Franchise Update Media
Franchise Update Media Digital
Publications
Conferences Education Videos Subscribe
Advertise

RSS Subscribe
Best Practices

Feature Story:

Overcoming Three Top Challenges In 2015 »

By Chuck Pistor

Multi-unit franchise operators are fostering the growth of franchise profit across the United States. In 2014 alone, franchise organizations drove about 3.5 percent of the total U.S. GDP and franchise operators employed over 8.5 million Americans. Multi-unit operators played an instrumental role in advancing franchise operations across the country this year, and will continue to move the needle on franchise success in the new year.
In an always-evolving retail, restaurant, and service economy, being part of a franchise corporation gives new and seasoned entrepreneurs the means to hit the ground running. Starting an independent business is tough, but existing as part of a larger franchise network provides the support and direction it takes to see success early on...

Feature Story:

A Look Ahead: Franchise Sales And Growth In The New Year »

By Chuck Pistor

The nature of the franchise business is quickly evolving, but it's never been clearer that now is the optimal time to be part of a franchise organization. Franchises drove approximately 3.5 percent of the total U.S. GDP in 2014 and employed more than 8.5 million Americans. As it becomes riskier and more challenging to get off the ground as an independent startup, entrepreneurs are finding that it pays to be part of a larger franchise network that can support growth and boost initial success.

But as with any business venture, launching or running a franchise can have its speed bumps along the way. Achieving optimal sales and growth doesn't happen overnight. It takes ongoing commitment from franchise owners and operators. In 2015, I foresee a new set of challenges for franchises, largely prompted by three factors: new government regulations, crowded market share, and employees predisposed to entitlement and generational differences...

Feature Story:

Coalition Of Franchisee Associations To Meet In March »

Multi-Unit Franchisee

This year's annual CFA Day Forum will be in Washington, D.C. from March 24-25 at the Omni Shoreham. The forum will include informational sessions, an attorney's round table, congressional visits, a Cherry Blossom Dinner Cruise, and a closing luncheon on Capitol Hill.
  Traditionally, the CFA Day Forum has provided an opportunity for franchisees and their vendor business partners to hear from well-known political speakers including Sens. John McCain, Lindsay Graham, and Rand Paul, as well as Committee Chairman Darrell Issa, Reps. Howard Coble, and Jared Huffman, and political pundits like Bill Kristol, George Will, and Sam Donaldson.
This year's agenda will feature subject matter experts on legislative hot topic issues and will boast a variety of informative and educational topics relevant to the franchisee community...

Feature Story:

5 Ways To Ensure Family Business Success? »

Multi-Unit Franchisee

Non-family businesses can learn a lot from family businesses, says Henry Hutcheson, a certified Family Business Advisor and founder of Family Business USA consultancy.
"Family businesses outperformed non-family businesses during the boom years leading up to the 2008 recession, and during the 2001 and 2008 recession years," he says, citing a recent Harvard Business Review study.
Hutcheson, author of "Dirty Little Secrets of Family Business," (http://dirtylittlesecretsoffamilybusiness.com), says family businesses were less likely to lay off workers during the lean times, and more likely to maintain their emphasis on socially responsible programs.?But that's just the businesses that survived.
"Many closed their doors," he notes...

Feature Story:

The Secret To Getting Things Done »

By Rowdy McLean

What's the difference between those that do and those that don't?
After decades of asking myself and thousands of others that same question, I have come to the conclusion that your success comes down to just one thing.
Whether you're trying to lose weight, save money, climb mountains, win a grand final, run a marathon, get a promotion, pretty much anything! One thing sets the winners apart from the losers, the achievers from the underachievers, the successful from the unsuccessful.
I have watched thousands of documentaries, read thousands of stories, and interviewed thousands of people and in every single case it's the same.
It's not having a positive mindset (although that helps), it's not having a secret formula (although having a plan helps), it's not where you were born or where you went to school, and it's not who your friends are or how much money you have...

