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Why Aren’t More Women Interested in Franchise Ownership?
Oct 28th
I’ve never really understood why men dominate general inquires about opportunities in franchise ownership.
Well, maybe I understand part of the reason: It’s the numbers.
According to a report by Catalyst, only 13.5 percent of Executive Officer positions at Fortune 500 companies were held by women, and less than one-fifth of companies have three or more women Executive Officers, while almost one-third of companies have none. (From 2009 Catalyst Census: Fortune 500 Women Executive Officers and Top Earners.) Read the Catalyst Research Report.
I’ll admit that I’m not a data-centric guy; I rely on my intuition more than raw data when it comes to making decisions. (It’s an issue that my wife and I have debated about rather energetically for almost 20 years now.)
I also use personal observations when making determinations and decisions about things. For instance, whenever I do presentations on franchise ownership for Execunet (an exclusive networking organization for executives and senior-level managers with salaries above $100,000), the percentage of women that are in attendance is always significantly more than 13.5 percent.
When it comes to actual franchise ownership by women, it’s around 25 percent, according to a research report compiled by Pricewaterhouse Coopers and the IFA, Franchised Business Ownership: By Minority and Gender Groups.
In the 10 years that I’ve counseled and advised prospective franchise owners, however, only about 20 percent of the inquiries that I receive come from women. I really wish the percentage was higher.
I have a very selfish reason for wanting to have a larger percentage of women to work with; they make my job easier. I think that it has to do with their egos.
Most of the women I’ve worked with don’t let their egos get in the way of their goals (like men sometimes do). I’ve found that once they’ve gotten comfortable with me and my consulting style and techniques, they follow my directions–they just do it. They share the facts that they’ve gathered in my weekly follow-up calls, and then I suggest the next steps they should be taking. This goes on for a few weeks, until it’s decision time.
I’m not saying that the women that I’ve worked with are following my directions in some type of weird, submissive way. What I am saying is that the women who’ve worked with me get down to business. They focus on getting the facts so they can get to the finish line quickly.
In his “The Franchising Handbook: The Complete Guide to Choosing a Franchise,” Ian Murray says a couple of important things about women as franchise owners:
- Women are good at organizing, at coordinating activities and people efficiently. This means women franchisees will be naturally inclined to organize and coordinate their franchise opportunity more productively and profitably.
- Women are good at prioritizing, at deciding which activities are more important than others. This particular skill works well in the franchising industry, when problems arise concerning planning, staffing, financing and people management.
So, not only do women really excel when it comes to franchise due diligence, they also have the skills needed to succeed as franchise owners.
In a Small Business Trends post, Rieva Lesonsky wrote, “According to The Guardian Life Index, a survey of American small business owners, women are most likely to start businesses because they’re unhappy with corporate life, and future job growth will be created primarily by women-owned small businesses.”
It sure seems like all the necessary ingredients are there for more women to start at least inquiring about franchise ownership. I wonder what it’s going to take for more of them to do so.
Do you have any ideas on how to make this happen?
Why Aren’t More Women Interested in Franchise Ownership?
View full post on Small Business News, Tips, Advice – Small Business Trends
Could Your Company Be the Next Great Franchise Business?
Sep 30th
What does it take for a business to be franchisable? According to franchise attorney Harold Kestenbaum, coauthor of So You Want to Franchise Your Business, “a franchisable business is one that is profitable, has the ability to be replicated, and has a documented system that is easy for others to follow.”
I’ll add one other requirement: The business must have something that sets it apart from other, similar businesses.
Do you have a business like that?
Better yet, have you even been on the receiving end of a statement like this:
“You know, you should really think about turning your business into a franchise.”
If you’ve ever heard that suggestion, now’s your chance to go for it and enter The Great Emerging Franchise Challenge, where you’ll have an opportunity to win $50,000 worth of professional franchise services to get you started as a franchisor.
Contest creator Todd Taskey, an entrepreneur for more than 20 years as well as an investment banker and business finance advisor, has assembled a group of franchise professionals who have “been there and done that” to help you transform your company into the next great franchise.
Two weeks ago, I received a call from Todd in which he asked me if I’d don my robe and be one of the judges for this contest. I told him I’d be honored. (Anita Campbell, CEO of Small Business Trends, was also asked to be a judge.)
I asked Todd about his vision and goals for this contest. He told me, “I wanted a way to attract business owners to the idea of franchising as a way to fuel the growth of their company. I’ve worked with a few in the past and enjoyed the process very much.”
