541. Franchises

Generally speaking, you never want to buy a franchise. The real winners where franchises are concerned are the people who started and run  them. If you ever do set one up yourself, a clever way to do it is to give away the territories free of charge or for a nominal cost and then charge 10% of the gross in each region. This is equivalent to giving away the razor and charging for the blades. Make sure you hold the freehold of the property where each outlet is located (Mc Donalds do this) and charge the franchisee rent. Set your advertising spend at 9-14% of turnover (Specsavers).  Set total salary limits at 30 - 35% of turnover.

Register the name worldwide as the cost of doing this will be the cheapest legal fees you will have to pay.

Once you have your system up and running you can licence manufacturers to make product under your name. This will attract licence fees, of course. A good example of this is Weight Watchers, sweets, scales etc. Develop simple and effective financial control systems for the franchisees and maintain tight quality control.

36. Your Inner World and Personal Power

Take responsibility for the development of your mind and heart. No-one else is capable of controlling what goes on in your heart and mind unless you surrender that control. Your inner world belongs to you and only to you. Everything you think feel and do is under your control. If you should ever find that you have surrendered it, take back your power immediately. Learn, therefore to seek only your own approval as measured by your own internal code of ethics, what Warren Buffett calls your inner score-card.
http://blogs.wsj.com/deals/2010/08/05/mean-street-obama-buffett-and-the-giving-pledge-follies/

http://www.gurufocus.com/news.php?id=102454

10. Mind The Pennies

Always keep a strong grip on your finances. You do not have to be born poor in order to become poor. READ : The Richest Man in Babylon - George S Classon.