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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Congratulations! You’ve done it. All your blood, sweat and tears have paid off and you have a successful business. If you are ready to expand your business, you have probably considered franchising your business. But how do you know if that is the right move for you?

Like with any major business decision, you need to do your research and talk to some experts to really understand the benefits and drawbacks of franchising your business.

Here are the top 5 benefits of franchising your business:

1.

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When you go into the franchise business, one of the big decisions you will have to make besides what type of franchise to join is whether to invest in single-unit franchises or multi-unit franchises. While multi-unit franchises require more money and more work upfront in the long run they can give you a better, faster return on your investment.

First, it is important to understand what multi-unit versus single-unit means. Multi-unit franchises are when a franchisee purchased the rights to develop and multiple units in a particular territory.

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