What Does a Good Franchise Brand Look Like?


Is there a better way to measure good franchises from the bad?

Edith Wiseman, President of FRANdata, thinks so.

In a recent column published on Forbes.com, Wiseman argues that these days, it seems everyone is a franchise expert – and that to combat this, there needs to be a standard set of performance metrics to measure what makes a good franchise.

Performance indicators broken into three key areas

To help both prospective franchisees and franchises themselves better assess the quality of franchises, FRANdata identified three main areas to focus on when measuring franchise performance:

(1)        Quality of Customer-Received Product or Service

(2)        System and Process Quality for Growth and Sustainability

(3)        Franchisor Quality (Leadership, Commitment, Responsibility)

Wiseman noted brand demand and system health as being the key indicators, while also considering franchisee support with financing and operations. Taking this information into account, the methodology they created to assess franchises was created to best assess long-term, quality growth.

Openness and transparency paramount in determining actual quality

Above all, in order to properly assess a franchise’s quality, Wiseman commented that franchises need to provide enough adequate information.

More often than not, though, she says the best ones that “get it” already do.

To learn more about entrepreneurship through franchising, attend our free monthly webinar, Franchise Ownership as a More Stable Career Path. The webinar is free, but you need to pre-register, which you can do online by clicking on the linked seminar title.

You may also register by calling 866-246-2884.   

Pulling Double Duty: The Best Cars for Work and Family

They say you shouldn’t mix business with pleasure, but when it comes to picking a car, things are never so easy. More and more, the two-car family is becoming a thing of the past — KPMG reports that only 57 percent of American households now own more than one car, and forecasts this percentage will decline to 43 percent by 2040. This means the car needs to pull double duty.

For those looking for the right vehicle to meet with clients and spend time with the family, take a look at some of the different options that might be right for your needs:

Compacts

For many commuters, a small fuel-efficient car that is capable of squeezing into the smallest of parking spaces is a dream come true. If you are the sort who goes on urban adventures with your family and works in the city, a compact car may be your best option. The Volkswagen Jetta features a keyless access, which can be handy when trying to load a stroller, diaper bag and carseat or when piling in blueprints, folders and other work documents. It also has a rearview camera, which is great for child safety and tight parking garages, and a premium interior to make your clients feel comfortable. But, if a new Jetta is out of your price range, search for financing or find a used one through a dealership like DriveTime.

Pickups

For those who need a vehicle for work that can bring the muscle but also get the kids to soccer practice, a pickup truck may be the solution. Pickups are versatile cars that can be used for commuting, hauling, towing and family events. When buying a pickup that will serve dual purposes, it is important to think about the size of the cabin. Some pickups have none to speak of, which can be a real problem if you need a place to put a car seat. However, the 2015 Dodge Ram delivers in terms of power and cabin space, with a fuel efficient V-8 engine. Available with the Uconnect system, the 2015 Dodge Ram can serve as the center of your mobile office or as an entertainment center for the kids on a long road trip. And for those who often meet with clients in rural areas with unreliable roads, a pickup is a reliable and strong vehicle that can get you there and back safely.

SUVs

Sports Utility Vehicles come in countless shapes and sizes, and picking the one that is right for your family is critical. The 2015 Land Rover Range Rover Sport is a high-performance SUV with seating for seven, a rear entertainment system, temperature-controlled seats and a drink cooler to top it off. For the family that wants to travel in comfort, it’s a hard vehicle to beat. In addition, the 2015 Land Rover Range Rover Sport boasts 550hp and 502lb-ft of torque as well as a zero to 60 mph time of 4.5 seconds. If you need power, comfort and style, this is the SUV for you and your family.

Want to Boost Productivity? Listen Up (Infographic)

Looking to boost productivity at your franchise? The answer could be in the music.

In a new infographic from Superfi, they outline how different types of music can help boost productivity in busy workplaces.

For workers in a repetitive environment (such as, say, lawn & garden work or the kitchen of a fast food restaurant), researchers say there is a link between listening to music and increased efficiency.

