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Franchising and Murphy’s Law
Posted by Ed Teixeira January 26, 2019
Murphy’s Law is well known among business people. Attributed to Neil Maskelyne in 1908, it states that: “Anything that can go wrong will go wrong”. I have observed that when it comes to franchising, Murphy’s Law comes into play more often than desired. In many cases, a new franchise takes off slower than anticipated and the franchisee has to look for a way to remedy the situation.
Read moreGrowing Your Franchise System Takes More Than Leads
Posted by Ed Teixeira November 30, 2017
Traditionally, the primary measure of franchise success has been system growth. Whether in press releases or industry ranking reports, new franchise locations take’s precedent over other news. It’s rare when a franchisor or PR agency publishes news about an accomplishment other than the addition of a new location.
Read moreFranchisors Need to Avoid Wasting Their Franchisee Leads
Posted by Ed Teixeira November 9, 2017
It’s a well- known fact, that when franchisors strategize their system growth, the major focus is placed on the amount and quality of their franchisee leads. However, if there isn’t a program in place to maximize the productivity of candidate leads the growth of the franchise network will be severely hampered. All the money and human resources invested in lead gen will be for naught if a franchisor doesn’t have the right program in place. Industry surveys and data continue to indicate that it requires from 1 to 1.5% of all total leads to produce one new franchisee sale. In other words, it takes 100 leads to complete one new franchise transaction. Obviously, it’s critical to maximize ROI on the leads franchisors pay for, which includes costs for PR, SEO programs, PPC and Ad Portals. It’s a waste of money to pay for leads and not have a complete franchise development program in place.
Read moreThe Two Traits You Need in A New Hire
Posted by Jeff Lefler October 27, 2017
I’ve hired and fired many people in my business career especially during the early years of my businesses. Most of the firings were the result of hiring the wrong people. As I reflect on those experiences I realized that it was my responsibility that those people were fired. I was looking for the wrong traits when I hired those employees.
Read moreMonitoring your Consumer Sentiment Is Key to Selling your Franchise
Posted by Ed Teixeira October 12, 2017
Of all the products in the Franchise Intelligence platform, Consumer is the most innovative. For the first time in the franchise industry, franchisors can view the comparisons and relationships between consumer satisfaction for the products or services a franchise offers and the performance of the franchise system.
Read moreThe TOP 4 Traits Of A Successful Franchise System
Posted by Jeff Lefler October 3, 2017
There are certain traits that set successful franchises apart from their competitors. A successful franchise system is a healthy franchise system. There are 4 key traits that when used together help build a healthy franchise system. Adopting these traits leads to low franchisee turnover, an attractive investment opportunity for new investors, sustainable outlet growth and strong brand recognition and consumer satisfaction.
Read moreThe #1 Reason You Are Scared to Open Your Own Business
Posted by Jeff Lefler September 14, 2017
Owning a business is hard. I should know. Since I was 12, I’ve had a variety of business ventures from delivering papers to installing kitchen countertops, owning student rentals properties, investing into a Canada Bread franchise, operating a property management company and now Franchise Grade.
Read moreHow Much Money Can “X” Franchise Make?
Posted by Jeff Lefler September 11, 2017
How much money can I make?
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 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.
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