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Dave Melton had heard Frank Sinatra's "New York, New York" countless times before he opened his first Domino's Pizza restaurant in Manhattan. But it took a little time to really understand the truth in the song's line "If I can make it there, I'll make it anywhere..."
  • Debbie Selinsky
  • 7,871 Reads
Multi-unit and multi-brand operations are where the action is today in franchising. Whether the economy stalls, falls, or climbs, an increasing number of multi-unit franchisees are not content with just one unit--and many are not content with just one brand. Multi-concept franchising offers power in numbers--units, brands, territory, and income--as well as the security gained by spreading the risk across different brands in a franchisee company's portfolio.
  • Kerry Pipes and Eddy Goldberg
  • 5,949 Reads 1,023 Shares
When Frank Illiano left his native Italy and came to the United States 27 years ago, he didn't plan to stay. He figured he'd get a business, work for a while, make some money, and head home.
  • John Carroll
  • 5,536 Reads 117 Shares
Franchising really began to blossom in the post-war 1950s and 1960s. Franchisors of convenience goods and services seemed to be popping up on every corner. McDonald's, Kentucky Fried Chicken, laundry services, dry cleaners, hotels, and rental car franchises flooded the marketplace.
  • Franchising.com
  • 7,188 Reads
With the trend of multi-unit franchising continuing to drive franchising into the 21st century, some progressive franchisees are looking for the next logical step in the progression of franchising's ongoing and complex development. Many are finding that next step is through multi-brand franchising. Multi-brand franchising can offer a great additional growth tool for multi-unit franchisees who have seen their fortunes rise simply from adding new units of one brand. Adding additional brands and units makes logical sense. If following the franchise system works for one successful brand, it will most likely work in another, then another--if you choose wisely. With a streamlined infrastructure, solid capital base, and strong unit economics, more profit can flow your way with each passing year and additional brand.
  • By: Kerry Pipes
  • 24,348 Reads 1 Shares
Franchise Update Media Group (FUMG), the leading industry resource for franchise development, today announced that its website Franchising.com continues to be ranked in the "Top 5" in eMaximation's latest Franchise Benchmark Report for Franchise Portals. Franchising.com has also been ranked in the "Top 5" for completed franchise applications, an indicator of the quality of leads that are generated.
  • PRESS RELEASE
  • 8,216 Reads 193 Shares
Franchise Update Media Group (FUMG), the leading industry resource for franchise development, today announced that its website Franchising.com continues to be ranked in the "Top 5" in eMaximation's latest Franchise Benchmark Report for Franchise Portals. Franchising.com has also been ranked in the "Top 5" for completed franchise applications, an indicator of the quality of leads that are generated.
  • Franchise Update Media
  • 6,918 Reads
Are you paying your sales team too little? Too much? And how do you know? Call the competition and ask what they're paying their sales execs, managers, and staff? Right.
  • Eddy Goldberg
  • 4,516 Reads 1 Shares
The way to a man's heart may be through his stomach, but the way to a banker's heart is through strong unit economics.
  • Eddy Goldberg
  • 6,855 Reads 83 Shares
It's been more than 40 years since I took my one and only psychology course. I can't say the course changed my life or showed me the light. It didn't. In fact, the only thing I really remember from it is that there are six interpretations of any two-party conversation: how Party A and Party B each perceives what they said and what they heard (that makes four); and two more, which are what I might label the truth (what Party A actually [i]did[/i] say to Party B, and vice versa). The point, of course, is that what we think we said is not necessarily what the other party thinks they heard--and further, that what we think we said may not have been what we actually said.
  • Rupert M. Barkoff
  • 6,064 Reads 359 Shares
German beer makers are often cited as the originators of franchising. Dating back to 1800s Europe, many beer makers granted pubs and taverns the rights to sell and use their name. In fact, the word "franchise" is a French derivative meaning privilege or freedom.