On the other hand, work environments with an open-office, noisy area can be damaging to productivity, creative thinking, and satisfaction. To combat this? Listening to music in headphones is linked to some workers completing tasks more quickly, and with better ideas.

In training and learning scenarios, however, music can be detrimental to absorbing and retaining information – so, it might be a good idea to cut it out just for then.

See the following infographic for the full details:


To learn more about entrepreneurship through franchising, attend our free monthly webinar, Franchise Ownership as a More Stable Career Path. The webinar is free, but you need to pre-register, which you can do online by clicking on the linked seminar title.

You may also register by calling 866-246-2884.

Battle to Business: 5 Franchise Ownership Options for Vets



No one type of franchise ownership is right for all; rather, it’s an individual fit.

For veterans considering franchising after the military, it’s important to really evaluate their options – how much time they want to invest, financing and capital, and market factors – before jumping into the franchise ownership game.

Becoming a franchisee is incredible rewarding for vets: it provides them with a systems-and-processes, team-driven environment just like in the military, and the opportunity for them to apply their military-honed skills to maximize business success.

Here are the 5 Franchise Ownership Options for Vets:

1. Single Unit. This is the most popular options for new military veterans, as it gives them the experience of owning a single franchise at a low start-up cost. With training provided by the franchisor (and financing options and veteran discounts available), this will allow you to hit the ground running in business as you learn to optimize business operations, sales and marketing, customer service, and more.

2. Existing Franchise. This involves purchasing an already-established franchise location from another franchisee. With this, it’s just like owning a single unit except you know what to expect from the franchise in terms of long-term sales, supply needs, and existing trends.

3. Multi-Unit Franchise. By investing in a multi-unit franchise strategy, you’ll negotiate a deal to open several franchises in a short amount of time. In order to ensure its success, you’ll need to hire top-end managers to optimize each location’s operations, and then delegate, manage, and track key objectives while overseeing all units.

4. Area Developer. Much like a multi-unit agreement – except on a much bigger scale – being an area developer involves opening even more franchise locations, often within a specific geographic area or zone. While this strategy involves a huge amount of start-up capital, it can allow you to penetrate the market quickly, establish the brand in the area, and significantly boost your earnings and success.

5. Master Franchise. A step above area developer, becoming a master franchise owner is like getting the key to oversee a huge amount of franchises while acting as an intermediary between individual franchisees and the franchisor. More specifically, you’ll collect fees from an entire region of franchisees but you won’t be the owner of the individual locations. This will come at a very large fee, however.

To learn more about entrepreneurship through franchising, attend our free monthly webinar, Franchise Ownership as a More Stable Career Path. The webinar is free, but you need to pre-register, which you can do online by clicking on the linked seminar title.

You may also register by calling 866-246-2884.

3 Strategies to Make Your Business More Secure

Danger to your business comes in many shapes — a Verizon Data Breach Investigations study found that out of 855 data breaches examined, two-thirds of the attacks targeted small businesses with less than 100 employees. Ensuring that your business is safe and secure is critical to your success. Here a few strategies to adopt to make your operation as secure as possible:

Malware Protection

Every computer you use must be secured against cybercriminals, otherwise you risk having your most important data compromised. Or worse, you risk having your customers’ sensitive data compromised. Getting anti-virus software for your entire organization may seem daunting, but Symantec Endpoint Protection Small Business Edition offers a five-license pack to secure your business’ computers and servers from malware and other cyberthreats. Featuring a centralized management console, you can monitor the status of your firewall protection from any of the computers in your network.

Another option is Symantec TruScan Proactive ThreatScan, which provides protection from the newest viruses, spyware and malware by analyzing their behavior and identifying them before they are even in the system’s database. Take your virus protection seriously — the National Cyber Security Alliance points out that 20 percent of small businesses fall victim to some form of cybercrime every year and that more than half of them go out of business less than six months after an attack. For a small business, cyber security is an essential component of protecting yourself from harm, and it’s not worth the risk of going without.

