I am just back from the Franchise Business Review Franchise Summit event in Austin, Texas, and it was a great time! This was my second time participating in this event. There was great energy in the room, many people providing perspective insights and solid advice, and several great speakers too - tons of value and learning. There were plenty of inspiring moments and connections, a fun “Texas Tailgate” reception, as well as fundraising for the local animal shelter.
To have a successful franchise brand, you will need successful franchisees. It may sound easy to recruit and retain these high performers, but it's often not as simple as you may think.
From time to time, people ask me how they might franchise the business they own. Generally speaking, I help them understand what's really involved in the process and this substantive undertaking; it's very complicated, costly and quite a considerable commitment. Often, people underestimate what's involved, which can be dangerous. I like to give people an accurate, honest and complete perspective on the situation so they can make a well-informed decision. If you've got a great business that you believe would make an excellent franchise model, here are a few ideas for you to know and consider for becoming a franchisor.
A franchise coach can significantly impact your mindset, business, and more. There are a range of coaches available out there for business owners. Here we will explore having a coach with specific franchise experience who can work with both the franchisor and the franchisee.
Franchising is currently experiencing a significant increase in interest, growth and profitability. Many of my franchisor clients have shared their positive trends, increased sales, and strong performance at the unit level. Generally, if your businesses survived the Covid factor and you are still operating, almost everyone I'm working with is seeing favorable outcomes.
With these positive trends and franchise forecasting in mind, I thought sharing three new tips for growing your franchise business would be helpful.
The universe of franchise opportunities is never-ending; continuous growth has been the trend in the past and foreseeable future. More new brands are always coming online every month, every quarter, every year. It’s fabulous! And can be overwhelming!
Along with this continued growth in franchising, many entrepreneurial individuals are investigating those opportunities and looking to expand their ownership opportunities with new franchises. There is a growing segment of professionals in the industry helping people find the right match; they are typically called franchise consultants or brokers - I call them matchmakers.
In this blog, I'll get back to the basics and define the roles and responsibilities of the franchisor and the franchisee within the franchising system. We'll cover the franchisor's role in providing a proven business model as well as the franchisee's part in operating their business under an established brand and how they work together in the world of franchising.
Are you an entrepreneur with a business you are ready to expand? Looking for different strategies and approaches that might be worth consideration. Have you thought about franchising?
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!