All fast food restaurants have the iconic menu items that they’re known for. McDonald’s has the Big Mac, Burger King has the Whopper, and you can’t go to Pizza Hut and not get one of their signature pan pizzas.

While every place has its popular dish, side, or dessert, its menus go beyond their signature foods. One of the reasons many individuals decide to open a franchise is because they have a passion for food and want to share their delicious creations with the world.

Many tasty ideas have come from the minds of franchise owners, one of the most popular being the Filet-O-Fish from McDonald’s, which originated in 1962 after Lou Groen came up with the idea to boost slow Friday night business.

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If you are a beginner in the world of business ownership, then you have probably considered one of two options: Opening your own business or starting a franchise. What is a franchise? Well, it is an extension of an existing business that you operate as if it’s your own.

Starting your own business involves developing your brand and your customer base from the ground up, all on your own. But with a franchise, you are tapping into another business’ existing brand and customer base.

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Franchises are a great way to start your own business while exposing yourself to less risk. Future business owners are looking to take more substantial starts as the pandemic forced some small businesses to close. This guide offers a few of the newly emerging franchises for future entrepreneurs to consider with their next venture.

Tony Luke’s

Tony Luke’s takes a slightly different approach to the cheesesteak you would traditionally find in Philadelpiha. Instead, Tony Luke’s offers roast pork and chicken instead of the traditional meats.

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Now that your business is running smoothly, and has become very successful; you are ready to make the leap into restaurant franchising. Opening multiple locations give your company the opportunity to expand into new territory generating more profit. This can be a great step for your business if done correctly.

Remember “good things come to those who wait.” You do not want to rush into this decision without a thorough plan, and an established execution. If the franchise management doesn’t communicate well with the employees or provide a well-understood guideline, the model could fall apart.

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It’s a new year, with new ideas and new perspectives.  Franchises in 2020 are popping up all over and they’re showing up in a wide variety to boot.  From food to fitness, to family, this is going to be a bustling year for businesses.  If you are interested in the freshest franchise trends for the new year, keep reading. 

Food

In the world of food, there are a number of trending categories that will be exciting to entrepreneurs.  Chaps Pit Beef has been making major waves in the world of BBQ, and with a ringing endorsement from Food Network star Guy Fieri, they’ll be riding those waves to success forthwith!  BBQ is huge, almost no matter where you go in America, which makes it a great money-making opportunity.

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When it comes to figuring out how to fund a franchise, you should take the “the sooner the better” approach. You’re likely excited to open your business if you’re retiring soon or if you’ve always wanted to work for yourself. Once you know you want to open a franchise, it’s time to start thinking about franchise investment. Some funding options won’t affect your business immediately, but you don’t want to miss out on the chance to benefit from a long-term franchise investment. Planning for your business’ financial future can be the first step to ensuring your company is a thriving community staple for years to come.

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Your business is doing great so it seems like the perfect time to expand right? of course, there are different ways to do it, from opening up a second location yourself to franchising your business. With franchising your business, there is less hands on work for you to do then if you run everything yourself, but as with anything, there are always risks.

Here are 4 important things to know before franchising my business.

1. Perfect If You Don’t Want to Invest Too Much

On your own, opening a second location can cost a lot of money, but by becoming a franchisor, you will have franchisees who will pay you to establish their own franchise units.

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Joining the franchise industry can be an exciting and lucrative time in your life, but as with everything, there is a learning curve as you adjust to your new role as a franchise owner. To help you avoid some of the worst of the pitfalls, we have gathered a list of 10 franchising mistakes to avoid when starting a new franchise.

1. Not Getting Enough Financing

Unless you are independently wealthy, you are going to need to secure financing to fund your new franchise. It is important that you not only get the right type of financing, but also the right amount of money to not only cover all the startup costs, but also the cost of running the business for at least the first year.

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According to the International Franchise Association, the GDP (Growth Domestic Product) for the franchising sector grew by a little more than six percent to $451 billion in 2018. It is a great time to be in the business, but if you are a new franchisee, this world can seem a little bit daunting, with all the rules and regulations and the many facets to the business. Don’t worry though. We are here to help. Here are 12 smart tips for new franchisees.

1. Get Involved in Leadership Opportunities

Get involved in as many leadership opportunities with your franchisor as possible as a new franchisee.

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Investing in a franchise is a full-time commitment and it can seem a bit overwhelming if you have never done this before. Because starting up a franchise is a 24/7 operation, you need to be laser-focused and as productive as possible during your day.

Here are 11 productivity tips for franchise investors:

1. Keep Your Work Area Clean & Organized

In today’s world, there are always so many different distractions that keep us from being productive. Don’t let your desk or work area be one of them.

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