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Early in my career I first witnessed the magic of great PR. Dan Dorfman, a renowned investment advisor and syndicated columnist, labeled our business-to-business franchise one of the "top ten best franchises in America." His story generated 11 new franchisees for us. At no cost!
  • Steve Olson
  • 3,727 Reads 10 Shares
Franchise Update Media Group, the leading industry resource for franchise development, today announced that registration is now open for the 8th Annual Multi-Unit Franchising Conference. The conference will be held at the Bellagio Hotel in Las Vegas, April 15-17, and this year's theme is "Playing to Win."
  • Press Release
  • 3,173 Reads 1 Shares
"One day I had 1,000 people, the next day I had a hair salon with 5 stylists," says Richard Bielecki, Fantastic Sams regional owner for South Texas and New Mexico.
  • Eddy Goldberg
  • 4,057 Reads 18 Shares
We now have all of the requirements of the FTC's Amended Franchise Rule being implemented. All franchisors should be complying with the Amended Rule's disclosure requirements, and most franchisors who have sales activities in the registration states are now doing battle with the state examiners, as they test the procedures and borders of the revised disclosure requirements. That brings to mind two topics of discussion, one of which I will address below, and the other (a look at the overall system for regulating franchise sales disclosure) I will save for another column.
  • Rupert M. Barkoff
  • 6,438 Reads 20 Shares
FRANCHISE OWNERS are awfully smug these days. While dismayed stockholders watch the red figures crawl on the ticker tape, entrepreneurs behind food kiosks and restaurant chains boast of maintaining control over their investments and even growing their businesses in these tough times.
  • BusinessWorld Online
  • 2,933 Reads 1,023 Shares
As a marketing expert for a string of fast food chains, Bill Welter learned his craft under "three wonderful kingmakers" of the franchising world: Ray Kroc, Colonel Harland Sanders, and Dave Thomas. But it wasn't until Welter got inside the four walls of his own restaurant that he understood the true nature of the business and the keys to its success.
  • John Carroll
  • 6,896 Reads 1 Shares
For me, adapting to the highly specialized world of franchise development was a laborious, disjointed journey. During the early 1980s, I searched for a road map for recruitment success that could jump start my performance and help avoid costly mistakes. But there was no drill-down guide detailing the key benchmarks to successful growth--no books I could buy dedicated to the business of growing a franchise business. After years of unnecessary trial and error, I learned through the school of hard knocks--as many of you have--relying heavily on peer networking and by attending development seminars and industry conferences.
  • Steve Olson
  • 3,601 Reads 3 Shares
In his earlier life as a CPA for a pharmaceutical company, Gary Vega traveled the world extensively. Spending so much time on the company's dime allowed him to stash away his own income until the right opportunity arrived to start his own restaurant business.
  • John Carroll
  • 6,625 Reads
If you could get better performance from your franchisees and increase the overall value of your brand at little or no cost, you'd be crazy not to. That's the business proposition of business coaching. While it may sound like vendor pitch, this assessment comes from a growing number of franchisors and franchisees.
  • Eddy Goldberg
  • 4,728 Reads 6 Shares
For many of us this past year has been a giant proclamation of change. The franchise industry experienced some of the largest mergers and personnel changes in recent memory. This change comes as little surprise for many of us as the economic situation, and the unsettled feelings in the political world, leave us with little option but to adapt to this new marketplace and innovative new ideas. Historically, times like these are often followed by great innovation, new businesses being formed, and a new era of technological advancement. Just as the 1980-1982 recession gave birth to the home computer market, the 1990-1991 recession gave birth to the innovation of the world wide web, the 2008 recession will bring forth a whole new wave of business. It is in our darkest hour that we have the most potential to do something remarkable. That being said we can expect 2009 to be a year for change and innovation. Before we look to the future, let's recap several key developments in the franchise industry.
  • Benjamin Foley
  • 2,042 Reads
What does one of the most successful Subway multi-unit operators, and now multi-unit operator and area developer for LA Sunset Tan, do for his next trick? Make a horror movie, of course.
  • Kerry Pipes
  • 9,089 Reads 1 Shares
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I stand in awe of how much technology has adapted over the last few years and how much of it I have adopted. Just a few short years ago, franchise portals seemed innovative and the potential silver bullet for finding more qualified leads. That space has now been overrun with new and exciting technologies, known to many as Web 2.0.
  • Franchise Update Magazine
  • 4,850 Reads 8 Shares
Franchise Update Media Group, the leading industry resource for franchise development, recommends franchising as the best opportunity for success for many people looking to start their own businesses. Franchised businesses combine the most attractive aspects of both worlds: the independence of entrepreneurialism, backed by the support and proven systems of Corporate America.
  • Press Release
  • 3,554 Reads 4 Shares
Customer loyalty is never more important than in turbulent times. High levels of customer satisfaction are a must to win customer loyalty. That's one reason measuring customer satisfaction is a great idea--if the numbers are real! Unfortunately, many customer satisfaction scores are unreliable.
  • Jack Mackey
  • 5,530 Reads 1,014 Shares
Even with a billion young people entering the global workforce over the next 10 years, we still face the tough challenge of hiring top talent for our organizations. Attracting, recruiting, and retaining top talent are challenges I faced as director of talent services (recruiting) at Wal-Mart. Recruiting has become more than just building relationships; it is about producing ROI and justifying expenses made throughout the process.
