Franchising During the Credit Crunch

Banks may be skittish about lending money right now, but this has not deterred those seeking a fresh start in a new business from franchising. One Kalamazoo man serves as a good example of how to turn life experience into a business opportunity even during these tough economic times. Mark Taylor has traveled the world in his work with US Airways and Pfizer Inc., and has now decided to work in education through franchising. According to this article, Mark Taylor and his wife, Sandy, have become owners of the Tutor Doctor franchise that offers one-on-one, in-home tutoring for students from kindergarten through grade 12.

Tutor Doctor is part of a 10-year-old, Toronto-based franchise that operates in Canada, North America and Great Britain. Taylor's job with Pfizer's shuttle service ended last year when the company discontinued the service for its employees. "With Tutor Doctor, Taylor, age 42, and his wife oversee 20 independent educational consultants, who provide consultation with interested students and their families, then schedule tutorial sessions consisting of one-on-one learning in their home"

Positive Sales for Cleaning Franchise

In the cleaning sector, one franchise is showing that American consumers have not given up on spending altogether in the current state of the economy. According to this article, many customers are still seeking out Molly Maid, a leading residential cleaning service franchise, for their home cleaning. The franchise ended 2008 with a 5 percent increase in sales over the previous year. As if this weren't enough, an additional 17 existing franchise owners decided to expand their territories. Residential cleaning represents a $3 to $4 billion industry.

Tips for Running Your Franchise

No doubt there will be many articles recommending the purchase of a Franchise as a good opportunity during bad times. A successful franchise depends on many factors and one is advised to seek the counsel of a franchise attorney and other professionals. There is also work that a prospective franchisee can do on his or her own so that the decision to franchise is more likely to prove sound. Running a franchise can be very rewarding and a solution for those who are no longer employed. The successful franchises we see are ones where the franchisee:

• Works hands-on in the franchise. Especially at the start of the franchise, there is alot to learn and even if a franchisee plans to delegate certain responsibilities, it pays to know everything first hand.
• Performs research prior to purchase of the franchise.
• Forges mentoring business relationships