Franchise Rocket Fuel | FRANX: Recent Episodes
FranX
FRANX is a franchise growth accelerator and community that teaches you the how-to's of franchising and next-gen growth strategies. Hosted by Charles N. Internicola and Nick Powills, franchisors and franchisees will learn growth strategies to take their businesses to the next level.
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How to choose your franchise vendors and suppliers and cut through the noise.
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In this weeks show we dive into the age-old question (in franchise years) of how much does it cost to sell a franchise? What are the variables and what should you be including in your calculation of cost per deal?
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What do we wish we would have done differently in 2022 and what's our plan/predictions for 2023. Join in the conversation by adding comments for discussion.
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- Benchmark - Meet with your FranDev team and assess what worked and didn’t work in 2022. What questions were your candidates asking? What questions did your Item 19 leave unanswered? What data points - if added to your Item 19 - would provide an advantage over your competition?
- Collaborate - Your Item 19 should tell a story that is consistent with your brand and value proposition. Bring your FranDev and legal team together to discuss and collaborate on what a great and even better Item 19 could look like in 2023. When it comes to your Item 19 dont let the process be driven by just the legal team. Let FranDev lead the way and advise legal as to the about the types of financial data and data categories that would better inform candidates and help you sell franchises.
- Build Better Data Collection Practices - Probably too late for 2023 but give thought to 2024 and building a better process for franchisee data reporting. Implement financial controls focused on uniform ledger accounts and build a cadence of quarterly franchisee financial statement reviews.
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Is selling franchises to multi-unit franchisees a part of your franchise development growth strategy? If so you're not alone and in this weeks FranX episode we dive into what really qualifies as a legitimate multi-unit franchisee and whether or not its fools gold to spend your development dollars in attempting to attract them.
Takeaways
- Most emerging franchisors are not ready to sell franchises to genuine multi-unit franchisee operators
- Multi-Unit franchisees need to be qualified differently from individual unit franchisees
- The best multi-unit growth strategy may be to build from within by coaching and elevating your franchisees to multi-unit status
- To succeed with multi-unit franchisees you need to elevate them through i3ntensive coaching and KPI driven support.
Key Takeaways:
- Always plan ahead and develop different action plans.
- Economic disruptions can be a time for opportunity and energy. Utilize that time to turn internally and recalibrate with your team.
- If you don't plan ahead, you'll freeze up. Create a plan with your team and vendors, and outline different options for different economic events. Define what you would do in each type of situation.
- Instead of scaling back on your budget during an economic disruption, use that time to develop assets for next year.
- Prepare your mindset, culture, and franchisee support, even if that means reevaluating what is and isn't working internally.
- Set realistic goals for the future of your business. Evaluate your current success and ask yourself what realistic growth looks like for your brand on a yearly basis.
- Work with your administrative team to create a singular brand identity that best captures your brand's main mission.
Before there was a lead, there was a visit. Before there was a visit, there was a franchise education moment. How can you add predictability to your lead outcomes.
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It's not you, it's me. When is the right time to change out your sales team?
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In this episode of FranX, we talk about what happens if you buy a franchise during a recession. What do you think?
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FranX dives into the process and the landmines that zors and zees experience.
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What is important to candidates in the sales process? What can turn them off?
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Charles N. Internicola and Brent Dowling talk about why service based franchises are the talk of franchising.
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What is the process of buying a franchise and how should a prospective buyer go about starting the journey.
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When is the right time to franchise? How do you do it? Join franchise lawyer Charles N. Internicola and Nick Powills.
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Let's focus on the good. We will, as a community, build the top 5 lists (which will turn into great content).
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Is it better to bring down the competition to lift yourself up or does this make your situation worse? Charles N. Internicola and Nick Powils give reasons why you should or should not bash the competition.
- Instead of bashing the competition, bring up your positives.
When someone asks you to differentiate yourself from another competitor, describe the positive attributes that you provide and how this makes you a successful business.
- If you bash the competitors, what stops them from blaming others for their mistakes?
When getting into a business with a business that puts others down for their own benefit, what is to stop them from doing the same thing when something goes wrong between the two people's relationship? Nothing, so be careful!
- Instead of bashing, prove why your business is simply better.
By having a comparison of one business to another is a great way to show how your business is successful, while not putting down another business. This fact will help you to illustrate to others that you are different from the competitors.
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What is the process of researching a franchise opportunity? Charles N. Internicola and Nick Powills provide you with insights to the holes you have to fill.
- Narrowing down the interested brands when researching.
After starting with a quick Google search of a brand, you have to go through and narrow the amount of businesses down to between three to five that interest you and would be a consideration when becoming a franchisee.
- Doing the due diligence.
By doing the due diligence, you specifically are able to look into the brand that you are interested in becoming a franchisee of and see the pros and cons for each business.
- Having real connections to the franchisors.
Meeting with the franchisors and having that initial conversation on what the business is about is a great way to understand the business and the leaders that currently run it.
Now is always the right time to examine and re-examine your franchisee journey. How franchisee candidates interact with your brand, the connections they make with your team, and the decision making process that ultimately converts leads to franchisees.
- Franchisee journeys have different pathways and touch points - brokers, digital ads, organic connection...
- No matter the lead generation source, your website needs to support the candidate journey and answer the why you / why now questions
- As important as your Item 19, technology, and unit economics, is you brand culture and the connections between your management team and your franchisees
Take a moment right now, try this exercise:
- Ask team members and others to compare your website to two or three competitors and ask them in two of three sentences to describe the "Culture" of each brand and how do you stack up?
- Can someone genuinely describe your culture? How is it different from your competitors? Is it genuine? How is it demonstrated on your website!
Culture is the opportunity and advantage that you may be overlooking!
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Human interaction in life is one of the most significant things in the world. It is a helpful tool to use in the franchise sales process. This time, Charles N. Internicola and Dawn Abbamondi discuss the impacts that human interaction has on the franchise sales process.
- Provides information with one another better than over an email or text.
Meeting in person gives each person a connection to one another to truly say what they need to say and that makes it more valuable to the person compared to over text or email.
- Build upon or grow your reputation.
For an emerging brand, the first impression is everything and if you are able to give a great in person connection to the person your meeting with, then your reputation will grow to benefit you.
- Prove that you are a leader.
When having a human interaction as a franchisor, you want to show to prospective franchisees what it takes to be successful and by showing that you are a leader to others can help to emulate that attribute to the franchisees.
The franchisee journey doesn't start with someone who wants to buy a franchise!
It starts with an individual that at human level is looking to make a change in his or her life. Someone that has experienced a frustration or pain point that has caused them to raise their hand, to make contact with your brand, and to inquire about investing in your franchise system.
Aside from the formalities of FDD's, Item 19's, presentations, and landing pages, successful franchise sales processes and teams connect with franchisee candidates at the human level and, the first step is listening. Second is to anticipate the needs of your candidates, and the third is to build out media and a franchise sales process focused on connecting with your candidates.
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Want to learn how to sell a franchise today. Nick Powils and Charles N. Internicola recommend these things when selling franchises.
- Overcome your obstacles.
If your business is facing problems alone before franchising, then your business will be unappealing to prospective franchisees. By solving these problems, the franchisees will and should want to come to your business and not avoid you.
- Make your franchisees happy.
When franchisees are happy, they will tell everyone about it and possibly recommend franchising to others. When franchises are unhappy, they will tell everyone about it and will definitely not recommend franchising to others.
- Having a good business model.
With a good business model, the business doesn't need much marketing to be successful, but rather they need to show their business model to the world to help themselves grow.
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Can franchisees get rich from buying franchises? Wouldn't you want to know the answer. Join Nick Powills and Charles N. Internicola and figure out the ways to become rich from franchising.
- Being committed to the franchise.
Most people are in the franchise business for the money, so when the money isn't coming in according to expectations, don't waver hope. Keep pushing the business and work hard to make yourself become rich and successful.
- Reading the FDD of the franchise.
