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1851 Franchise - How Do Franchise Owners Get Paid?
A franchisee can turn a profit several ways, including via sales, service transactions and a possible yearly salary, if they choose to take one...
Leading a brand re-positioning takes a lot of strength. Hear how the leader of this fitness brand builds trust with franchisees to help them during this process...
Before signing on the dotted line with a franchise, it is imperative to do the proper due diligence, which means conducting the research required to get a full understanding of the brand and the franchise requirements...
A year ago, you could barely open a news source without seeing headlines of workers losing their jobs in record numbers. But today, the headlines have changed. People are not returning to plentiful jobs in the hopes of finding something better, even as enhanced unemployment benefits begin to dry up. For franchise sales, this means a larger and more motivated pool of franchise candidates than has been seen in years. No, this is not going to be an article about how easy franchise sales are right now. In fact, franchise sales have always been and will always be a complicated mutual courtship.
At the beginning of the pandemic, Matt Haller told the team at the International Franchise Association that everyone was essentially a case worker now—any issues that came up in franchising and the small business community, they were on it…
For Tom Locke, his tipping point on staff wages came back in March, during a conversation with a tired store manager, Heidi, in Coventry Township just outside Akron, Ohio...
As the world races to get people vaccinated to curb the pandemic, business owners are getting creative in their approach to help keep employees and customers safe. Brands are offering special deals for fully vaccinated card holders, called a vaccine "passport" by some, such as Krispy Kreme giving away free donuts through the end of 2021 to customers who show a valid vaccine card—an offer which extends to all 369 stores in 41 states. Retro Fitness, a 15-year-old fitness franchise with more than 120 gyms open and in development, announced a $0 down and no commitment membership to vaccinated individuals starting April 1...
The pandemic has had a disproportionate effect on women, with nearly 3 million women having left the workforce since the start of the pandemic. However, there have been a record number of new business applications filed throughout the country, according to the U.S. Census Bureau…
When we think of the word "franchise," most of us visualize the same thing: a business in a box, a recipe that, if followed, should lead to success based on historical examples within the organization. Tech, training, tools, marketing and vendor partnerships are just some of the beneficial staples you'd want with a good franchise offering...
Franchisors, whether their system had what’s becoming known as a “COVID bump” or a “COVID slump” in 2020, are starting to prepare their 2021 franchise disclosure documents. What should they consider as they determine what—if any—financial performance data is presented in Item 19? That’s the big question franchise attorneys tackled during a breakout session February 17 as part of the International Franchise Association’s virtual convention…
If you are considering taking the entrepreneurial leap in 2021 and going into business for yourself, you may be comparing joining a franchise system to building your own business independently. Even if you are still unsure which of these directions you want to pursue, taking a deep dive into the latest Franchise Business Review Top 200 Franchise Owner Satisfaction Report will provide you with valuable added insights...
After a year marked by business closures, disruptions and unprecedented challenges, the franchising industry is poised to bounce back to pre-pandemic levels by year’s end if Covid-19 is controlled, according to an upcoming report...
The second Coronavirus relief package came in the nick of time, reopening the Paycheck Protection Plan (PPP) for small businesses. Among the eligible are franchises. While some people equate franchises with big-name, corporate giants, that’s not exactly accurate. Sure, some of the more well-known brands with hundreds of locations have large corporate teams, but each franchise location is still considered a small business and is owned and operated by individuals like your neighbors, family and friends…
Covid-19 has been a stress-test for every facet of restaurant operations. Nearly four in 10 U.S. restaurants are currently closed, and many will close permanently as a result of the pandemic. However, the industry’s setbacks over the past year should serve not as a warning, but as a guiding light. The restaurant franchises that have weathered the storm — those with the strongest customer bases, the best food and the most effective technology — are here to stay…
The International Franchise Association’s annual economic outlook predicts 2021 will see 26,000 franchise units sold, or a gain of more than 3.5% of total units, according to a report from CNBC. The IFA* partnered with FRANdata to forecast that the industry will see a 10% increase in workers, bringing the industry’s total to 8.3 million workers, mostly across the food, retail and services sectors. ..
Suppose you have a proven restaurant concept with a successful business system. Think McDonald's, Panera Bread, Applebee's, or Halal Guys. In that case, your next move may be to open additional locations. Franchising your restaurant and awarding others' the rights to use your brand name, recipes, and procedures is a great way to expand. Why do restaurant owners choose to franchise their business? For the most part, it comes down to capital, time, people, and geography…
Change is coming, but will it be a welcome change or a harbinger of woe? Over the last 8 years or so, the ever-changing landscape of employment laws has arguably posed an existential threat to franchising. The franchise business model may not make sense if franchisors are legally defined as the employers of their franchisees or joint employers of their franchisees’ employees. But what is an “employee” and who is a “joint employer?”...
Currently, there are more than 30 million small business owners in the U.S., and of those, nearly 800,000 are owned franchise businesses. Although franchise owners are considered small businesses, they have a lot of advantages that go-it-alone company startups do not share. There is sometimes a substantial investment upfront to invest in a franchise; however, the benefits are numerous. ..
Humans need to feel that they’re growing. It’s not enough to be. You must do. And you need ways to measure your progress so that you can know what you’re doing is working for your franchise business. When you’re not sure how to measure what you’re doing, you compare yourself to others, even though the information you get as a result may be misleading. One solution for this is to look at different gauges. Let’s look at some of the most important metrics you should consider…
For those who have served their country and are trying to determine their career path after the military, franchising presents a great option. Veterans make excellent franchise owners, and many franchisors have programs designed to help them purchase their own franchises…
I meet a lot of franchisees. I ask the best ones why they’re successful. I see who they are and what they do. Then I talk to the struggling franchisees and ask them what they believe their high-performing counterparts have going for them. Often there’s a huge disconnect. I also talk with the franchisors. They have a wider perspective, as they see the results over a wide field of franchisees running the same operations. They also tell me about the misperceptions many franchisees have about their top performers. Let’s explore the most common ones.