Secure Backups

The concept of cloud data storage has changed the way businesses access their documents and collaborate, but cloud storage isn’t without its own risks. Cybercrime targeting customer data is dangerously prolific. This year’s data breach of health insurer Anthem compromised the Social Security information, birth dates, names and addresses of as many as 80 million customers, according to Infoworld. That’s why it is so important that you use a cloud data service that guarantees data security. For example, Crashplan offers 448-bit encryption to protect your data. Take your cloud storage as seriously as you do your anti-virus protection, and go with a cloud data service that makes security a top priority.

Portable Security

Security systems are a response to someone breaking into your business, and while they can discourage crime, they aren’t designed to help you catch criminals. Luckily, security monitoring has embraced the digital age and you no longer need to spend a fortune on a video security system. Instead, you can install a Logitech Alert 750i Master system equipped with webcams that can be monitored from a smartphone app. The bundle comes with a camera and the software necessary to monitor and record. With the Logitech Master System, you can receive real-time alerts directly to your smartphone or email if motion is detected on your property. And the built-in 2GB micro-SD card can store up to a week of video so you can review the footage or present it to the authorities if the unthinkable happens.

Food for Thought: 5 Ways to Maximize Franchise Margins


Profit margins can be tight in fast food franchises, and that’s why efficiency is key.

And efficiency can be found in all areas of the business – helping to drive profitability and growth, while ensuring long-term business success.

With inflation tied to food prices and more fresh produce in fast food franchises than ever before, finding more efficiencies – and maximizing them – is crucial to ensuring your investment pays off to the full extent.

Here are 5 Ways to Maximize Franchise Margins:

1. Negotiate (or renegotiate) the best supplier deals. Ensure your franchise has the best possible deals from local suppliers, by utilizing its purchasing power. How to do this? By opening more franchises in the region, or with partnering with other franchisees to ensure the cost of goods sold is at a highly profitable margin.

2. Optimize all franchise food promotions. Optimize your franchise’s specials and promotions by marking down the lowest-cost options at the highest margins. Some examples of this? Ice cream/smoothies, soft drinks, and simple sandwiches.

3. Choose a franchise with more low-cost, healthy options. The fast food industry is shifting to healthier options, so it’s crucial to stay on board with this trend – and invest in franchises who are doing this in the lowest cost, highest return way. Broth-based soups are a great example of this.

4. Evaluate labor costs and drive greater operational efficiency. This may be the oldest method around, but it works. By ensuring your team is operating as efficiency as possible, you can potentially reduce the number of staff without reducing quality of service, helping to drive your margins higher.

5. Creating greater value through greater prices. Are more people willing to pay higher prices for better quality food? Apparently so. The industry shift is continuing, and fast food franchises are being forced to adapt. Ensure you’re a part of a franchise that charges more for healthier options that don’t just cost more, but also provide greater margins and profits.

To learn more about entrepreneurship through franchising, attend our free monthly webinar, Franchise Ownership as a More Stable Career Path. The webinar is free, but you need to pre-register, which you can do online by clicking on the linked seminar title.

You may also register by calling 866-246-2884.

Core Objectives: Top 3 Success Tips for Franchising Vets


Starting a new career can be intimidating, even for military veterans.

Having faced years of rigorous military training and the unfathomable challenges of war, many might assume that a veteran can tackle anything without help.

That simply isn’t the case – and nor should it be.

For the thousands of veterans making the transition to civilian life and starting careers as franchisees, knowing how to optimize their next mission in life – and really hone in on their core objectives – is imperative for determining success.

Here are the Top 3 Success Tips for Franchising Vets:

1. Pick a Franchise Best Suited to Your Interests, Skills. This is your first – and perhaps most important – objective: finding a franchise that you’re truly passionate about. This is crucial, as it will determine how much energy you’re willing to put into it to make it grow. Take the time to research all the different kinds of franchises, to find out which one fits your interests and lifestyle best. Just as importantly, make sure it’s tailored to your core skills that were honed in the military.