  • Randy Cox
  • 3,788 Reads 12 Shares
With Vietnam's strong economic growth and improved legal regulations, the potential of franchise business in the country is taxiing for a takeoff, a US official said at a conference held in Ho Chi Minh City Monday.
  • Thanh Nien Daily
  • 2,431 Reads 10 Shares
Franchise Update Media Group, the leading industry resource for franchise development, today announced that its 2008 Annual Franchise Development Report (AFDR) was a cited source in a paper that was presented at the American Bar Association's 31st Annual Forum on Franchising. The Forum was held Oct. 15-17, 2008 at The Hilton Austin in Austin, Texas.
  • Press Release
  • 3,127 Reads 8 Shares
In these tight economic times, many multi-unit franchisees and area developers are focusing less on continuing the remarkable unit growth they've enjoyed for the past five years, and more on improving performance at their existing units. As consumer spending drops, savvy franchisees see increased royalty streams as a more attractive prospect than spending long hours with struggling franchisees, or worse, shuttering failing ones as the U.S. economy continues to sputter.
  • Eddy Goldberg
  • 5,446 Reads 218 Shares
In the 2008 U.S. Open Golf Tournament, Tiger Woods won it all in a sudden death playoff on the 91st hole. This was the 14th major golf tournament Tiger had won in his career. Being in playoff situations numerous times before was a significant factor in his ability to maintain his composure time and time again when it looked as if he would not be able to win. Yes, experience does matter.
  • Marvin Storm
  • 4,809 Reads 3 Shares
When your grandfather is one of the co-founders of a successful franchise concept and system, it might seem natural for subsequent generations to be involved. But that wasn't always the case for Justin and Sally Haddock. "My grandfather, Jack Fulk, along with Richard Thomas, co-founded Bojangles'," says Justin. "My mother and father followed suit and they have been franchisees since 1980." In fact, his folks still operate 39 Bojangles' locations today.
  • Kerry Pipes
  • 3,290 Reads
You have several units--maybe even several brands--and you do a pretty good job of controlling your area. In fact, other franchisees in the chain often look to you for answers. And when the franchisor introduces a new product or advertising campaign your voice mail and e-mail overflow with peer requests for advice. You're a hot property for the suppliers, the franchisor, and your franchisee association or advisory council. Your franchisor spends more time with other franchisees because they see you don't need their help. You have dozens, even hundreds of employees and your share of G&A expenses. Your banker and the institutional lenders love you (for the time being), and you have more opportunities than you can evaluate.
  • Bill Hall
  • 3,322 Reads
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Franchise attorney Brian Schnell said it all during a session on franchising sales fundamentals at Franchise UPDATE's Franchise Leadership & Development Conference in late September: "There's nothing fundamental about franchise sales right now."
  • Kerry Pipes
  • 5,281 Reads 2 Shares
We all know a sales process is mandatory for successful recruitment. But many continue to tilt at windmills with their marketing, not realizing that successful lead generation also demands an effective, step-by-step process. Those who embrace this methodology and performance metrics can increase prospecting success by 30 percent or more. Here's a time-tested, four-part approach to lead generation that can deliver more qualified buyers for your sales team at lower costs.
  • Steve Olson
  • 4,605 Reads
There was a time when franchise site selection was as simple (not to mention as rudimentary and often random) as pushing pins in a map on a wall. Maybe they turned out to be good sites, maybe they didn't. But as technology continues to evolve and the tools are recalibrated to further refine the site selection process, the art is becoming a science.
  • Kerry Pipes
  • 7,813 Reads
That statement from Franchise Update Media Group Publisher Steve Olson got the attention of more than 300 industry leaders at this year's Franchise Update Leadership & Development Conference, as he presented an overview of the results of the 2009 Annual Franchise Development Report (AFDR).
  • Kerry Pipes
  • 5,365 Reads 1 Shares
Lisa Flynn, a mother of two young boys, never relished having her children photographed. For her, birth announcements and holiday portraits meant either spending a small fortune for a professional photographer who didn't cater to colicky clientele or settling for cheesy props and fuzzy blue backdrops at the mall portrait studio.
  • BusinessWeek
  • 2,898 Reads 1 Shares
As a potential seller seeking a liquidity event, will the current credit markets prevent me from finding a buyer/investor at an acceptable valuation multiple? Are potential buyers/investors unwilling to pursue transactions in the present financing and economic environment?
  • Dean Zuccarello
  • 4,056 Reads 8 Shares
In our previous column, we covered the first two elements of security and loss prevention when setting up a new business: site selection and employee screening. This issue we look at alarm systems.
  • Rollie Trayte with Gary Widman
  • 4,456 Reads 35 Shares
Anil Yadav knows what it's like to work his way to the top of the food chain. In 1984, he was a fry cook at a California Jack in the Box, a part-time job intended to help pay his expenses while attending college. Within 18 months he was manager, and after five years had bought his own restaurant. He never quite finished that engineering degree, but today he owns and operates 78 Jack in the Box locations, along with 16 Denny's restaurants.
  • John Carroll
  • 10,653 Reads 1 Shares
The number of entrepreneurs who like taking risks is gradually increasing in Turkey, where 800 brands have franchises, according to data from the Turkish Franchise Association. One in every two people wants to go it alone.
  • Hürriyet Daily News
  • 2,736 Reads 14 Shares
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