There is an obvious appeal to starting a business by buying a franchise. Whereas starting a business often comes with a lot of unknowns, a franchise is proof of a successful model already in motion. That doesn’t mean that buying a franchise equals instant and sustained success. In fact, the mythical “statistic” that says that […]
As a franchisor travelling around and chatting to other business owners, one of the questions I get asked the most is “How or when will I know if my business is ready to be franchised?” And it’s one of those questions that is pretty impossible to answer – I firmly believe that the success of […]
This is an extremely testing and a challenging time for many franchise businesses. It has not been business as usual for the past few months and unfortunately some franchises have had it worse than others. Many conversations that have and are still taking place are focussed on how tough things are. It has meant […]
Franchising your business can be a rewarding experience when done right. Many business owners dream of seeing their business grow and scale over time – not just for their own fulfillment, but in the hopes of eventually selling that business and turning in a worthwhile profit. To make that happen, you’ll often need a lot […]
Company culture matters. In the franchise world, culture makes the network stronger and can contribute to the overall growth and success of a brand. Having a shared sense of values and goals between franchisor and franchise owner sets the tone for long-term success, and finding the right culture when selecting a franchise is paramount. […]
A positive customer experience is the exceptional service and/or products that your franchise provides, that meets or exceeds your customer’s expectations, thereby increasing customer satisfaction, loyalty and advocacy. A franchise cannot exist without its customers. By customers having a positive experience, your franchise will win new customers and perhaps more importantly, customers will become […]
Much has been said about the COVID-19 pandemic, touching the lives of everyone world-wide. The franchise industry, which covers many industry sectors, is vulnerable in varying degrees depending on which industry you find yourself in. Now is the time to make healthy long-term decisions and not to act in irrational ways, possibly to the […]
Various structures have been developed to aid franchisors who want to expand their brands internationally, to deal with the difficulties in managing international franchise networks. 1. Master Franchise The most common and simplest structure for expanding a franchise internationally is by awarding Master Franchise Rights in the target country to a suitable indigenous individual […]
Location is everything … or is it! The right location for your franchise will be dictated to you by the criteria for the specific industry sector it serves. If you go to your customers, rather than your customers coming to you, it makes sense to pursue a home-based or a location where accessibility and […]
Franchisee recruitment is an on-going challenge for the majority of franchisors, who seek to find the “right fit” when recruiting franchisees to build their brand. Some ideas to assist with this challenge are: Franchisee Profile When drawing up a Franchisee Profile, be very specific with the characteristics that the prospective franchisee must possess to […]
