The Franchise Fix: 12 Keys to Make the Most of your Franchise

 

There is a big confusion in the franchise world: franchisees believe that when they acquire the rights to duplicate a brand, they will receive everything they need to be successful. The reality is they only get one part of the formula. This causes unfulfilled expectations, constant frustration, tremendous struggle, hard work, and sometimes sadly, even failure.

But there’s a way to fix that to make the most of these businesses. I have found that there are 12 keys to being a successful franchisee. And I have portrayed them in The Franchise Fix, a book that collects my 30 plus years of experience in this industry, working with franchisors and franchisees and running operations, units, and brands.

Do you want to discover those best practices and how applying them can help you obtain financial and time freedom

How The Franchise Fix was born

After a 25-year career in the franchise world, I wanted to take a sabbatical and then go back into the corporate world to...

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How to Increase Sales in your Business in 4 Steps

numbers profit sales Jan 12, 2022

We can’t deny that the increase in the costs around the world makes it more difficult for small business owners and franchisees to operate their business, maintain their team, grow, and achieve their goal of time and financial freedom. That’s why knowing how to increase sales in your business, even in these uncertain times, is key to protecting your profitability.

To do so, you need to make some adjustments. This is critical not only because sales are the oxygen of every business, but also to have a healthy and prosperous company in the short, mid, and long term.

Do you have a succession plan for your franchise? Review these recommendations to build one.

Increase Sales in your Business with These Strategies

To boost your revenue you can increase the number of customers to grow your transaction count or have each customer pay you more either by increasing your prices or influencing their buying decisions improving, therefore, your average ticket.

Top-performing...

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Your Employees Are Not Doing a Good Job? There are Three Reasons

leadership people Dec 29, 2021

In these times of staffing crisis, hiring the right people is very important. But being able to retain them is even more relevant. So, if they are not meeting your expectations, why not take the time to figure out the reasons they are not doing a good job?

In a past vlog, I explained why I completely disagree with the saying “hire slow, fire fast” and how the correct approach is to hire slow and fire slow (learn all about it here). This means that before you take the fast lane and let someone go, you should find out what happened and ask the right questions to inquire into why they're not doing right. 

It’s worth the time! Surely enough, you’ll learn a thing or two about your business and how to improve it. In my +30 years of experience in the franchise industry, I’ve come to realize that there are only three potential reasons why the job is not done correctly.

  1. Lack of knowledge

When somebody goes into a new company they have to acquire not...

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How Being Grateful Will Help You Attract Success

inspiration leadership Dec 22, 2021

I’m sure you work really hard and you do everything you can to achieve your dreams and to have a successful enterprise. But sometimes, the easiest way to attract that success is by being thankful for what you have accomplished. 

Thanksgiving is one of our treasured traditions in the US and an occasion where we reflect on the things that we are grateful for. But we have to be thankful all year long! So, taking that holiday spirit, I want to invite you to constantly ponder on what you are most appreciative of your business and of the things that you have. Trust me, it’s a great exercise and it’ll bring you many benefits! Here are two of the most tangible ones:

  1. Having a mentality of abundance

If you focus on the things that you don't have and the things that you wish you had, you are attracting scarcity. But if instead, you focus on the things that you do have and you are thankful for them, then the mindset of abundance will come into your...

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Dear Franchisee: You are not alone! Learn here how The American Franchise Academy™ can help you!

The American Franchise Academy mission is to share knowledge, tools and resources so that business owners and franchisees can make their entrepreneurial dreams come true. And we have done that for many of our clients, and on this blog post, I want to share who are we and how we can help you too!

Our History and Purpose

I am a 30-year veteran in the franchise industry, and I worked from the very bottom of the organizational structure to the very top. I have experience in global SMB 500 brands like Domino's Pizza, Popeyes and Olive Garden running operations in company units, multistate ones, and helping master franchisees around the world open new markets.

I have also worked in corporate headquarters, collaborating directly with CEOs. All of these helped me build relationships with successful top-performing franchisees and franchise owners. After 25 years, I took a little sabbatical. But then, people started to reach out to me for help and guidance for their business.

It didn’t...