By reading the FDD and checking out the Item 19s, Item 20s, or any other part of the FDD, you can see the ways to get rich and make money from the franchise business and this information will hep you decide the best course of action.
- Having a good team around you.
All successful businesses don't involve one person, they involve many. This means that each franchise needs employees and other members that are committed to the business and the success to help themselves and you become rich.
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Selling your first franchise WILL be challenging. How can franchisors approach this process? How should pioneer franchisee approach a new franchisor? Join Charles N. Internicola and Nick Powills as they figure out how to sell that first franchise.
- Make sure you are ready to franchise in the first place.
No business should rush into hasty decisions and that includes franchising. Just think long and hard if franchising is the best way to help your business grow and become more successful.
- Have experienced people give you advice.
People who have been in your shoes will know exactly the position it is that you are in and what you should do to get out of your problem. Listen to these people for the best advice for your business.
- Meet with the brokers.
Brokers are meant to help a franchise grow and are meant to be there for the franchisor. By meeting with them, they can help provide you with a human connection to people that want to see you succeed.
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Franchise Fees: What is high? What is low? What is right? What is wrong? Charles N. Internicola and Nick Powills give a few insights on the information that you need.
- Purpose: Franchise fees may pay for the brokers expenses.
With a broker involved in a purchase of a franchise, they are owed a sum of money for their services to the business. Most likely the franchise fee will cover the money that the broker is owed and the franchisee will now have the license to use the products from the business.
- Value: Higher franchise fees can be good for a business.
If one franchise's fees are higher than another, that doesn't mean you need to spend less to save yourself money. The larger amount of money may mean that the business is better than the other. The franchise fees shouldn't prevent you from becoming a franchisee.
- Structure: Distinctions for franchise fees.
Currently, franchise fees that the franchisees pay don't have to be disclosed by the franchisor as to what they go towards. Nick proposes that there be a distinction between the franchise fees to figure out what percentage goes towards brokers or in the pockets of the franchisor.
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Join special guest Brian Lincer (https://www.linkedin.com/in/brian-lincer-57a98a12/) as he appears alongside Nick Powills to discuss what he sees and hears when working with franchisors, while discussing the biggest mistakes that franchisors make when they are in growth mode.
- Having enough capital to grow the business.
Brian explains how interest rates have risen a whole point over the last day. This puts many people in difficult positions as now they may not have enough capital to fully support the business.
- Thinking there are no options.
If they think there are no options, that usually means that the person isn't trying hard enough to solve the problems. Asking for help and finding out if the bank can help are viable options to help save your business.
- Lowering the franchise fee.
By having a very low franchisee fee, the franchisor could be under cutting his business and not making as much money as he could. Finding a balance where the franchise fee is helpful to you and acceptable for oncoming franchisees to go into the business.
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Recession?
According to JP Morgan President Jamie Dimon, an economic hurricane approaching?
No matter, your viewpoint, there's turbulence ahead! So, is now the time to hit the panic button? Cut spending on franchise development? ...
Join Charles N. Internicola and Nick Powills as they discuss what franchisors should do during a recession.
- Refocus your energy and support.
As a franchisor, a recession could be a time to take a step back and truly think and reflect on the company. This is the best time to check for changes that could make your business succeed.
- Be different than the competitors.
Nick and Charles provide an example of a pizza store that pushed forward with their budgets, while everyone else cut theirs. This is an example of how they took advantage of the competition and decided to be different to help their business succeed.
- Don't produce a crazy amount of ads.
Ads can be very helpful to a businesses exposure to the world, but there is a time for ads to be helpful and negatively impacting your business. Don't put out a ton of money on advertising when that money is needed elsewhere such as for labor and many other things.
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Franchisors want one thing -- leads. Thus, many sign-up to exhibit at franchise shows/expos. Is it worth it? How can you increase the value? Franchisees want access to inventory. For them, is it worth it? With Nick Powills and Charles N. Internicola, they will discuss the good and the bad of franchise expos.
The GOOD:
- Helpful to learn the brands when just starting.
f a person wants to buy a franchise, but has no experience to start, then franchise expos can be helpful ways to learn about what businesses and the types of businesses that the person would go into.
- Connection to the people.
Having a real world connection to future franchisees is a great way to get to know the person before they become a part of the business. That in person experience is invaluable to the experience as a whole and is important for first impressions.
The BAD:
- Information can be found digital.
Some of the information found at these franchise expos can be found digitally. This means that the person at the expo could have looked up the information online and found the same answers he received at the expo.
- If the validation is poor, the only fault is your own.
When there is low validation, the franchise at the expo is doing poorly and is becoming a waste a time. Everything about the expo needs to be presented with full effort or the franchise will have poor validation.
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Want to franchise your business? Are you an emerging franchisor? Nick Powills and Charles N. Internicola will talk about the secrets and facts franchise consultants aren't telling you about the process to becoming a GREAT franchisor.
- Having the right expectations.
If a business just started a franchise and is disappointed they didn't have 25 units of the franchise as quickly as they expected, they may get discouraged easily. By having the right expectations, you can learn to be more patient with the business.
- Selling the first franchise is the most difficult time.
When a business first starts to franchise, that first franchise sales is the hardest one to get. People think that once they franchise that people will come and buy a franchise, but it doesn't happen instantly and it takes time.
- If they are a bad consultant and they say that they are good.
Franchise consultants will always say that they are there to help and will better your business, but that doesn't always meant that its true. If they provide bad to none leads or recommend people unfit to become a franchisee, they are only there for the money and nothing more.
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Quarter 2 is ending as we approach the midpoint of 2022 and now its time to discuss ways to accelerate your business for the rest of the year. Charles N. Internicola and Nick Powills describe the best ways to gain lift with franchise brokers.
- Have traffic coming to your site.
Best ways to get people to franchise is for people to get involved in your business and the way to do that is by having traffic to your site, where the prospective franchisee has your business on their mind.
- Don't blame the brokers too quickly.
It takes on average 7.4 months from inquiry to conversion for a prospective franchisee to become a franchisee. This is a long time period, so by taking the time and having patience, you will be able to trust your franchise broker and not doubt them.
- Setting goals.
By setting goals, you mark down exactly what you want to accomplish and have extra motivation yourself to do the work. This will help the brokers see that you are hard working and deeply care for the business.
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What are the best ways to get lift with the franchise broker networks? Join Nick Powills and Charles N. Internicola as they tell you the main things that you should know about franchise brokers.
- Having a good business plan is important.
A good business model is very important for the franchise broker to suggest your business. The brokers know when the plan is either good or bad, so making sure to have a good one is significant to the business.
- Competitive commission helps.
Franchisors have to be competitive with the franchise brokers to make sure that they are providing them with the best leads instead of the competitors. this will be costly but very useful for the business.
- Making sure your business aligns with competitors your size.
If another business the same size as yours has about 5 times the amount of spending that you have on marketing, then there is a problem. Talk with the brokers to figure out how do fix the problem and make it turn to be successful.
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Meet Clark McCarthy, franchisee of VaVia. What was his process? What did he evaluate? What made him say yes? Learn more on this episode of FranX. Learn about the 3 main reasons why Clark McCarthy became a franchisee of VaVia with Nick Powills.
- Clark was looking for something new.
Clark had originally been an educator and a soccer coach at the University of South Carolina. He thought it was right for a change and this led him to become a franchisee n ViVia today.
- Great people to work with.
When in discussion with Nick, Clark compliments many of the people at VaVia, who allowed him to become a franchise owner, saying that they were super supportive and helpful to him every step of the way.
- Successful business model.
Besides from the fact that VaVia was helpful every step of the way, the business already had a successful business model with good software and tools that allowed Clark to become successful easier than many other franchisees today.CREATE YOUR FREE FRANX PROFILE: https://franxlaunch.com/
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Being a franchise supplier can be amazing and extremely rewarding – once you gain momentum. Thus, many try desperately to break in, have impact and spark growth – leveraging proof of concept for one franchisor to add others.
