FranConnect Blog

Have you considered that when building your “tech-stack” that it can be very much like owning a house. Initially you tackle several DIY projects such as painting, replacing carpets, or remodeling your kitchen. But over the course of time, you recognize that your needs will go far beyond physical aesthetics. The question becomes “do you keep patching things up with single-point technology solutions, or do you go all in with a platform that’s built with the end in mind?”

In a comprehensive study of over 2400 Franchise Disclosure Documents over a two year period sheds great light on focusing on how varying fee structures including franchise fees, royalty fees, technology fees along with marketing costs can impact your franchise performance and growth.

One only needs to drive in their communities and notice all the “Now Hiring” signs to get a sense of how pervasive the problem of finding employees is regardless of the industry. Today, there is a serious shortage of workers, and this has resulted in Restaurants and Personal Services businesses modifying their hours (and even their days of operation) to ensure they have enough staff to meet the demand. If you’re reading this article, you’re probably experiencing a shortage of workers in your own business and are hoping for a silver bullet to help you quickly hire quality employees. Surveys and research illustrate just how pervasive the labor shortage issue is:

In this “Meet the Mentor” series, we share key insights from leading franchise professionals to help you learn from their experiences and get inspired by their successes. Whether you want to own a franchise, operate your system more efficiently, or improve your work-life balance as a franchisor, these high performers will provide the advice you need. Interviews were conducted pre-COVID-19.

As record numbers of people look to the proven systems of franchising for their next opportunity, it's time to be bold and authentic with your franchise sales. Don't let the buzz over chatbots, paid search, and social media algorithms distract you from striking up high-conversion conversations through good old fashion email.

In this “Meet the Mentor” series, we share key insights from leading franchise professionals to help you learn from their experiences and get inspired by their successes. Whether you want to own a franchise, operate your system more efficiently, or improve your work-life balance as a franchisor, these high performers will provide the advice you need.

In the first two installments of this series, we shared how to engage your franchisees in planning for the upcoming year and how to evaluate your current franchise technology. In this final post of the series, we’ll explore how to boost and track franchise sales leads.

In the first installment of this series, we shared how to engage your franchisees in planning and budgeting for the upcoming year. Today, we’ll explore why and how to evaluate your current franchise technology and plan for the future.

Unless you’ve spent the past year under a rock, you know that every business sector has experienced uncertainty this year — and that includes franchising. As we approach 2021, no one really knows what to expect from the upcoming year. What will revenues look like? Will franchise units return to full operations, or will they continue to operate at a reduced capacity? How will consumer buying habits evolve along with the pandemic and the economy?

2020 has brought many unexpected challenges for franchise brands. How have those challenges impacted franchise sales? While franchise leads are down year to date, deals have increased — indicating that while there are fewer leads, they are higher quality leads. In the infographic below, we break down how franchise sales have changed over the course of the year, and what franchise brands can do to take advantage of the leads that come their way. And for complete details check out our 2020 Franchise Sales Index.

If you’re like many franchise leaders, you’re currently in the midst of planning for the upcoming year. Given the challenges of 2020, it’s more important than ever to take several key steps before the year ends to set up your brand and individual franchisees for success.

In this “Meet the Mentor” series, we share key insights from leading franchise professionals to help you learn from their experiences and get inspired by their successes. Whether you want to own a franchise, operate your system more efficiently, or improve your work-life balance as a franchisor, these high performers will provide the advice you need. Interviews were conducted pre-COVID-19 and in some cases titles and positions have changed since then.

Your current franchise fees enabled your brand to get to where it is today — but will they get you to the next level?

Many franchises look dramatically different today than six months ago. Gyms and retail stores are operating with limited hours or reduced capacity. Restaurants have likely altered their business models around reduced occupancy, takeout, curbside pickup and delivery. Due to these shifts and their financial and legal impacts on your business, it’s critical that you update your franchise disclosure document (FDD) to accurately reflect these changes, even if you believe changes won’t be permanent.

So, What Can You Do Now? COVID-19 has disrupted franchising like no other event in modern history. Nearly every size company in every sector is dealing with new operational issues spanning safety, compliance, customer acquisition and other drivers of performance. But with so much attention focused on day-to-day changes and survival, many businesses aren’t able to address serious operational pre-existing conditions. It’s necessary to examine the state of Franchise Operations 6 months ago to pinpoint cracks in the foundation, many of which must be addressed to help survive the recovery period.

By Keith Gerson, CFE Even as the health-related stories about the pandemic continue to evolve, the business world faces a common challenge: moving forward. Most organizations have already realized that they can’t sit back and wait. They have to put plans into action and adapt quickly as necessary. The world of franchise sales faces its own set of challenges, but also some great opportunities. As we have reached the midway point of 2020, now is a good time to zoom out and consider what you must do as franchise leaders to ensure your development efforts continue to drive growth. Here are my Top Five Must Do’s for Franchise Sales Leaders now that we are halfway through this unforgettable year.

Lead conversions must be tracked at each stage of your sales cycle. If you’re attracting the right prospects to your brand, then conversions should increase, building more predictability and reliability into your pipeline.

In our ever-so-connected world of 24/7, the franchisor-franchisee relationship is in the midst of powerful change. More than ever, franchisors are focusing on the collaborative mindset that must be present for both parties to experience mutual success. And many are turning to powerful analytics and business intelligence tools. Just imagine how franchise leaders can impact franchisee engagement in our data-driven, digital world.