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7 Responsibilities of a District Manager

One of the biggest challenges of new district managers is not knowing what responsibilities they have. It’s a vicious circle: if they lack this clarity, they’ll work extra hard not only on what they have to but on duties that don’t belong to them. In consequence, they may neglect some important tasks that would produce the results their district needs.

It doesn’t end there. Not only are they're not achieving their goals and responsibilities; they’re getting frustrated. The sum of these may hurt your operations and efficiency.

Don’t let this happen to your district manager or your business! Make sure these seven critical responsibilities of a district manager are fulfilled so that they can be successful, reach their goals, and, in turn, help your business thrive.

Do you know what’s the average franchise profit percent you can make? Read this blog post to find out!

  1. LEAD

When it comes to the responsibility of leadership, district managers...

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What’s the Average Franchise Profit Percent You Can Make?

leadership numbers profit Dec 01, 2021

Franchisees often compare their unit’s performance with others within the franchise network and the industry, to know where they are versus where they should be and if they are reaching the average franchise profit percent in the market. This comparison may help them determine how to scale their organizations.

But, is there an average profit that franchise investors can expect? What needs to happen to achieve that, considering that not everybody does? That’s what we are going to uncover in this blog post.

Follow the conversation on our social media and subscribe to our YouTube Channel to review our business video tips to help you with your day-to-day challenges.

The average franchise profit percent will depend largely on your average sales, which can vary anywhere between 400,000 to 1.4 thousand a year for the traditional brick and mortar franchises. How much you achieve will be determined by the type of franchise you have.

Let me point out that I’m referring to...

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How to avoid the franchisee struggle

You were excited about investing your savings into a franchise so that you could have the financial and time freedom you have wished. Even though you didn’t have experience, you thought that buying a franchise would give you everything you needed to be successful. But then, you open your first unit and the struggle begins. Sounds familiar?

Running a franchise is not as easy as many people think. After my 30 plus years of experience in this industry, I have detected the three most common reasons why franchisees struggle with their business, listed above from bad to worse. 

If you are about to invest in a franchise, take note of these topics to avoid conflict. If you are already finding it difficult, follow my recommendations to ease the pain.

Reason #3: The wrong franchise

There are different levels and types of franchisees. I categorize them in:

  • Startup franchises. These are the ones that have a handful of units and feel ready to start selling the rights for their brand....
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Do you have a succession plan for your franchise? You should read this

leadership people planning Nov 17, 2021

(Part 7 of the Multi-Unit Franchising Conference)

In the last weeks, I’ve been sharing my learnings of the Multi-Unit Franchising Conference 2021. In this blog post, I’ll share some recommendations for successful succession planning.

Watch the complete Multi-Unit Conference series by subscribing to our YouTube Channel. Review all the related blog posts in our category menu.

Being away from your business doesn’t necessarily mean that you are out of the picture forever. Perhaps you want to take a break and enjoy the fruits of your hard work and labor for years and years.

To approach this topic, a panel of multi-unit multi-brand franchisees shared their best practices. The panelists were:

  • Fred Burgess, who operates franchises of Marriott Hotels, Papa John’s, and Twin Peaks.
  • Jeffrey Tews, who owns units from Bright Care and Bright Star Senior Living.
  • Eric Denver, franchisee of Hand & Stone Massage Spa.
  • Paul Booth, franchisee from Ace Hardware and a recipient...
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What an Astronaut can Teach us about Businesses

(Part 7 of the Multi-Unit Franchising Conference)

Scott Kelly is a NASA retired astronaut. He's a veteran of four space flights, he commanded the International Space Station (ISS) on three expeditions and was a member of the yearlong mission to the ISS. It's a matter of fact, in October of 2015, he set the record for the total accumulated number of days spent in space. 

The Multi-Unit Franchising Conference invited him to give one of the keynote sessions, and on this post, I’m sharing the main takeaways he gave as part of his lecture.

Watch the complete Multi-Unit Conference series by subscribing to our YouTube Channel. Also, sign up for our newsletter at the bottom of this post so you don’t miss the next blog posts.

  1.  Never be afraid of doing hard things

If we are always choosing to do things that are easy, then the likelihood of us accomplishing extraordinary things goes down dramatically because easy is normally not exceptional. Scott knows what he’s...

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