Yet, many fail.
Why?
Franchise suppliers can also be the new shiny object for franchisors.
SupplierX states anything impactful on lead generation and every franchisor jumps on the opportunity to try the new shiny tactic, yes, quiet too often, that shiny new supplier fizzles out, unable to sustain the fancy magic they sell.
So, how do you win as a franchise supplier?
Be sustainable.
Be truthful with expectations.
Leverage your franchise success stories – and let them sing your praises.
Don’t waste money on booths – invest money in networking and dinners.
Make sure you have a clear why you/why now in your positioning (web and marketing).
Sounds easy, right? Yet, few thrive.
Yes, there are politics of the industry, and yes, the industry is small, but neither politics nor size of industry prevents you from executing on those five points.
Today, Charles N. Internicola and Nick Powills discuss the main ways to win as a franchise supplier.
- Building a good brand story.
By having a good brand story that can differentiate your business from other competitors, your business will stand out and that helps to make your business successful against the other businesses.
- Strong marketing.
With a good marketing strategy that is strong and presents your business to the world, your business can differentiate even further from other franchise suppliers and make your business have a lasting impact on the franchisor or franchisee.
- Be sustainable and truthful.
You need your business to survive and fight off other competitors to continue to be in the franchise supplier business. Also, by being truthful with the client, you can become trusted by the client.
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In franchising, far too often, the sales team is discarded as useless by leadership teams for lack of “selling” enough franchises. Yet, per our previous Bottom Thoughts, often times, the right data isn’t used to justify that opinion.
Do you, as a franchisor, understand the value of the deal? Do you assume it’s just the $30,000 franchise fee? Or, do you look at the depth of royalty payments to your brand’s bottom line over a period of time?
Do you evaluate the cost per deal (vastly more valuable than the cost per lead)? Do you use this data to set realistic goals for your development team?
When goals are pulled from the sky without rhyme or reason, it is unrealistic to hold the sales team to those mystical themes. In fact, it is irresponsible leadership.
It is not the job of the sales team to put lipstick on franpigs (is that trademarked yet?). It is their job to coach the candidates through the sales process, helping them land on the theme of comfort that the decision to invest their life’s savings into a brand they have little to no control over is the right thing to do for their families. Do you comprehend the complexity of that ask?
Thus, far too often, the good ones in franchising are disregarded as not good, when, in fact, it was your approach and your brand’s challenges that caused the perception of lack of success. Then, when you washed the salesperson out with the bathwater and regret it, it’s too late – they have moved onto a brand where they can win.
Evaluate all of the data before making a brash decision.
Join Charles N. Internicola and Nick Powills as they find out the reasons why great franchise sales folks can be dismissed.
- Curved expectations.
A business needs to have the proper expectations in order to franchise a business. The first franchise is the hardest to sell and if only a month has passed and the franchisor is frustrated, then they should have expected the increased difficulty of selling that first franchise.
- Limited patience.
Sometimes the franchisor can have a quick fuse and be very fast to blame the franchise sales folks, when the business isn't selling franchises. The franchise sales folks need to reassure the franchisor and explain the patience that they need for the process to work.
- Challenges with budget.
When a franchisor has a limited budget, they might not see the value that they are getting out of the franchise sales folks. By providing a higher amount for the budget of the franchise sales team, then they will perform better than the smaller budget.
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With nearly 25 years of experience in franchising, McFall reflects on what it takes to thrive - and how to define success on your own terms. What does this franchisor look for in franchise owners? How does he define winning? What are the dreams for the brand?
Join Nick Powills and Charles N. Internicola as they discuss with Mike McFall what it means to win.
- Large demand for franchise sales.
When there is a large demand for franchises to become open for a single company, then the business is bound to win and become successful. The more people want to open the business, the businesses and publicity surrounding the business continue to open up.
- Having a brand culture that people will get behind.
A winning brand needs a certain kind of culture that has genuine care for the business and genuine interest in the brand success. This helps the business employ employees who care about the business and their value to the brand.
- Picking the right franchisees for the business.
With a big business like Biggby Coffee, the business has a few hundred franchises and more is only going to come and the means that the business has to find many people interested in the business. McFall has to find the best people to not only care about the business, but also find success in he business a well.
Read More: https://franxlaunch.com/biggby-coffee-franchisor-mike-mcfall-on-what-it-means-to-win/
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Tint World's franchisee, Myriam Guerrero discusses why her and her husband, Alex Guerrero, opened a Tint World in Texas.
With Charles N. Internicola and Nick Powills, they will explain why Myriam Guerrero opened up a franchise of Tint World with her husband.
- Her husband wanted an enjoyable new job.
Myriam's husband, Alex, had been in the military for 28 years all the way from when he was 18-years-old and now that he was retiring, he wanted to find a new job that he would enjoy and live the rest of his life working with and that was Tint World.
- The ROI of the business was great.
ROI, which stands for return on investment, was very good for Tint World before Myriam invested into the business, so this allowed the business to have large amounts of money to be made in profits.
- Other franchisees were happy with the business.
Myriam and her husband contacted many other franchisees that were already owning a franchise of Tint World. This allowed them to discover that many other franchisees were happy with the business and this made Myriam more comfortable opening a franchise with Tint World.
Read More: https://franxlaunch.com/franchisee-myriam-guerrero-on-buying-a-tint-world-franchise/
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As a successful executive, John Erlandson had everything he needed. But after risking it all, he found what he wanted - in franchising.
Nick Powills and Charles N. Internicola discuss with John Erlandson how he found success with Youth Athletes United.
- True passion for the business.
John Erlandson truly wanted to help people in his community and he found one of the best ways to do it. He truly cared for the community of people that he was helping and this allowed him to have success more than others.
- No care for the money.
After coming from a big business, where he was already making money, John wanted something more. Something that he could do to help others. Even though the business has become successful and he has made the money, he truly doesn't put the money over the people that he has helped.
- Smart business model and foundation.
As with any successful business, the business needs to have a strong business model that will help the business not only separate itself from the competition, but also prove that it is superior to it. Also because of his foundation in a previous successful business, he was able to use his knowledge to his benefit for Youth Athletes United.
Read More: https://franxlaunch.com/how-youth-athletes-united-franchisor-john-erlandson-found-success/
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After a nonlinear path from college to entrepreneurship, Stapleford discovered a new avenue for success in the franchise world.
Come listen to Matthew Stapleford as he joins Charles N. Internicola and Nick Powills as they discuss the reasons why Matthew bought Go Mini's.
- Responsiveness of Go Mini's.
When Matthew reached out to Go Mini's about franchising, it didn't take long for them to be in constant contact with one another. After meany pleasant conversations with one another, Matthew decided it was the right business for him.
- Helpfulness of Go Mini's.
When he was in talks of becoming a franchisee of the business, the business was very transparent with him and further once he was fully interested, they were very helpful to Matthew and making sure he understood the process fully.
- Having an extensive background.
Matthew had an extensive background including bioengineering and mathematics and this allowed him to have a multitude of options to choose from. This made his choice to Go Mini's allow him to have skills that many other franchisees wouldn't have.
Read More: https://franxlaunch.com/franchisee-matthew-stapleford-on-why-he-bought-go-minis/
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Meet Danessa Itaya, President of Property Management Inc. (https://www.linkedin.com/in/danessa-itaya-87397615/). What does she want out of franchising? What is success?
Danessa Itaya joins Charles N. Internicola and Nick Powills to discuss her franchising story.
- Adaptive business model.
Covid was a hard time for everyone, but Danessa needed to adapt her business, so that it could survive this challenging time. But adapting her business model to the time, she was able to not only survive, but also thrive in one of the most difficult times.
- Fixing and growing past her mistakes.
Danessa found that there were problems in her business and explains that she wishes she could have fixed the problems that she was facing earlier. One of the best steps for a business is to first realize the mistakes and by fixing them, it allowed her business to become more successful.
