As we start 2023, I am very optimistic about recent trends in franchising as I talk with my franchisor clients, friends and colleagues. People are feeling good, innovation and new ideas continue, deals are getting done, businesses are hiring, contracts are getting signed, and franchise fees and royalties are being paid. From my standpoint, people are feeling good, and things are looking up!
As we enter December, it’s a good time to reflect on the year and feel grateful for all we’ve experienced as we look forward to the opportunities ahead next year; I’m optimistic!
Whether you’re a new franchisee who just joined a brand and purchased your first unit or an established multi-unit franchisee with decades of experience, you likely always look for ways to improve your business.
The first version of these 10 tips were written approximately seven years ago. So, what’s changed? Not much - these tips are timeless and apply to all franchisees regardless of experience! Most of these cost nothing or very little, and they’re pretty simple to implement. However, a few require a little initiative, courage, and ambition to put into practice...
One of the best things that I have done to grow my franchising career is to attend industry conferences. Being able to engage with other franchise professionals, hear their insights, and offer ideas is a rewarding and fruitful way to become a better franchisor, franchisee and supplier - any franchise professional can benefit from building relationships at these events!
I’ve talked a lot about the benefits of setting up a board of advisors for a business. As I mentioned last month, I believe it provides the life jacket your business needs to be successful!
Now that summer is upon us, I’ve been spending more time on boats and around the water. Here in Minnesota (as in most places), we’re required to have life preservers on board to comply with the state’s boating laws. Not only does everyone need access to a wearable life jacket of their own, but the boat must have a throwable life preserver in a location that is easy to access in an emergency. This means it can’t be tucked away in a cabinet somewhere, but must be out in the open where it can be grabbed at a moment’s notice.
When was the last time you had a problem - but you didn’t know who to talk to about it? Sometimes things come up - BIG things - that weigh heavy, but you don’t know who to turn to for advice.
Has shopping for a new franchise opportunity ever given you sticker shock? Especially for owners who are new to franchising - the upfront costs associated with the investment might seem high. After all, the fees are typically much higher than what you’d pay to start your own independent business.