Feature Story:

3 Keys To A Successful Restaurant Sale »

By Kevin Burke

It wasn't too long ago, in the midst of recession, the idea of selling a restaurant would have been fleeting at best.
Today, the idea makes sense for a variety of reasons, especially because there are plenty of investors available who are aggressively looking for places to spend their money. And many of them have their eyes on the restaurant industry.
Why? There are several reasons restaurants are attractive to investors:

Feature Story:

Building (or Acquiring) Success: Key Growth Factors Franchisees Should Know »

By Kerry Pipes

No one ever said franchise growth was easy. Operating one or two locations is hard enough, but growing to 10, 20, or more is challenging for even the most seasoned operators--especially if any of their new builds or acquisitions turns out to be a poor performer. We tracked down five successful multi-unit franchisees who have been there and done it--and who bear the scars and trophies to prove it. Among the key factors in multi-unit success, they say, are timing, funding, cash flow, people, infrastructure, and identifying the right opportunities. Their insights into what to look for and how to proceed once you decide it's time to grow may contain just the missing ingredient you need.

Right time
Deciding when to grow--and if you're ready--differs for each franchisee...

Feature Story:

Reminder...Customers Still Use The Phone »

By Lisa Ford

There is a lot of talk about customers and their use of social media. Data tells us customers are using it more and companies must be responsive and innovative with their use of it. However, I would like to remind organizations that customer still pick up a phone and call. In many cases, they've already tried social media or your website. A 2012 Sitel Study reveals when customers have a problem with a product, 57 percent of customers search for a solution online first. So when calling, their expectations are high and their frustration could be also.

Let's review a few fundamentals of a great phone experience.

Feature Story:

IFA's Franchise Action Network: Building Industry Strength »

By Erica Farage

The franchise business model is under unprecedented attack by anti-business activists launching a coordinated campaign in cities, states, and at the federal level. From discriminatory wage increases in Seattle and potentially Chicago, to federal regulations that would recast franchisors as employers of their franchisees' employees, these attacks are like nothing we have ever experienced. Franchise businesses must unite under a single, unswerving, strong, and collective voice to defend the franchise model against these increasing threats.
1) It's time to mobilize, now. This summer, the IFA board approved a new strategic initiative, the Franchise Action Network (FAN) to mobilize and unify the franchise community. Through FAN, franchisees, franchisors, and suppliers are working to educate lawmakers, regulators, key influencers, and the public about the crucial economic advantages provided by the franchise business model across the country...

Feature Story:

Keep It Simple: Customer Service And The Simple Stuff »

By Lisa Ford

Every organization has a chance to deliver a positive customer experience. That experience has many starting points and touch points along the customer interaction. Each touch point will affect the customer's perception of your business and even their loyalty.
To remain competitive, take a look at the simplest of interactions and decide how those interactions represent your company. The simple stuff came to my attention with some recent experiences. As I was checking out at a national retail chain, the employee at the register answered the phone. Here is what she said, "It's a great day at the Dunwoody Large Chain Store, this is Corrine, how can I help you?" Whew! Do you think the customer wanted to hear all of that? And do you think the employee wants to say it multiple times a day? The customer is poised and ready with their question but instead have to wait out this long greeting...

Feature Story:

Ten Years After: Reflection On A Decade Of Change »

By Jack Mackey

In 2004, the first words I ever wrote for Multi-Unit Franchisee magazine (then called Area Developer) were:
"Vast amounts of energy and treasure have been invested to understand why customers do--or don't--come back. Few questions are more important, since same-store sales growth is built on the backs of loyal customers." That connection between customer loyalty and sales growth remains true to this day.
What's different now is that franchisees better understand the value of customer loyalty and, for the best operators, how to improve the customer experience and gain market share by winning customers away from not-so-smart competitors. From my perspective as a 10-year columnist here, here is a brief history of how we far we've come...