- Continuing to scale today.
Property Management Inc. has over 300 franchises and that number rise only going to rise. By continuing to franchise her business will not only receive more profits, but also more attention that helps it to grow larger.
Read More: https://franxlaunch.com/danessa-itaya-shares-strategies-for-success-supporting-franchisees-and-achieving-balance/
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A discussion with Manan Shah, Lightbridge Academy: “When we learned of Lightbridge Academy, we saw how family-oriented and hands-on they were,” Manan said. “That’s tough to find in franchising because once a brand hits a certain level, it is usually not as accessible and we wanted to be face to face with key people in the organization. With Lightbridge, I know that if I call anyone at the Home Office, and they’ll pick up and find the time to talk to me. We really appreciate how the corporate team treats us like family.”
Manan Shah, Lightbridge Academy franchisee, talks with Charles N. Internicola and Nick Powills to discuss the main reasons why he bought a franchise.
- Background in franchising.
When Manan's father moved to America from India in 1983, he began to franchise many businesses including his first Dunkin Donuts. This allowed Manan to have a background in the field of franchising since he was a child.
- Family-oriented business.
When Manan wanted to franchise with Lightbridge Academy, he found that the business was constructed similar to a family, where all the employees will treat the clients as family and will work with one another to help the client's needs.
- Dealing with his grandmother's illness.
When Manan was a kid, his grandmother became ill with alzheimer's and this stuck with him. Manan realized he could help people like his grandmother with Lightbridge Academy and even help people with younger children.
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Entering his second year as a franchisee, Alhaide discusses why he bought a franchise from Footprints Floors - and what he's learning along the way.
Nick Powills and Charles N. Internicola listen to Adnan Alhaide on his story on why he bought Footprint Floors.
- Desire to control a business.
Adnan describes how he always wanted to start or own a business of his own when he had the idea of what he wanted to do with his life. His desires led him to franchising and becoming a franchisee of Footprint Floors.
- Work-life balance.
Adnan wanted to create his own hours and work at times that he wanted to work and the best way to do that was becoming a business owner. Now that he owned a business he could do one of the most important things for himself.
- Trust in the business.
Adnan has no experience in the flooring business before becoming a franchisee and what finally allowed him to become a franchisee was the trust that he got from the franchisor to feel comfortable in the business.
READ MORE: https://franxlaunch.com/franchisee-adnan-alhaide-blazes-his-own-trail-with-footprints-floors/
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What I want out of franchisee, our process and our scale: Featuring Jackie Bondanza, CEO of Hounds Town USA.
Hounds Town USA's CEO, Jackie Bondanza, talks with Charles N. Internicola and Nick Powills on why she decided to franchise her business.
- Saw the need that people weren't recognizing.
Jackie walked into the store as a customer over 10 years ago and noticed the need for the business in today's world. This led her to getting involved in the business and helping it to have many franchises all over the United States.
- Background in the business.
After walking into the business for the first time she risked her job on working behind Mike the original owner of the business. This risk payed off and allowed her to become the CEO of the company today.
- Build upon the culture she has built.
After she began franchising the business all over the country, she began to hold weekly meetings about culture for the business. This allowed all owners of the business to stay involved and truly embrace the culture of Hounds Town USA.
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Charles Internicola and Ben are joined by Sheri Winesett of Intelligent Leadership Executive Coaching to talk about her franchising story.
- Sometimes get lucky.
Sheri's plan was to launch the business virtually in April of 2020 and that happens to be a month after Covid hit and everything was shut down and virtual anyway. This allowed her business to flourish as the virtual model allowed her business to stay intact during the pandemic.
- Working alongside her franchisees.
When most people become a franchisee, the franchise is most likely their first time owning a franchise potentially even owning a business. Sheri is there for the franchisees helping them every step of the way and providing them with resources that they need to succeed.
- Having a strong business model.
A strong business model helped to separate Sheri's business from other competitors and become more successful than them. With her business model, more executive coaches could help the people in need of their business.
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Ted Beaman, who bought a MOOYAH Franchise talks with Charles about his story.
Franchisee, Ted Beaman, sits down with Charles N. Internicola to discuss why he became a franchisee of MOOYAH.
- Background in the restaurant business.
When Ted was looking for a franchise to be a franchisee of, he found a business that was in the restaurant business already. He had already working in three different casual dining brands, which helped him to fit into the business.
- Background in the franchising business.
Not only did Ted have a background in the restaurant business, but he also did have a background in franchising his own business with the other businesses that he worked for. This is a major advantage for himself in the business and helped him become more successful in the business.
- Wanting to work in the restaurant hospitality business.
As previously mentioned, Ted has already worked in the restaurant business and he specifically worked in the restaurant hospitality business. He liked to help people and this pattern continued with the MOOYAH business.
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Good businesses always take charge of every aspect of their franchise and that includes the end of the franchise. Nick and Charles drive home this important point, so you never forget it.
Join Nick Powills and Charles N. Internicola as they discuss the importance of the exit in mind.
- The exit should be in your mind from the beginning.
Whenever a smart businessman or smart businesswoman is into a business, they should think of the exit as soon as they think of the beginning. This will allow the person to think ahead for themselves and not forget what the business means.
- Having a future plan.
Good businesses always have a plan that will help them get through most situations and by having a future plan, the business can have the plans built into place beforehand. These people more than often will succeed as they have a future plan in mind.
- Forgetting feelings.
There can't be a sentimental attachment to the business, the business has to be able to end before you move on from it. This means that there shouldn't be a time where you are giving up your livelihood for the business.
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When is the right time to diversify portfolios of a multi-unit franchisee? That seems like a challenging question, but Nick and Charles are ready to break it down.
Join Nick Powills and Charles N. Internicola as they discuss the best times for multi-unit franchises to diversify their portfolios
- Understanding the brand.
Each business is different and knowing the right time comes down to the individual or individuals that run the business. his means that that person or group of people have to understand from either prior experiences or examples of when to diversify their portfolios.
- Trying to find the people willing to take on multiple units.
The toughest part of having a person with multiple units of the franchise is finding the actual person that is willing to take that on. There can sometimes be a competition between businesses, who want the person that will take on that role, so by finding the person before the competitors is the best opportunity for the business.
- Nourishing the first few franchises.
The first few franchises are the backbone of the franchise and the pioneers who helped start your business' franchise journey, so by supporting the first few franchises fully, they can eventually turn into multi-unit franchises.
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The aha moment many franchisors have is the aha moment when they discover that multi-unit franchisees are easier to work with, grow with, and sell with.
“By gosh, I got it,” said the Franchisor. “We will only market to multi-unit franchisees – the biggest, the brightest, the best. And they will come in droves. They will desire our brand and grow with it. We will take over the franchise world, (dark laugh) ha, ha, ha, ha.”
Then the tires screech, as they pull up to the franchise parking lot full of others who have figured out their aha moment.
“What are all these franchisors doing in this franchise marketing and sales parking lot,” the Franchisor screams. “How did they figure out our secret plan?”
Well, unfortunately, and unfortunately again – franchisors have been going after this elusive group for quite some time. Area Developers, master franchisees (can we just retire that name), multi-unit owners – the name of the game/target has changed, yet the actions have stayed on course.
So, here’s the thing. You are absolutely not wrong to want a multi-unit franchisee – especially one who came from another brand, has built up wealth, understands franchising, etc. But where you will be challenged is there is no magic to the sales process – they are hard to move. And then, the biggest challenge is the amount of franchisors who are marketing to this exact same target – there are hundreds of them (just look at the multi-unit conference).
Thus, just like anything else, you need something to snag their attention when they are ready to diversify their portfolios. You need to stand out. You need to differentiate your offering.
This is likely when the, “there is no way I can do that” comes into play. Royalty relief, marketing support, turnkey development – things that drive cash back to the buyer…now the ears listen.
So, when you pull up to the park full of franchisors looking to sell to franchisees, remember that this is still a big investment, still comes with risk, still has challenges – and then after all of that, you have to really showcase a clear why you/why now.
