Franchising In The New Millennium – The Latest Trends
Franchising continues to grow as both a methodology to grow and expand a business and as a way to start your own business.
Over the last 3 years over 900 new business concepts have chosen franchising as a way to grow with over 500 of those in 2005 alone. It seems as though franchising has reached such a point of credibility and success that it is a now a preferred method of business development.
While it is true that the vast majority of franchise growth has been in the US there are indicators that growth is starting to take off in Austrailia, India and other countries worldwide.
But are franchises for everyone and how do you make that evaluation for you personally and then how do you make a good decision BEFORE purchasing a franchise.?
Fortunately we have an expert, Marty McDermott of FranchiseInterviews.com to help us answer the obvious and not so obvious questions around franchising.
Marty shares that there are two key factors that should be present before you consider buying a franchise, first it should be a business that you have passion for and second you MUST be willing to follow the system or process that the franchisor has defined. If you are a little more of an ‘outside the box’ individual then you might struggle to have the discipline to follow a system every day.
One of the key tools to help you make evaluation of a franchise is the UFOC or Uniform Franchise Offering Circular. Learn more about the UFOC.
If you want to learn more about franchising, franchise trends and gain insight as to other resources for support in your due diligence process then you need to listen to this show.
It’s easy, just click the link below.
Recorded: August 22, 2006
Duration: 55:34 minutes
About Marty McDermott
Marty is the founder and President of Franchise Interviews. Franchise Interviews gives an up close and behind the scenes look at franchising through their biweekly newsletter.
He is a Marketing Professor for Kaplan University and Gibbs College. He has a Bachelor’s Degree in Marketing, an MBA in International Business and a Post-MBA in Entrepreneurial Studies from Fairleigh Dickinson University. His thesis was on the Internationalization of United States Franchisors in the United Kingdom.
He co-owned FranchiseAmerica.com which was one of the very first websites dedicated to franchising. He has been interviewed by the LA Times on trends taking place in franchising.
He has also interviewed experts such as Michael Gerber- Author of The E-Myth Revisited.
You can learn more about Marty at FranchiseInterviews.com