2. Learn Systems & Processes, then Hire & Train Teams to Execute Them. Systems and processes are the hallmarks of franchising, and that’s why it’s so important to take the time to work with the franchisor to ensure you’re a trained expert in them. From there, you need to establish a workplace identity best suited to those systems, and then hire and train the right people to optimize them.

3. Be Prepared for the Unexpected. Just like in the military, it’s crucial to be prepared at all times. Having a checklist, Microsoft Excel file, or a software program that helps track all areas of your business – from sales and service, to inventory and payroll – is a huge help. Either way, you need to stay ahead of the game, as unexpected problems can derail your business’s productivity and hurt efficiency.

To learn more about entrepreneurship through franchising, attend our free monthly webinar, Franchise Ownership as a More Stable Career Path. The webinar is free, but you need to pre-register, which you can do online by clicking on the linked seminar title.

You may also register by calling 866-246-2884.

Reward Employees to Be Successful

A paycheck and a quarterly bonus only motivates employees so much. Anybody will clock in and clock out if you pay them regularly, but getting your employees to buy into your company vision and be above average performers takes continual and creative rewards.

No matter who your employees are and what rewards you have at your disposal, showing your appreciation to your employees is essential to your company’s success. And with only 16 percent of U.S. employees “fully engaged” in their jobs in 2014, according to Modern Survey, it’s imperative that employers change they way they look at rewards and recognition.

By making a concerted and consistent effort to give credit where credit is due, you help increase the productivity of every department touched by human hands.

Gifts With Purpose

Give your employees the gift of cutting-edge technology. Faster tech increases the efficiency of your workforce and their morale. If you have to invest in a computer or cellphone for employees, make sure it’s the latest and greatest. It may cost a little more now, but, in the long run, you want your employees working, not trying to get their tech to work. Look for companies like T-Mobile that offer payment plans and network package deals to keep monthly costs low and get your employees top-of-the-line technology like the Samsung Galaxy S 6.

Pesonalized tools can also be fun. A customized hard drive in their favorite color or a flash drive shaped like Yoda not only gets you cool points, but it often doesn’t cost much more than their boring black counterparts. The ongoing benefit is that employees use these items every day, so these personalized tools serve as a constant reminder that they are unique and appreciated.

Praise and Appreciation

No matter what you get your mom for her birthday, her favorite thing is the handwritten card, right? Employees are kind of like your mom — they appreciate your appreciation. And that doesn’t cost a dime. Below are three ideas that cost nothing to make your employees smile with pride:

  1. Thank you notes and a day off: Hard workers really do appreciate the little things like a handwritten thank you note. Make it specific, memorable and unexpected. Also, consider giving out a free day off for completing a difficult task or going above and beyond the call of duty, suggests HR World. This not only rewards them for doing a great job, but also gives them a well-deserved break so they can come back refreshed and ready to go.
  2. Coffee and guidance: One of the coolest ideas comes from The Cigna Group. Executives push coffee carts around the office, serving drinks to their employees during crunch times. As they serve, executives coach and encourage employees. At the same time, they’re in the trenches where they can connect first hand with real employee and consumer issues.
  3. Employee recognition: Recognition is public and it’s simple. When your employees do well, tell them. You can do this privately or in front of clients, colleagues or at the next staff meeting. The important part is to make it known that you notice and appreciate success and your employees will strive for your praise.

5 Signs Your Resume Screams ‘Entrepreneur’


Finding a career you’re truly passionate about can be challenging.

If you’re like most people, you were brought up to believe there was only one way to succeed in life: to get an education, get a steady job working for a respected company, and live happily ever after.

As we all know, this isn’t often the case – especially not today.

Most people don’t realize they’re not meant to work for others

Whether you’re a mid-career professional making a career change, a veteran transitioning to civilian life, or a college graduate, sending out resume after resume to jobs you may never enjoy can be a draining experience.

(And that’s before you even begin working one of these jobs.)

For most people, they don’t see that they’re meant to work for themselves – though what they subconsciously write about themselves in their resume, and where their past has taken them, can reveal a lot about where they’re destined to go.