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If you want to grow as a multi-unit franchise owner, you have to be willing to reinvest in the business over, and over, and over again.
Listen to Charles N. Internicola and Nick Powills as they teach you the best ways to reinvest in your business as a multi-unit franchise owner.
- Maintaining reserve capital.
When a person reserves capital for the business, they are holding on to funds that are not being used and rather being held in cases of emergency. This allows for the business to survive in the worst possible condition as the backup funds will help protect the business.
- Investing in marketing budgets.
By investing in the right marketing budget your business will not be using too much funds or too little funds on marketing. The balanced amount will provide the business with the best chances for success and growth.
- Controlling a good leadership team.
A great leadership team is vital to any business and will help franchisees feel comfortable and safe in their newly owned franchise. This will allow them to feel comfortable to the point, where they can own more than one franchise of the business.
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In order to be a multi-unit franchise owner, you have to be willing to invest. How much should you budget on marketing?
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So, you have decided to become a franchisee. What happens next? N&C discuss.
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What parts of the FDD are up for debate? N&C will discuss
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We'll talk with a franchisor about questions they would recommend the franchise buyer asks during a discovery day.
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It can be super frustrating to get a qualified lead and have them ghost you. We'll talk with a franchisor about what it feels like on the other side!
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We were talking with a prospective franchisee this week (it’s fun to be the qualifier) and we asked about their due diligence.
He is a former franchisee and looking for his next restaurant concept.
Here’s what he said:
I have been to a few different restaurants and wondered why there aren’t more
I looked at the Website multiple times
I read stories and content around the web and see that the brand is excited about growth
N&C get at it.
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How do you do your due diligence on a franchise category? What you should know? What you should ask? What you should see.
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Buying a franchise sounds exciting. Well it should be a great step in a hopefully successful journey, but how do you know if that company you can afford. Talk with Nick and Charles to hear they takes on buying a franchise.
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Sure, 2022 has begun, but that doesn't mean you should be prepared to wiggle and dance your way through your budget, budgeting and deployment. N&C will talk $$$.
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Yay! 2021 has officially come to an end. Start making those New Year's Resolutions and end the year and start the next year on a positive note.
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With Charles an expert in the legal side of franchising, Charles discusses along with Nick all you to know to be successful.
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Scott Thompson joins the show along with Nick to discuss how he brought franchises up and then sold those franchises for eventual profits.
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Join Nick & Charles in a discussion with Threshold Brand's Scott Sutton about some successful strategies to help progress your franchise.
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Most successful things start with a plan and a strategy to continue success. Join Nick & Charles in a discussion with Raintree's Brent Dowling and how to have a plan when deploying franchise sales.
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Franchising is a beautiful thing for many businesses. It is a two-way street of opportunity -- both for franchisors and franchisees alike.
Why do entrepreneurs franchise?
Most likely it is a combination of reasons:
They have created a model they believe is scalable and can be duplicated.
They may or may not have the financial resources to scale at the pace the market demands, thus, are willing to allow others into the business in exchange for royalty and to offset speed and cost to expand.
Someone asked them about franchising opportunities.
They built the model with franchising in mind.
No matter what caused the entrepreneur to franchise, once official (https://www.franchiselawsolutions.com/blog/the-franchise-registration-states/) they now have a pathway to grow through a collective.
Once a franchise, a few things to consider:
It is not easy to sell a franchise -- and arguably even more difficult as an emerging brand. Why? You are convincing someone to invest their life’s savings into a business where they really don’t have much control over -- and, most likely, are also quitting a job or shifting a career focus.
You will battle many franchisors for deals. Why? Everyone wants qualified and ready to buy leads -- thus, they will spend $$$ to snag them.
You will also compete against the broker networks for deals. They have infiltrated local markets and have a firm grip on those raising their hands saying they are interested in owning a franchise.
You will absolutely, 100 percent have to support your franchisees. They will need you to drive their success. And their success will drive yours.
So, should you franchise? If you have a business that is profitable, a plan to support franchisees, a plan to grow your business, and an ultimate exit strategy in mind -- then, franchising could be a great answer to the next level of your business growth.
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Fortunately or unfortunately, there are a lot of franchises out there. You could go on a stream of options, like like Benjamin Buford “Bubba” Blue could with shrimp.
Dog poop picking up franchises.
Pet food franchises.
Pet grooming franchises, that are brick & mortar.
Mobile grooming franchises.
Dog walking franchises.
Dog hotel franchises.
Cat hotel franchises.
Dog training franchises.
Shall we continue?
So, often times, a franchise isn’t created because it is a new idea (should we go down pizza and burgers?), rather, a start-up location has some early success (hint, most likely it is in the operations and branding) and decides they want to grow. But, they don’t want to grow by spending a ton of their own money, rather using others -- called franchisees.
At this point, what do they do?
How much should they budget to become a franchise?
Can they sell them without being an “official franchise”?
All key information needed to decide whether you want to be a franchise or not.
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How do you measure your ROI when it comes to franchise sales, the broker networks and your growth. What should you expect on ROI from franchise marketing?
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Do you want your franchise to grow? I would certainly want mine to grow. Learn these tricks with N&C to figure out how to encourage franchise brokers to push your franchise.
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Franchise brokers need to be marketed to in a similar way to franchise prospects for very similar reasons as a prospect:
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Education of your why you/why now
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Support in understanding the value proposition of your franchise brand
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News updates to create excitement
In many cases, franchise brokers don’t have a relationship with your brand. Even if they have placed a few candidates with your brand, they still don’t live and breathe your brand the way you do. So, as a part of your marketing strategy to the broker networks/broker communities, here are some things you should make sure are in your arsenal of communication:
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Do you have a franchise broker landing page on your Website?
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On this landing page, do you offer resources to the franchise broker -- like successful franchisees, press & news, content on your value proposition?
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Have you built an email database of brokers who could push your brand?
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Are you emailing them an updated newsletter?
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Do you email them every time you close a broker deal?
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In that broker deal announcement, are you interviewing the broker who placed the deal about why they thought you were a fit for your newly minted franchisee?
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Are you emailing them an update on franchisees placed through brokers in the past -- who may be celebrating a milestone with your brand?
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Do you send anything in the mail to the brokers -- swag, letters from the CEO?
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Do you offer educational Webinars for brokers and their candidates?
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Do you set-up special in-person experiences?
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How do you celebrate brokers who have placements?
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Do you have any special incentives to push brokers to introduce your brand?
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Have you asked the broker community why not? Designed to gain insights into what you could do better in telling your story?
Once you have answered these questions, then, you can build out a marketing calendar/plan to help tell your story to the broker community.
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You are standing at a franchise fork in the road (go with us for a moment). At this fork, you, as a franchise broker have to make a specific decision. The decision is between franchise brands, and for argument’s sake, they both occupy the same space – senior care. Brand A has higher performing AUVs, a seasoned and tenured leadership team, and franchisees swallowing up more territory.
Brand B is slightly behind A in all of those categories.
Brand A’s franchise fee is $50,000 – used to be $30,000, but jumped it up to $50,000 to pay the broker community more money.
Brand B’s is also $50,000 – same story.
Brand A’s broker package is $20,000 of the franchise fee. The leadership has always believed that using the $30,000 to properly onboard the zee is essential to their success.
Brand B’s broker package is $50,000, and, they incentivize you with another $10,000 every time you help them find 5 more franchisees.
Which brand do you push? The one that is a sounder business or the one that gives you more money? It’s a tough decision for sure – however, in the art of this discussion – it’s not about that choice – it’s all about making that choice difficult. That’s your job, Mr./Ms. Franchisor. How can you make your brand more top of mind when a franchise broker is faced with a decision of two brands – one being better for their candidates?
Money.
Percentage of royalty in some cases.
Bonuses for sales milestones.
Bonuses for franchisee performance.
Wines, dines, and other fancy things.
