Buyer: Enfranchised
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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 moreFranchise Candidates Need to Dig Deeper
Posted by Ed Teixeira November 16, 2017
There are numerous books, articles and blogs that provide advice on how to evaluate a franchise opportunity. A common thread that runs through is the recommendation that before a prospective franchisee invests they must review and validate the information disclosed in the Franchise Disclosure Document and obtain feedback from franchisees. This approach is an effective way to evaluate a franchise and when coupled with the assistance of professional advice can be an effective way to evaluate and protect your franchise investment. However, to complement this approach I would advise prospective franchisees to dig deeper into the franchise and gather more information.
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 moreThere’s More to a Franchise Than the Fees
Posted by Ed Teixeira October 31, 2017
When prospective franchisees consider choosing among various franchises to invest in, the most immediate consideration is usually how much is the franchise fee and other ongoing payments like royalty and advertising fees. Although these items are an important part of the decision- making process, they are not the only items that need to be evaluated.
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 moreHow Franchisors Can Build Brand Recognition
Posted by Ed Teixeira September 20, 2017
In a recent study by the research team at Franchise Grade has indicated that 71% of franchise systems have 100 or fewer franchise units and 58% have 50 or less. We consider this segment to be “emerging” franchises. They represent a diverse group ranging from startups to small franchise systems, with a few exceptions, they have limited market penetration and lack brand recognition.
Read moreFranchisings Biggest Problem - Consumer Driven Investing
Posted by Jeff Lefler September 7, 2017
We all joke about the concept of a prospective franchisee investing into a franchise because they like the taste of the food. They went to an out-of-town restaurant on a Saturday night and it was packed so they want to bring it to their home town. They had a personal consumer experience with a company and were happy with the result. They’re passionate about the services offered to consumers by that franchise, so they’re excited about the brand.
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 moreIs Your Franchise Program Keeping up with Industry Trends?
Posted by Jeff Stephenson July 25, 2017
As the franchise industry continues to grow in both size and brand diversity, various components of franchise systems evolve and change.
Read moreGetting Noticed in a Crowded Franchise Industry
Posted by Jeff Stephenson July 7, 2017
How do you guarantee that the public knows your business exists? You need to have an eye-catching sign that depicts the personality, services, and products of your brand. You want people to recognize your sign when they see it, even when they see it in a new place.
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