The Secret to Becoming a Successful Multi-Unit Franchisee

people planning profit sales Apr 28, 2022

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...

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District Manager Training, Crucial for the Success of Your Organization

One of the things that multi-unit growing organizations require is to have properly trained and skillful district managers. This position is critical for the success of the company but, as I have explained in a previous blog post, it is also the most difficult one in the retail and franchise industries

To add to that, there’s very little clarity of what this role does and it is the one with the least amount of training and support.

Perhaps because of the investment companies have to make to train the people in that position, not only in terms of money but also in time. But believe me, if this investment is not done, it can cost you greatly.

 

Why should you train your district managers? 

What makes these leaders so crucial for your organization? There are several reasons.

The first one is that people that are promoted to this position don't naturally know what to do or how to execute the job correctly. That’s because their previous leadership position,...

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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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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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Protect Your Eroding Bottom Line

(Part 4 of the Multi-unit Franchising Conference)

I enjoy attending franchise events to learn from successful franchisees and brand executives. I recently went to the Multi-Unit Franchising Conference 2021, and in this post, I’m sharing my notes and perspective on the session titled Operations Track: Protect Your Eroding Bottom Line.

Watch the whole Multi-Unit Conference series subscribing to our YouTube Channel and registering at the bottom of this post to get a notification on when the rest of the post gets published.

This was a panel of four franchises from different industries that shared their thoughts and experiences on how to maximize profitability and maintain quality at all your stores. They focused on three main topics: product cost, technology, rent, and labor cost.

  1. Product cost

How to face the increasing cost? The panel agreed that you have to have the courage to increase prices to the point that you have your variable cost where they need to be so you can have ...

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