Unfortunately or fortunately, there is some gamesmanship to the sales process with brokers. How are you winning? How are you incentivizing? It’s something you have to think about in structuring your deal modeling.
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Good thing we have a resident lawyer on the FranX team. Sir Chuck will guide us through the rules and regulations of working with franchise brokers.
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Hey there, good lookin’. Can I buy you a drink?
How to start a relationship & How to Determine which broker system best aligns with your goals?
It’s not as easy as deciding you want to use the brokers, paying an entry fee and magically selling franchises. Truthfully, it is all about the relationship.
N&C get at it on this week's FranX.
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Even though they are the talk of the franchise industry, many franchisors don't know how to best use the broker network. Yet, when leveraged correctly, they can help you grow. N&C discuss.
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Get me more deals. Lots of them. Like, really, lots of them. How can franchisors win with the franchise brokers. N&C discuss.
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Is it the zor? Is it the training? Is it the qualification? What causes franchisees to fail?
N&C get at it -- and you can, too. Join in the conversation by placing a comment below.
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It's been quite some time since a big layoff was connected to economic behavior (ala 2008). Is another one coming? Are there going to be shifts in the labor market that are going to encourage new franchisees to be born? Why do franchisees buy in turbulence?
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Want to trick buyers into buying your franchise? Of course you don't -- let's not be silly. How can you use Item 19 to tell your story? What information should you put in? Why doesn't there seem to be universal Item 19 best practices?
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Bad franchisees. They cause so many grey hairs. What can you do about it? N&C dive in. Join in the conversation by leaving a comment below.
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Of course not. Why? The franchisee is risk averse.
However, that just may be the most important insight of your next level franchise sales. N&C get at it.
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Question 1: Will franchise expos/shows/conferences return?
Question 2: Can brokers solve your development woes?
Question 3: If I want to double my growth in 2022, what should I do right this second?
Question 4: What truths need to be in Item 19 to win at franchising?
Question 5: What bold predictions can be made for 2022?
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Cost Per Deal. It's a franchise buzz term that is typically backed by unicorns (meaning, we make up magical, not real numbers). Unicorn numbers are certainly franchise widespread, but does it have to be? What is your real data and what is it telling you about your growth? N&C get at it.
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What if you were to say screw it and take a ton of money and put it into frandev. Would that drive more leads and deals? Could you take those funds today and create immediate actions? Kind of. N&C get into it.
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Well, here we are again -- fear over this awful thing called COVID. Is it time to panic? Is it time to backcast? Is it time to increase your spends? N&C discuss.
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When it comes to selling franchises, sometimes sales teams are forced to advocate for a candidate, even though they are not 100 percent confident that candidate will be a great franchise owner. Why? Forces from above. Duh. How can you change this? How can you change your selling culture? N&C discuss.
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When the marketing and franchise teams gel, so does the brand. What rocks should you lift up to find more of the right deals? How do you introduce franchising to the consumers? How do you get marketing onboard with franchise growth? N&C get at it.
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People can receive many leads in a certain period, but what does this actually do when the business is only talking to a few of those leads. Trying to optimize the cost per lead in franchising may be difficult. Join N&C to figure out why people don't care about the cost of leads in franchising.
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Why are franchise brands constantly chasing INSERT WORD? What is INSERT WORD you may ask? Watch Nick and Charles explain and help you learn along the way.
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Welcome! Charles is back after missing last episode and is ready to discuss with Nick how legal FDD affects lawyers.
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Gimme more. More business. More growth. More Nick. Nick is alone this time trying to teach you about wanting more, so tune in and see how Nick goes without Charles.
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No one wants to be a dummy, especially a dummy in franchise digital advertising. Dummies are not successful so let's be successful and become a smarty. Join N&C to figure out the best ways to no longer be a dummy.
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What makes Franchisees say yes to the Franchisor? A good smile doesn't allow them to get the business, so what makes these people say yes? Join Nick and Charles and figure out the answer to these questions.
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If you are telling the truth, and we mean, really telling the truth, you know you have creeped on someone before. Whether that was an ex, a prospect, a prospective employee -- or the list can go on (and get far worse). Curiosity killed the cat, but it also is a part of what we do as humans.
Buying a franchise is no different.
Prospects don’t magically wake up one day and say, “Wow, I have always wanted to buy a Bob’s Burgers -- let me go to the franchise site, inquire and buy. Woohoo.”
They search.
And search again.
The franchise buyer (mostly) is risk averse. They like their job. They like their stability. That’s why franchising makes sense -- no need to be an inventor, simply follow the damn model.
Risk averse love reviews. They love getting comfortable with their decision. Thus, Google is their new best friend.
When’s the last time you Googled your brand? What about leadership team? What about franchisees? What do you see on LinkedIn? On your Facebook/Instagram pages? Do you know what they will see?
The good news is that content/online storytelling and four wall storytelling (the stories you tell within your footprint) are mostly in your control. The bad news, many don’t join in the story. They are convinced that a monthly blog (when’s the last time you read a franchisor’s blog) is the way to go.
Know your search. Set-up the right research. Define your story. Own the why you/why now. Run.
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Budget is one of the most important aspects that define a business. When buying a franchise the budget that you have should be the determining factor in buying the franchise in the first place. Join N&C to figure out how budget fits into the situation when buying a franchise.
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"Would you buy this franchise again?" Sir Prospect asks. "Um, maybe," Madam Franchisee says.
And just like that, the murder of Bob's Bagels -- once noted as the fastest growing franchise east of the Mississippi -- has begun.
Now, for the most part Bob's Bagels was not a bad franchise. Point of differentiation -- bagels that didn't have the hole in it. Unit Level Economics -- category leader. Cost to get in? Reasonable. But when Madam Franchisee was not happy with the support she got when Cathy's Coffee (that also sold bagels) opened down the block, Madam was not happy. And, was willing to tell others.
So, what do you do when validation starts heading south? You hire Detective Franchise. At your next meeting, talk about how negative and positive validation can help/hurt the bottom lines of all franchisees.
Do surveys to ensure you have a pulse on your brand’s mood.
Build great stories/content/video around those who scream from the rooftops.
Listen, listen, listen. Understand what is at the root of the problems that are creating noise.
Try to solve those problems.
Celebrate your achievements with awesome PR.
Validation can be a brand killer (or murderer). You are in control of what happens next.
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Rich. When you buy a franchise, that's what should happen -- right? N&C will dive into the question: Can you get rich owning a franchise. Add questions/comments below for discussion.
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Why would anyone care about a resale? Franchise sales peeps can't count that toward goals, bro. Or is that the wrong mindset? Join in with C&N, the most influential podcasters/live streamers in franchising (that's really not saying much).
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Imagine saying that you could double the size of your franchise system. Who wouldn't want to do that? Don't say that it can't happen. Nick and Charles discuss what it takes to get you to double the size over the next year.
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Charles N. Internicola and Nick Powills of FRANX talk about what you need to know about buying a franchise including:
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If Buying a Franchise is Right (or Wrong) for You
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Franchise Ownership vs. Entrepreneurship
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Difference between buying an individual unit vs. multi-unit ownership
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Franchise Buying Basics
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Where to Find Franchise Opportunities
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Franchise Brokers - the FDD
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the Franchise Agreement
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the Process
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What to look for in a Franchise
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Start with the FDD
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Item 19 Financial Performance Representations
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Unit Level Economics
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Franchisee Validation
- Leadership Team and Purpose
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Plus Factors to Look for
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Warning Signs to be Aware of
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Best this, best that. The bests of bests are wide and large in franchising. That is the start of the discovery for a franchise buyer.
What should I buy? Oh, I know, the best X brand.
They Google. They find. And then, they research. So, are you doing the same? Here’s a quick weekend opportunity to find a few gaps:
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Google your brand + franchise. Take note of what you see and what is said. Are you consistent with your message? Is your franchise site at the top?
