them?<br />
5. Does the franchisor visit you regularly?<br />
6. How helpful are the operations and training manuals?<br />
7. If the franchisor supplies products, do they arrive on time and is their quality consistent?<br />
8. How long did it take <strong>to</strong> break even?<br />
9. When did you make a profit?<br />
10. What was your first year gross revenue? What is it now?<br />
11. Has turnover and profitability been in line with what the franchisor <strong>to</strong>ld you it would be?<br />
12. Does the franchisor facilitate franchisees interacting with each other? If yes, how?<br />
13. How helpful are the other franchisees?<br />
14. What do you wish you had known going in<strong>to</strong> business that you did not?<br />
15. Is there anything you would have done differently?<br />
For more information on this report, visit: www.FranchiseBusinessReview.com | 21
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