Small business owners often think about franchising out their model in hopes of reaping great returns. However, for every successful fast-food, hotel or daycare franchise, there are scores of others who failed to have the proper measures in place to become a successful franchisor.
â€œItâ€™s harder than people think. You need a large amount of royalties to make you successful,â€ says JaJa Ball, president and co-founder of Colbert/Ball Tax Service. Founded in 1995 in Houston with one location, Colbert/Ball Tax Service now has 330 locations in 23 states and is one of the few African American-owned franchises recognized by the International Franchise Association. You have to have a lot of support, a lot of capital and a lot of expertise. Ball offers the following advice for would-be franchisors. â€”Alan Hughes