Buyer: Business Minded (2)
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Crucial Statistics based on Franchise Industry Experience
Posted by Ed Teixeira September 27, 2017
For franchisors, brokers, attorneys and franchise financial investors to make the right decisions it’s important to have access to the right information. One of the benefits that Franchise Grade includes in our Franchise Intelligence portal is our Reports product. Acquiring data on specific franchise sectors and categories is a requirement that franchise industry professionals need to meet their objectives. This information extends to independent business owners who are considering franchising their business rather than simply relying upon the advice of a franchise consultant.
Read moreHow Franchise Brokers Can Distinguish Themselves
Posted by Ed Teixeira September 8, 2017
When a prospective franchisee contacts a broker, one of the first questions they ask is if their preferred territory is still available. Depending on the response, this question leads to a lengthy process of trying to match the prospective franchisee with the right franchise. We find the territory and franchise location receives more focus than the quality of the market. It’s important to remember though, that a franchise broker should also qualify a candidate, identify the best franchise from their portfolio and help complete the franchise transaction.
Read moreFranchise Systems are Stretching for Growth
Posted by Jeff Lefler September 6, 2017
It’s hard to grow a franchise system. Selling franchises can be daunting at times. To try and cast a wider net, some franchise systems differentiate their business model to appeal to a broader range of investors. This means that they’ve created multiple ‘buildout’ options to offer investors. These buildouts, based on square footage as an example, can be two completely different investment ranges and attract two different types of investors.
Read moreThe 6 Most Common Careless FDD Errors
Posted by Jeff Lefler September 1, 2017
I’ve written several articles identifying ways to better use your FDD as a marketing tool. What’s interesting to me is that most franchise executives see the FDD as a legal document and nothing else. This could be the result of attorneys being the only authority on FDDs and that executives have deferred a number of decisions about their FDD to their legal counsel.
Read moreFranchisors Should Have Key Competitor Statistics
Posted by Ed Teixeira August 25, 2017
Since franchisors operate in a highly competitive environment it’s critical that franchise development staff have as much data on their competitors as possible. Their knowledge should extend beyond knowing the initial franchise fee, quality of the franchisee territory, royalty fee and details regarding Item 19 disclosure. This type of information, which is accessible for prospective franchisees in an FDD or a franchisor website, provides limited insight into a competitor. As franchisee candidates review their investment options they will acquire crucial information.
Read moreThe Most Successful Franchises Know Their Competitors
Posted by Ed Teixeira August 18, 2017
A sign of a successful franchise system is knowing your competitor’s franchise offering. When we speak with top performing franchisor executives regarding their success, a common response was how well they knew their competitors. This knowledge was the result of hard work on the part of the franchisor and its franchisees. It means that each competitor is analyzed. It requires knowing how the key components of competitor Franchise Disclosure Documents compare to your franchise.
Read moreConsidering a Franchise? Be Sure to Compare Franchise Opportunities
Posted by Ed Teixeira August 14, 2017
Prospective franchisees need to find the best franchise opportunity that matches their business and financial profile. For this reason, it’s important for prospective franchisees to compare franchise opportunities to find the best investment options. The result is finding a franchise that meets their requirements and resources.
Read moreHow Franchise Brokers Benefit from Franchise Benchmarking
Posted by Ed Teixeira August 10, 2017
Most franchise brokers are part of a specific network that has a portfolio representing 200 or more franchises. This can be an advantage to franchise candidates since these broker networks require a franchisor to meet certain performance standards before being accepted. The objective is to provide prospective franchisees a choice among the most successful franchises to choose from. However, there can be a disadvantage to this approach since a prospective franchisee may have an interest in a franchise that’s not part of a broker’s portfolio. Some brokers can work out of network with a franchise candidate. Because broker networks don’t demand exclusivity from a prospective franchisee it’s not unusual for a candidate to work with several brokers.
Read morePicking the Right Location for your Franchise
Posted by Jeff Stephenson July 31, 2017
The location plays a key role in the success of any business. A franchise business has a brand name, but the location determines the number of customers who enter the space and purchase products. By selecting the right location for the franchise, you will see a positive impact on your profit margins.
Read moreThe Quality of Trade Show Booths and Knowing Where to Invest
Posted by Jeff Stephenson July 19, 2017
Are you heading to a trade show to find your next franchise investment? Pay attention to the quality of the booths and you will learn where to invest.
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