Feature Story:

Avoiding 7 Common Negotiating Mistakes »

Multi-Unit Franchisee

While even the word "negotiation" can evoke fear, stress, and anxiety for many, the intent is quite simple: to discuss and ultimately agree on a deal. The negotiation process is a lot like a chess game where strategy reigns supreme--one thoughtfully considered move at a time.
"Even when faced with the most daunting of deals, regarding the act of negotiation as a 'game' may alleviate the apprehension and give you the confidence to make power plays that will ultimately facilitate your desired result," says veteran negotiation and contracts expert Eldonna Lewis-Fernandez, author of Think Like a Negotiator (www.ThinkLikeANegotiator.com). "Unlike strategy games like chess, however, the most effective deals are a win-win proposition for all parties rather than a winner-loser result...

Feature Story:

Making Headlines: How To Use The Media To Get The Word Out About Your Business »

By Ginny Grimsley

Reporters love sources who understand their needs. Getting a call from a reporter who wants to quote you as an expert for his story, review your products or services, or invite you to write an exclusive article for a publication, is a major coup. It means that your marketing efforts are paying off.  Who would blow such an opportunity?
Unfortunately, a lot of people do. Those who don't understand journalists' deadlines and needs are liable to be quickly passed over in favor of sources who do. That lack of knowledge can also rack up lots of wasted time and money for those who take a shotgun approach to blasting their message or products to any and all journalists. If you don't consider their individual needs, you're likely making a futile effort...

Feature Story:

Here Comes 2015!: What Do You Still Not Know About Your Business? »

By Steve Lefever

Now that we're nearing November, it's time to refocus on the business with an eye toward planning for 2015. I'd like to suggest that you look a little farther ahead and reflect on the issues I've outlined below.
Over the years, I've encountered far too many business owners who spend weeks planning their vacation (if they take one at all!) and virtually no time planning for the business that makes those vacations possible.
Watch cable news, scan a few TV commercials, or flip through any newspaper these days and it would seem there are no mysteries any more. Let's face it, we know far too much about far too many people's habits, problems, and proclivities. We have more factoids, tidbits, inklings, stats, blogs, and so-called expert opinions (legal and otherwise) than we can use in a lifetime...

Feature Story:

4 Top Leadership Myths »

Multi-Unit Franchisee

Leadership author, speaker, and consultant Roxi Hewertson has compiled a list of 4 leadership myths that when fully understood can change the way you do business and your bottom line. Here they are:

1. If you are a star performer in your field or discipline, you will surely be a star leader of others. From the day we were born, all the applause has been about "what I have done well," not "what we have done well." The exception is teamwork within or outside your family. The skills, attributes, and even motivations required to lead people successfully are entirely opposite from those required to be a successful individual contributor. Consider this: if the roles and skills weren't so opposite, it would be a walk in the park for someone to move seamlessly from being a great violin player to being a great conductor...

Feature Story:

Word Of Mouth Power »

By John Tschohl

Just having a satisfied customer and giving them service that is simply good enough will not get anyone talking. You've got to go above and beyond the call of duty if you want your customers to talk about you.
Word of mouth is instrumental in driving your company's success. Verbal buzz about your business or product passed from one reliable person to the next is still the most cost-effective way to build a loyal following, expand your business, and reach new customers. How does it start? Give them an amazing customer experience and encourage your customers to think of themselves as partners in your business. Like I've said before, the organization chart at your business should show the customer at the top.
How your customers feel about you and what they are prepared to tell others about you can influence your revenues and profits...

Feature Story:

Are You Ready?: New PCI Security Rules Will Require Changes »

By Giles Witherspoon-Boyd

Hopefully, you've heard that the Payment Card Industry Data Security Standard (PCI DSS) has changed... again. In November 2013, the PCI Council released PCI DSS version 3.0 and set the compliance deadline for January 2015. With only a few busy months remaining, many businesses (including franchisees) aren't even close to compliance with the new standard.
Why change the standard? Changing technologies often improve business efficiency, but aren't bulletproof to the weaknesses consistently found and exploited by hackers. New security regulations like PCI 3.0 are released to protect new technologies against recent hacking trends.
In my opinion, Requirement 4.1 is the biggest PCI 3.0 change for franchisees. Many franchises and chains use satellite communications to connect locations...