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Now, go into your franchise site (just like a buyer, we hope). What do you see? Does it say, “Awesome franchise” or does it say a clear why you/why now?
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No? Well, now do you homework and figure out if you can figure out your why you/why now? Go back to Google and search again.
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Now, look at your competition? Jealous of anything? Add that to your to-do list. It’s not hard to win the war of the Web. It is simply doing it -- and rescrabling your message.
Yes, we know, we sound like a broken record. But here to help you, as we are grateful you are a part of our community. Side note, have you subscribed to our YouTube? Please do -- and tell your franchise friends to do the same.
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Is your franchise underperforming? Are you ready to pass the blame onto the head of franchise sales? That person may be the problem, but most likely there is a bigger picture. Join Nick and Charles to figure out what gets franchises to this stage and how to grow past these situations.
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Charles Internicola and Nick Powills talk about task items franchisors should work on in Q2 of 2021.
Leads take time to mature. While, on occasion, single events can create impactful moments, most of your successes, especially in franchising, will come from steady Eddie execution.
So, now that we are in the second quarter of 2021, the activities you do in these three months will have tremendous impact in end of year results. A few things to consider:
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If you're behind in franchise sales, increase spend. It may feel uncomfortable when you are not rockin’ the deals, but, if you don’t increase spend, you very well could be in the exact same place at the end of the year.
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Reconsider/reconfigure your goals. When knockin’ back some drinks around New Years, we create these crazy goals. But, then, we don’t look at the indicators. Now, for some, you are probably crushing the goals you set out, but for others, if you are playing from behind, pivot and adjust.
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Ask franchisees for help. They are walking in the same brand shoes as you. Lean on them, too. It will make them feel like partners, and they just may have some good ideas. Make sure you are aligned as a team on what needs to be done this quarter. Assign tasks, measure, hold accountable. Make sure your team is aligned with your brand goals. And, don’t be afraid to share your personal goals, too.
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The “it” conversation in franchising is all about, “How do I get the brokers to sell more of my franchises.”
Franchisors are banging their heads on walls, desks and FDDs trying to figure out the new secret to getting deals through the broker networks (* apologies to those who call themselves consultants, coaches, or tour guides -- you are still a broker). Yet, many franchisors are missing some of the important basics of deal building:
Relationships: Cultivate and build them.
Tools/Brand Resources: These folks are not in your brand. They don’t know your secrets. Give them the tools to present your brand amazingly.
(a) Two-Minute Drill
(b) Videos on why you/why now
(c) Brand assets
To win the war of growth, you have to arm your troops with the best franchise weapons. In this case, the truths that elevate your brand.
If you are not getting the deal traction you desire, perhaps it’s time to evaluate your tool kit and give your outside team a refreshed weapon to tell your brand story. Add it to the to-do list.
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Avoid franchisee lawsuits…
Sometimes they are inevitable... other times they are completely avoidable. Following the year of the pandemic, business closures, and small business challenge… it’s time to re-think your franchise agreements and legal relationships with your franchisees…
How can you make the lives of franchisee lawyers more difficult and less profitable?
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Enlist Your Franchisees A franchise advisory council can be your “canary in the coal mine”. Embrace your FAC and use it as a tool to improve your system communication and as an early warning system.
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Be Aware of State Franchise Laws No matter what they say… state specific franchise relationship laws may trump the terms of your franchise agreement. Be aware of the states that you operate in and the supplemental rights afforded to your franchisees.
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Rethink Your Franchise Agreements Do you need all of the provisions in your franchise agreements? Maybe and, most likely, yes...but can you tone them down? Absolutely. And, if you overreach in your franchise agreements, important provisions like your non-compete and confidentiality covenants may not be as enforceable as you think they are. Make sure your restrictive covenants are fair, balanced, and enforceable.
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Leverage Your FDD Unhappy franchisees are usually over-leveraged franchisees with misaligned expectations. Use your FDD to align expectations including a clear understanding about franchisee marketing obligations, the dollars that need to be spent to make the phone ring, and a supercharged Item 19 that creates clarity as to income replacement expectations.
The most successful lawsuits are the avoided ones.
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You franchise dummy. Are you offended or are you excited?
We. Pick. Happy.
The reality is, most of us are franchise dummies (apologies to the large egos who are saying, wait, now I’m offended). We go to francocktails asking, “what’s the secret in franchising?”
Nothing, you dummies.
Again, not a bad thing. Why? What's new is not new, it is fundamental. Strong unit level economics supporting a strong product backed by a powerful leadership team -- fundamentals.
So, now that you have them, what’s next?
How do you get to the starting line of winning (both young and mature brands)?
Basics. Focus, leverage and money. Are you ready to power your growth?
Even if you say yes, you can still be in the club of dummies. It’s a good thing.
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Deal value. Deal value. Deal value.
What is the value of a deal?
If you were to have invested what you would spend on opening a franchise into Bitcoin or GameStop, you may be filthy rich.
And that’s the problem.
Remember when our grandmothers would sit us down and say there is no get rich quick schemes? Well, that all can change thanks to these lotto scenarios.
But, when kids went out and took out bank loans to buy up the GME, and then it tanked. They panicked. BIG TIME. And, then just like most things in life -- it went back up (north of $3 bills this week). Lesson patience -- and rich takes time.
So, a franchise empire still seems a lot safer of a bet than a jump at something else -- especially if you match the profile of a franchisee.
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Oftentimes, when something doesn’t work out—people blame others. Rarely, as humans, can you walk up to a mirror, by yourself, look in it and say my bad.
In franchising, training is a few things:
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Inner Personal Training: Does this human have the right mindset to match with our brand. This training is done far away from the selling of a franchise—and frankly, has a lot to do with the DNA of that person. Your training needs to be focused on sniffing out the bullshit. You need to match your brand with the right buyer—or your company with the right employee.
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Business Training: When someone becomes a franchise owner, they are suddenly required to be a multi-pronged business leader—HR, supply chain, operations, marketing...What scaffolding (not with your brand, in general) can you give people who may not be an expert in each of these areas.
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Brand Training: What is your brand story? How does the buyer and employee tell your vision—and apply it to their everyday business?
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Operations Training: How do you get the good shit done.
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Scale Training: How can the buyer grow past the point of one location?
Training is an umbrella term—not a simple solution. When training is done on an ongoing basis—the reeducation of what and why you do what you do—you have the best chance at building a culture around success.
So, do you suck at training? Not all parts. Do you suck at parts of training? Certainly. Fix it. Don’t wait until it’s more broken, do it now. Stop reading, really, and do it now.
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You are at a franchise cocktail party. Ok, not really -- more like a franchise zoom happy hour (lame, can’t wait for a real one).
The conversation swings toward franchisees. A sigh lets out. Ugg, we have a bad franchisee. Or, the ever so popular, “30 percent of franchisees are great, 30 percent are good, and 30 percent are bad.”
But, we bet you didn’t always feel that way. In fact, if you were to backcast (the FRANX fancy term), most likely, you loved them. In fact, when you took their $30,000 (and quickly paid it to a broker), you thought that they just quite possibly could be a game change -- THE FUTURE multi-unit franchisee.
But, that honeymoon ended quickly.
Complaints about this and that piled up and now they were a bad franchisee.
But it wasn’t always that way. And most likely, like it or not, you are part of the reason it went south.
Your bad. Our bad. Their bad.
Think about all of your “bad” franchisees. What do you wish you would have done differently in the onboarding? It’s a fair question.
We all make mistakes in life and in business. Maybe 30 percent are human enough to admit it and maybe 30 percent are willing to work enough on themselves and their businesses to make it better.
Oops, don’t do it again.
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What is the future for franchise expos? Hint, it's not digital expos.
What will happen with Expos? Will they remain? Will they vanish? Will they change? What do you think? Join our community and participate in the question we are posting, right, about, now.
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It's all about trust between franchisors and franchisees.
