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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It has always been your dream to own your own business, and now you are ready to do it. You are excited, but there are still so many decisions to make before you open your doors. For one thing, do you want to open your own independent business or a franchise?

While you would have complete creative control of an independent business, you will also be taking on all the risks by yourself too, and you won’t have an experienced company backing you up either.

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The best thing about any franchise investment is the convenience that it affords any up-and-coming business owner. For most franchise opportunities, the groundwork has already been laid, the business has been tested and improved through time, and operational requirements are easy to prepare.

However, with the sheer number of franchising opportunities abound, you need to evaluate a franchise if it’s worth your time, effort, and money. In short, choosing the best franchise requires careful assessment and evaluation in order to fit your business needs.

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Any business venture can be risky, and even though franchise programs have some built-in safety measures, some missteps still could sink your ship. Research and full preparation before opening and hard work always are essential ingredients for any successful business.

While most franchise programs offer you some classroom and onsite training, they don’t have the time to teach you everything you need to know about being a business owner. Things like managing your finances and filing your taxes you need to learn own your own. And no one is going to force you to give the attention to the day to day operations of your restaurants it needs.

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MBB Management, the Philadelphia-based franchising consulting partner and operations manager for Tony Luke’s, has just inked a deal to open seven new Tony Luke’s franchise locations throughout New York City, Long Island and Yonkers.

Philly icon and international brand Tony Luke’s is best known for its award-winning South Philly Style cheesesteaks. Tony Luke’s has 22 stores open across the country, and has been featured in GQ Magazine, Gourmet Magazine, The New York Times, and is a member of Philadelphia Magazine’s Hall of Fame.

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As a premier business consulting company, MBB Management has helped many businesses reach their potential whether that means growing their one business or becoming a franchisor. One example of such success is Tony Luke’s, an iconic Philly cheesesteak brand and franchise. When Tony Luke’s came to MBB Management, they had four locations. In just a short time, MBB Management helped Tony Luke’s grow from four to twenty-four franchise locations!

How did they do it?

John Moser, founder of MBB Management, explains the core steps they follow to scaling franchise businesses like Tony Luke’s to success.

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Franchising your business is a great way to expand your business and make more money, but not every business is meant to be franchised. Your business model must easily be replicable and your brand must be strong enough to bring in the customers for all your franchisees.

There are also a lot of other factors that go into franchising your business. Check out these 10 most common mistakes when franchising your business:

1. Giving too much leeway when it comes to site selection

One common mistake new franchisors make is giving their franchisees to much leeway when it comes to the site selection process.

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