  • Franchising.com
  • 6,276 Reads 1,023 Shares
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Multi-Unit Franchisee Magazine, published by Franchise Update Media Group (FUMG), today announced that the 2010 Multi-Unit Franchising Conference has record-breaking attendance and is nearly sold out. This year's event is March 24-26 at Mandalay Bay in Las Vegas.
  • PRESS RELEASE
  • 2,695 Reads 3 Shares
Multi-unit franchisee Todd Pulley knows all about measuring unit performance and profitability - even though he had no prior financial background before becoming a franchisee. Over the last 15 years though, he has developed and refined his own system for measuring his unit economics at his four PuroClean locations in New Jersey and Delaware. The effort is paying off.
  • Multi-Unit Franchisee
  • 5,162 Reads 1,021 Shares
When was the last time you challenged a landlord or property manager about the operating expenses or common area maintenance (CAM) charges? Probably not recently or never, right? To clarify, operating costs are the day-to-day management and maintenance expenses charged to the tenant; examples include asphalt repairs, snow removal, property insurance, and so on. Franchise tenants pay a proportionate share of these costs based on the space they occupy. Therefore, if a franchise tenant occupies 12 percent of a building, he or she will pay for 12 percent of the operating costs. Paying by this said ratio is the industry standard but, of course, there are deviations for special circumstances like free-standing buildings and so on.
  • Dale Willerton
  • 5,512 Reads 231 Shares
Considering the wide-ranging abilities of today's smartphones, simple text messaging may seem passé, but it's a basic social media tool that's working wonders for Chris Kramolis' franchise operation. He's been using text messages to build business and compile a database of his customers--and he doesn't see any reason to deviate from something that's working.
  • Multi-Unit Franchisee
  • 5,826 Reads 242 Shares
Darrell Lamb remembers toiling away in the heyday of the mid-90s stock market. He was always searching for new investors, and on the lookout for hot investments. One day some of his advisers told him about an opportunity - a chance to invest in the Express Oil Change franchise. He had reason to trust the advisers since they were his uncle, who was president of the company, and his dad, an Alabama optometrist who was always interested in investing in growing ventures.
  • Multi-Unit Franchisee
  • 8,074 Reads 1 Shares
Dustin Winkle was a victim of the dot-com crash a few years back. While pondering his next career move, he visited with family members who operated some dry cleaning stores. He liked what he heard and purchased his first Martinizing Dry Cleaners stores six hours away in Yakima, Wash. It was a long commute from his home in Boise, Idaho, but he loved the business. Three years later his family was ready to sell its dry cleaning stores and Winkle was more than happy to buy some units closer to home. Today he operates 10 Martinizing Dry Cleaning stores (and one non-Martinizing unit) in the Boise area.
  • Multi-Unit Franchisee
  • 7,222 Reads
Twenty years ago, franchising meant buying the rights to and opening a single unit or business. But a changing trend has taken hold during the last two decades. Today, it's not uncommon for a single franchise operator to have 5, 6, or even dozens of units. FRANdata research notes the number of multi-unit operators now tops 34,000, and those operators control more than 155,000 franchised units in the U.S. It's a growth strategy that has proven effective but it should be approached with caution. Multi-unit operators are generally wired differently then their single-unit counterparts. Successful multi-unit operators are typically experienced, skilled, professional business executives who have chosen franchising as their business model. They possess the skills, training, capital, infrastructure, and vision to operate numerous units and have the ability to continue adding units to their portfolio--without stressing their organization or their stomach.
  • Kerry Pipes
  • 22,038 Reads 1 Shares
Franchising provides benefits for both seller and buyer. For franchisors, the primary benefit is the ability to use other people's money to expand the brand more rapidly than they could either on their own or through investors or lenders. The initial franchise fee and ongoing royalties they collect allow franchisors to build their brand without sacrificing control to outsiders or the pressure of repaying lenders.