Most likely, in order to have a happy relationship, you have to be around someone you trust. How is trust established? Well, for your sweetheart, through relationship, time, consistency and trust. For business, it is often times faster -- requiring an exchange of value (financial, relationship, or beer -- or a combination of all).
In franchising, trust is first established through research and referral. Franchisees trust their broker to help them find the right brand. They then trust that the franchisor has their best interest in mind for wealth creation/building. And then they have to trust that their community can rally around their product or service. Trust isn’t as earned as in a relationship with a spouse, it is often fast.
In franchising, we trust first and cut the cards second. Thus, research, diligence and validation become so essential to mitigating the risk of franchising your business, buying a franchise, or picking a franchise supplier.
The single most important governor is that if it is too good to be true, it probably is, thus, trust your gut.
There are no unicorns in franchising -- simply a lot of great execution on many great ideas/solutions.
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In franchising, just like Apollo 13, we are always fighting to get the boys home. We are always battling for more leads, more deals, better franchisees, better success for our franchisees. Why? Well, if you are reading these bottom thoughts, it’s probably because YOU LOVE FRANCHISING.
We all do.
It is a challenge. It is a pain. It brings tremendous successes and some failures.
When the scientists are faced with a challenge of bringing da boyz home, they dial in an focus -- and get er done.
That’s what we do. We get er done all day, all month, all quarter, all year. And frankly, there is no stopping to the franchise hamster wheel.
But, as long as you can find moments of joy in the challenge of franchising, then it becomes super addictive and rewarding.
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We’ve all played the game of Monopoly and you can’t win by just passing go and collecting $200. To win, you must acquire properties and invest in revenue generating assets.
Like Monopoly, your franchisee candidates are looking to go beyond the weekly paycheck and invest in a revenue generating asset. So...is your franchise brand Park Place, Pennsylvania Avenue, or Baltic Place?
Connecting with franchisee candidates requires a deeper understanding of the franchisee journey, what they are looking for, and how your franchise can help them win the game.
Board design created by: https://www.jeffgeerling.com/blog/2010/monopoly-vector-design
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Is your franchise brand attracting Franchise Owners or Business Owners?
Franchise Owners buy a franchise for stability and income replacement. They’re not really focused in scale or leveraged growth.Business Owners buy franchises for scalability, multi-unit growth, and leverage.
Who you attract depends on you, your focus, and the capabilities of your management team and system. No matter how much you spend on marketing and franchise development, if your system is not built for fast growing franchisee business owners you won’t attract them and smart brokers won’t refer them to you.
One is not necessarily better than the other - Business owners vs franchise owners - but you need to determine who you are targeting and why. Below are the franchisor characteristics that we think determining the type of franchisees that your system will attract.
BIG IDEA: Know your target franchisees and build your franchise development, management team, capabilities, and support around their needs.
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Franchise brokers are one super important micro target - one with huge impact and importance.
So start your 2021 supercharged micro-marketing efforts by building out a valuable franchise broker web page and portal that:
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Is a private webpage (i.e., not crawled by Google) and built exclusively for franchise brokers
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Explains why franchise brokers should be referring candidates to you;
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Explains your ideal franchisee candidate;
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Explains why, for the right candidate, your franchise is the best franchise for 2021;
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Discusses your franchise candidate discovery process;
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Tells the story of how you transform the lives of your franchisees;
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Provides on-page and downloadable data and resources that brokers can use during calls with their candidates
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… plus more...
This seems like an easy win with HIGH ROI. Let us know what you think below in the comments or join the Franchise Growth Mastermind conversations: https://www.facebook.com/groups/1464519290241259
franchisebrokers
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Massive changes are coming in 2021 and...they’ve already started.
We’ve only started this quarter and, already, we’re facing changes that, in ordinary times, would have taken years to develop.
Consider: - Change in control of government
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more money printing, stimulus, green new deal...
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The rise of big tech: Amazon eating main street businesses; Google, Facebook, and Twitter controlling digital marketing and the public square - Generational purchasing power shifts from Boomers to Millennials
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Lockdown fatigue
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The Unexpected
As a community we’ve learned from 2020 and many of us have built and rebuilt the foundations of our businesses. There will be more challenges ahead and if 2020 has taught us anything it’s that we should expect surprises. So let’s prepare. Let’s deploy some SWOT analysis. Plan and prepare for the potential THREATS facing your business in 2021. Then set a plan for avoiding them and, if they are unavoidable, how you’ll react.
BIG IDEA: Throw out the panic button! 10 years worth of opportunity is about to be thrown at us in 2021. The opportunity will be disguised as threats...so take the time now to evaluate the strengths that you will need to rely on and the opportunities that you’ll be looking out for. If you haven’t prepared a basic SWOT analysis for 2021...spend some time now.
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Join Nick and Charles on a 2020 look back and a 2021 plan. Jump in the DeLorean back to this time last year. What would you tell Michael J Franchise? Yo, there is going to be a pandemic where your life, your business and your norm will be completely disrupted. Robert Cresanti is going to be out at the IFA. Papa Johns will make a resurgence. Go buy some stock -- like Peloton, anything to do with the home (Wayfair), Tesla -- and a whole bunch more because the bubble is not poppin’ yet. Thousands of restaurants will close in 2020. Ugg. Bitcoin is exploding. Mortgage your house, your wife, your kids and put it all into da coin. Sports will be played in bubbles, without fans and without players (opt out). A vaccine will be created in record time. Franchise Knowledge for $100, Alex. RIP. It’s been a year, FranXers. Ready to make 2021 better -- or better again?
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What would you do if Nick & Charles came down the chimney? Yeah, we would call the cops, too. The good news is the franduo is only coming down the virtual franchise chimney (could that become a franchise) to talk about winning in 2021. Join in on the conversation by posting comments below.
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The king and the jester of franchising, talk franchising. Who's the king and who's the jester? Debatable. Join in the conversation below.
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Articles all over the internet are questioning whether franchising is dying. There is a strain on the relationship aspects of franchising and that will definitely affect business. Join N&C to dive into a closer look.
Nick Powills (www.1851franchise.com) & Charles Internicola (www.franchiselawsolutions.com) share the secrets to franchising.
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What do most winning brands have in common? How did this help them reach success? How important is a brand's story? N&C will take a closer look.
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Today is Black Friday, all shoppers favorite holiday, but today we take a closer look if franchisors should discount their brands?
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How do you know when a franchisee is dying? What data backs or may disprove this? N&C take a closer look.
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If you want to maximize the ROI on your franchise sales and development dollars, you'll need to shift your mindset from franchise sales lead "generation" to lead "awareness." You're one of many brands and options for qualified franchisee candidates and winning is no longer determined by who gets to the prospect first or the fastest. In this FranX installment, Nick and Charles discuss guaranteed ways to increase your deal conversions and they required that you stop (what you're doing right now), collaborate (with your internal team to align your why you/why now), and listen (to what your prospects are looking for.
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As we previously discussed, to maximize the long-term growth of your franchise system and brand, you need to build your franchise sales strategy, budgeting, and planning around the deal value of every franchise you sell. Once you know your sales deal value, how do you implement and maximize the franchise development dollars that you spend and your deal ROI?
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In the franchise world we hear it all the time ..."I want more franchise leads...damnit!"
But, do you really want more "leads" or, do you want more "deals"? In this FranX live stream Nick Powills and Charles Internicola discuss why the good to great franchise systems focus on "deal flow" and not "lead flow" and how this mindset shift can transform your franchise system.
Kicking off this discussion lets discuss:
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Deal Value
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Deal ROI; and
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Deal Convertors.
This video sets the framework to shift you development practices to deal flow and deal value a 5 year plan for your franchise system.
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You know the value of the franchise fees you collect when you sell a franchise but...do you know the "deal value" of each franchise that you sell?
Deal value is one of your most important franchise sales and franchise growth metrics. In this FranX live stream, Nick Powills and Charles Internicola discuss "deal value," how to determine it, and how to use it in planning your franchise sales / development budget and setting your 5 year strategic plan.
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