Franchises are the most common kind of turn-key business. Franchises exist for every sector on Earth, and they’re quite simple to obtain and require no technical experience. McDonald’s is a great illustration. In fact, a 12-figure, 38,000 franchises example. There are a few things we are going to talk about: Business Format Franchise The Franchise Prototype Franchise Prototype Standards Business Format Franchise The franchise business form is derived from a prior model known as the “trade name” franchise. The most significant improvement was in terms of rights. During the days of the “trade name,” the franchise owner only had marketing

Today I’m going to talk about the life cycle of a business and how to get the most out of each cycle while also extending the lifespan of your business.  The four different stages of a business life cycle are: Infancy Adolescence Growing Pains Maturity We’ll discuss what each of these cycles entails and how they may help your company survive longer. Infancy The owner, usually known as the technician, is in this stage. The connection between the company and the owner is that of a father to his new newborn child at this time. There is an unbreakable tie

We’ll go on a trip through the world of e-myths, debunking them to help you avoid being sucked in by the e-myth trap. First, let’s define an e-myth. An entrepreneurial myth, or e-myth, is an assumption that anyone can succeed at business with: A need  Some money Projected a targeted profit This may seem appealing, but it is simply not feasible. Consider starting a company as a marathon. Sure, everyone begins at breakneck speed, but after a while, people begin slowing down, and some drop out entirely. Building a successful business requires stamina and quickness. The fact is that a successful