2022 Disruptions in the Franchise Industry: Where Should Leaders Put Their Sights On?
(Part 7 of the 2022 Multi-Unit Franchising Conference)
What is the state of the franchise industry nowadays and what should franchise owners and franchisees be preparing for? During his lecture at the Multi-Unit Franchising Conference, which happened earlier this year, Darrell Johnson, CEO of Frandata, shared his thoughts and deep analysis on this matter.
Frandata is the premier source of market intelligence data in the franchise world, across 230 industries and over 4,000 brands. In this blog post, I’ll be sharing the takeaways of this session, which was, as you can imagine, very informative and eye-opening. These are the things that franchise leaders need to be aware of and understand so that they can make better decisions in their present and future businesses.
These are the things that franchise leaders need to...
10 Tips to Do Your Due Diligence When Choosing a New Franchise
(Part 5 of the 2022 Multi-Unit Franchising Conference)
As we continue the series on the Multi-Unit Franchising Conference, where I’ve been sharing all the experiences, panels, and keynote speaking that happened during this event, in this blog post I’m breaking down a session dedicated to the due diligence for choosing a new brand, segment or service system to expand your franchise portfolio.
There's a big umbrella called franchising, but under it, there are a lot of industries you can choose from. Foodservice is only 30% of what's possible. There’s another 70% of franchises in other industries. How can you select the ideal franchise for you?
During this panel, the participants shared best practices and tips on how to do that due diligence when you are in the last stages of choosing a new franchise brand,...
The Secret to Becoming a Successful Multi-Unit Franchisee
Many people believe that when you invest in a franchise, you're going to get everything you need to be successful. As mentioned by my friend Brent Veach, a multi-unit franchisee who owns 55 Del Taco stores, nothing could be further from the truth.
Don’t miss my YouTube interview with him here!
Franchisees need systems, which means that they require a set of processes, that also have a series of procedures within, and once these are all implemented the right way, together they produce a consistent result day in and day out.
Think of systems like a car. When you turn the car on, a lot of processes and procedures have to happen simultaneously to make the car run and take you from point A to point B.
It’s the same when it comes to a business: you have to have those systems, processes, and procedures so your team is able to execute, day in and day out. When this happens, the business will produce a consistent result.
When you invest in a franchisee, you do get...
4 Planning Abilities To be Able to do More in Less Time
(Part 2 of the District Manager Responsibilities series)
Most district managers were unit managers before scaling in the organization. That means that they used to have total control of what happened within their stores and their job was dictated by the day to the needs of the operations.
But once they become district managers, they realize why this is the most difficult position in the retail industry. What’s even more challenging: their previous role as a unit manager does not necessarily prepare them to be a multi-unit leader.
In a past blog post, we reviewed some of the challenges that district managers face when it comes to leading the team. As part of the district manager’s series, we’ll learn about the second core responsibility they must master: planning.
Don’t miss the whole District Manager’s video series to learn what are the 7 core responsibilities these leaders must fulfill and how we can help them. Subscribe to our YouTube...
Do you have a succession plan for your franchise? You should read this
(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...