Here are 5 Signs Your Resume Screams ‘Entrepreneur’:

1. Leadership Experience. You led teams that succeeded, whether in the workplace, military, sports teams, or elsewhere. Others looked up to you to guide them to success. Entrepreneurs are natural-born leaders – they make everyone else around them better, as they work towards a greater goal.

2. You Got Fired or Quit Jobs. Many entrepreneurs struggle to hold jobs working for others, because it goes against their inner grain. Instead of listening to the commands of others, entrepreneurs want to forge their own course of success. This can often lead to getting fired or quitting jobs easily.

3. Unique Design/Layout. Entrepreneurs love to be different, because that’s what makes the best businesses so successful. Sometimes without knowing it, their resumes will have a unique design/layout that almost gives them their own personal brand to stand out from the pack.

4. Creative-Thinking, Problem-Solving Skills. Do you highlight your creative-thinking and problem-solving skills? That means you thrive at finding solutions under pressure – something entrepreneurs need to have to survive in business.

5. Wide-Ranging Areas of Expertise. You’re not knowledgeable in one or two areas – it seems you’re an expert in many. For entrepreneurs, they need to wear many different hats to keep their business running smoothly. This could be a sign for you to take an exit route on applying for jobs, and to become an entrepreneur.

To learn more about entrepreneurship through franchising, attend our free monthly webinar, Franchise Ownership as a More Stable Career Path. The webinar is free, but you need to pre-register, which you can do online by clicking on the linked seminar title.

You may also register by calling 866-246-2884.

Perspectives on Entrepreneurial Failure

It’s time to talk about a very sensitive topic most entrepreneurs would rather not even think about: Failure. In my last article, Are Entrepreneurs Born or Made? I mentioned that a perennial key skill (or trait according to some) of successful entrepreneurs is tolerance for failure. If you’re the type who would just as soon avoid the topic altogether or have a “failure is not an option” attitude, then it’s especially important that you read this article. I firmly believe that how you think about and cope with failure is one of the most important keys to your success in business.

If we’re honest, then we’d have to admit that the fear of failure is what prevents many would-be entrepreneurs from ever trying. For others it is a feeling in the pit of their stomach that causes them stress and anxiety when they do make the attempt. Why is that? I think the answer is relatively simple: Despite how enlightened we may or may not be, society and culture as a whole still denigrate the concept of failure. Whether it’s sports or business, we do not embrace or celebrate failure. In the midst of the Apollo 13 disaster when NASA was trying to figure out how to get the astronauts back to Earth safely, flight controller Jerry C. Bostick was credited with saying, “Failure is not an option.” This attitude is deeply embedded in our collective psyche, but it’s simply not realistic.

The plain fact of the matter is that most of the entrepreneurs we hold up as examples all chalked up major failures on their journey to success. Henry Ford went broke five times, including two company bankruptcies before he found success with his Ford Motor Company. Colonel Sanders suffered more than 1,000 rejections as he tried to sell his 11-herbs-and-spices recipe for fried chicken before finally cashing in for millions. Thomas Edison went through something like a thousand attempts before finally coming up with an electric light bulb that worked. When a reporter asked him how he felt about failing a thousand times, Edison’s response was brilliant: “I didn’t fail 1,000 times. The light bulb was an invention with 1,000 steps.”

Edison was showing a great attitude towards failure. If you think of success as a journey, then any given step of that journey might go in the wrong direction. Edison obviously thought of each failure as a mere bump on the road to success. The interesting thing about a bump, however, is that it’s slightly higher than the terrain around it. If you pause, you might just get a slightly new perspective that informs where you go from there. Iconic musician Johnny Cash built on this idea when he said, “You build on failure. You use it as a stepping stone.”

What’s your attitude regarding failure? Do you avoid it at all cost or do you embrace it is an essential aspect of the entrepreneurial process that has a valuable contribution to make on your journey? How you answer this question is the key that can unlock the door to success.