Feature Story:

The Difference Between Leadership And Management »

By John Tschohl

"Before you are a leader, success is all about growing yourself. When you become
a leader it's all about growing others."-- Jack Welch.

Everyone who has a job has a boss or manager, but does everyone have a leader? You never hear people complain about leaders, but every day someone somewhere complains about their boss or manager. Firstly, leadership is action, not position. Just because someone is in a role of control does not mean the person is a leader. According to John Tschohl, best-selling author and customer service strategist, "the best leaders are typically poor managers and the best managers are typically poor leaders. All managers have to do some leading and all leaders have to do some managing. Finding the right balance for the job is what is really important...

Feature Story:

Coping With Difficult Coworkers »

Multi-Unit Franchisee

Coworkers must work together to be as productive as possible. It can be difficult at times. Here, Geoffrey James, author of Business Without the Bullsh*t: 49 Secrets and Shortcuts You Need to Know, outlines 10 different types of coworkers and explains how they can keep the peace and work better together "It's not difficult once you've spotted the behaviors," he explains.
Here are 10 of the most difficult coworkers and how to deal with them:

Feature Story:

Employees Show Customers They Care »

Multi-Unit Franchisee

Caring about customers is one of the best ways to differentiate your business and gain long-term consumer loyalty. But how can employers operationalize such a "soft" skill?
"Your best strategy is to teach your employees what caring about customers looks like in action," says Jon Gordon, best-selling author and speaker. "Suggest specific tactics they can employ. When they see how good it feels to care--and how good caring is for business--you'll receive your team's buy-in and continued participation."
Gordon notes that most of the tips he shares can also apply internally.
"Employees can apply these principles to their interactions with each other, too," he says. "How you treat your coworkers is how you'll treat customers--you can't separate the two!"
Here, Gordon shares 11 strategies employees can use to show customers (and each other) that they care:

Be present...



Hot Opportunities

Pet Supplies Plus Franchise Opportunity

Pet Supplies Plus
With over twenty-five years of successful retail franchise experience and...

Add
Papa Murphy's Take 'N' Bake Pizza Franchise Opportunity

Papa Murphy's Take 'N' Bake Pizza
The world's largest, fastest growing Take 'N' Bake pizza franchise is...

Add
Doc Popcorn Franchise Opportunity

Doc Popcorn
Doc Popcorn is revolutionizing the way people snack in high-traffic...

Add
Minuteman Press International Franchise Opportunity

Minuteman Press International
Minuteman Press has been the leader in the printing & graphics...

Add
Archadeck Franchise Opportunity

Archadeck
Archadeck is proud to be North America's leading designer and builder of...

Request Information
Oxi Fresh Franchise Opportunity

Oxi Fresh
OXI FRESH is a GREEN Carpet Cleaning Franchise and one of Entrepreneur's...

Add
Jimmy John's Gourmet Sandwich Shops Franchise Opportunity

Jimmy John's Gourmet Sandwich Shops
Jimmy John's franchise success is built upon an unyielding commitment to...

Add
Bricks 4 Kidz Franchise Opportunity

Bricks 4 Kidz
Bricks 4 Kidz provides project-based programs designed to teach principles...

Add

The Franchise Buzz:


A Franchise Update Media Group Production Franchise Update Media Group | P.O. Box 20547 // San Jose, CA 95160 // PH. (408) 402-5681
Copyright © 2001 - 2015. All Rights Reserved. Site Hosting Provided By: wishVPS on FUMG3
0
Your Request List:
No Opportunities Saved