  • Franchising.com
  • 9,135 Reads 2 Shares
The most fundamental business strategy calls for black numbers on the bottom line. In simplest terms, it's proof the business is generating more cash than it is spending. All too often, though, entrepreneurs get involved in businesses without employing a proper system to help them keep a watchful eye on what they're earning and what they're spending. Managing day-to-day operations can be so time-consuming that it leaves little room for financial analysis. Or perhaps key individuals lack a basic understanding of how to read and interpret financial statements. Combine these factors with the down economy, and you'll likely wind up with a troubled business.
  • Kerry Pipes
  • 8,097 Reads 518 Shares
Access to capital is the number-one issue facing franchising in 2010. This isn't just an issue for new unit development--it is every bit as much of an issue for transfers. In both situations, franchisors have a large vested interest in ensuring that capital is there when a franchisee needs it.
  • Darrell Johnson
  • 3,656 Reads 1 Shares
Bojangles
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In the few minutes it takes you to read this article, 40 businesses across the nation will fail--and that statistic was [i]before[/i] the economic downturn of the last 24 months. Tragic? Yes. Remarkable? Not at all. The road to business success is littered with the skeletons of companies whose owners--mostly brilliant and skilled individuals--failed to "take care of business" in the financial management of their enterprise.
  • Steve LeFever
  • 4,412 Reads 1 Shares
Social media is more than a trend--it's a way of life. Take, for example, Facebook. According to statistics, there currently are 350 million active Facebook users. If Facebook were a country, it would be the third largest in the world. YouTube boasts more than 5 billion video views each month--and is the world's third largest search engine. And we can't forget Twitter, which just happened to be the most used word in the English language in 2009. One thing is very clear: social is here to stay.
  • Lisa Wehr
  • 3,179 Reads 16 Shares
The south-of-the-border spirit of great Mexican food and authentic art could soon spread throughout New England and beyond, thanks to a new franchising and area development agreement rolled out by Margaritas Mexican Restaurant.
  • Kerry Pipes
  • 4,717 Reads 8 Shares
As savvy franchise companies continue to flourish in this challenging economy, FUSR will bring you good news each month, highlighting brands that are adding units, increasing comp store sales, striking deals with investors, and continuing to grow despite the economy - maybe even because of it. And, as the U.S. struggles through its "jobless recovery," growth-oriented franchisors continue to look overseas for expansion opportunities.
  • Franchise Update
  • 6,675 Reads 93 Shares
This last installment of a three-part series provides quick tips for greater success at the show, and the final ingredient for making the most of your trade show spend: what to do after you get back to the office to increase your franchise sales.
  • Steve Olson
  • 3,658 Reads 1 Shares
There are three essential areas of focus in a successful business: operations, sales, and financials. For the purpose of this discussion, let's assume you have a well-run operation and are doing as good a job as possible to maintain or increase sales. For most businesses, the easiest and most fun parts of the business are running it and having lots of happy and repeat customers.
  • Jeff Newcorn
  • 5,198 Reads 33 Shares
Franchising is a business model that combines the best aspects of sole proprietorship and Corporate America.
  • 6,975 Reads
The difficult consumer business environment has made the economics of new unit expansion more challenging. This makes "getting to yes" with bankers more difficult because the economics do not have as healthy a margin for error as they did in more robust times. As a consequence, capital access will continue to be the most constraining factor as we look at the next few years. Financing new units is relatively more challenging in general, and in this economy that is particularly true.
  • Darrell Johnson
  • 3,643 Reads 3 Shares
What is the definition of success? When it comes to franchise development, most of us would say that accomplishing our goals is success--especially after a very tough 2009. For 2010, setting realistic development and growth goals is key. Your sales goals (and associated budget) will be determined by several factors. Some of the important questions we should be asking ourselves and our executive team this year include: [ol] [li] How does our concept work in the current economy
  • Marc Kiekenapp
  • 2,637 Reads
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