What would Todd like to see happen because of this contest? “We’d like to identify a few good ideas and give them great feedback on their business. Then, we’d like to identify one great idea and get them started. We’d also like to get more exposure in the business community for franchising as a viable mechanism to grow a successful business into a national brand.”
Todd hopes to continue growing The Great Emerging Franchise Challenge every year, increasing awareness of franchising even further.
If you’d like to learn more about The Great Emerging Franchise Challenge, including the rules, information about the rest of the judges, and specifics about the $50,000 in franchise development services that the winner will receive, visit the contest website.
Could Your Company Be the Next Great Franchise Business?
View full post on Small Business News, Tips, Advice – Small Business Trends
Small Business News: Franchise Fantasies
Sep 30th
Starting a franchise is not for everyone, but among the possible paths to small business ownership it is certainly one route. There are many reasons a prospective small business owner might choose franchising and a number of factors that should go into a calculation of whether franchising is a viable fit for your entrepreneurial ambitions and what opportunity might be best for you. Join our colleague Joel Libava and other franchise experts in this important roundup for aspiring franchise owners with some additional general small business news and tips thrown in for good measure. Enjoy!
What do you want from your franchise?
Why do you want to start a franchise? In this first post in his three part series, Joel Libava looks at what may be one of the most common reasons (though perhaps surprising to some) why people might decide to quit their corporate job and buy a franchise. Would you believe being tired of traveling? There’s a link to another of Joel’s posts on the decision process and to a cost calculator to figure out what you’ve getting in to. Read on. The Franchise King
Does franchise ownership really bring freedom? Well, yes, it can, if you pick the right franchise opportunity. In this second post in Joel Libava’s series on popular reasons to buy a franchise we look at the rather obvious desire for freedom as a modivation for becoming your own boss. Joel’s advice? Make sure the franchise opportunity yopu choose is one that offers you the freedom you desire. The Franchise King
Will franchise ownership give you greater control? Well, it could. Welcome to the third in an ongoing series on popular reasons to choose a franchise bu8siness. Truthfully, the franchisor will still control a number of the things about your business but, of course, you’re still the boss. Read more about franchises in the rest Joel Libava’s franchise series coming soon on his blog. The Franchise King
More on franchising
Choosing the right franchise opportunity depends on a number of factors. If you’re looking for a franchise opportunity, be certain that the franchise you choose has the potential to be successful. Discuss the decision with others who have greater experience in the franchise industry and be sure to use these 15 tips for evaluating. Angel Business Advisors
Have you researched your franchise opportunity? No matter what small business you choose to launch, research is essentual. But this may be especially true of a franchise where you may have less flexibility to alter things if they begin to go amiss. In this post we look at some of the basics of research that must be done before taking the plunge. It is key to understand the opportunity before you take it to be sure it is truly the right opportunity for you. The Franchise Wizard
More small business news
Small business bill may still lend no help to small business owners. This may sound idiotic but critics of the legislation feel it may be true. Small business leaders complain that giving funds to banks in hopes they will lend more to small businesses is misguided at best, especially given the state of the economy. Prospective franchise owners in particular may have cause to worry if loaning isn’t loosened up. What do you think of the new small business bill? Air your thoughts below. Reuters
Is the government really in small business’s corner? We hear plenty of lip service from Washington about small businesses being the engine of the economy and the key to our economic recovery. But can small businesses truly survive in a regulatory climate that seems so clearly stacked against them? How can Washington lighten the burden on small businesses in general if they are to thrive and help the national a global economy return to prosperity? Small Business Trends
Entrepreneurship
Is there more to your business than the bottom line? You’ve heard before I’m sure about the tough economic times we’re in. Small businesses know all about staying lean and competitive. But Ken Kauffman writes this week about something that goes beyond the balance sheet when it comes to small businesses even in tough economic times. He calls it “entrepreneurial benevolence” and you may find that not only does it seperate small businesses from huge corporations but has some basic human value as well. CFO Wise
Does your city or town have a program like this? If not, why not? Bizdom U is one part entrepreneurial training course, one part business incubator and one part venture capital or angel investor group. If your community is serious about improving the local economy by not simply training people for a job but training them to create jobs, they should definitely investigate a program like this one. Open Forum Innovation
Small Business News: Franchise Fantasies
View full post on Small Business News, Tips, Advice – Small Business Trends
The Latest Trends in Franchise Development
Sep 14th
When I write about franchising, 90 percent of the time it’s about buying franchises, researching franchises, and updating folks on the latest franchise news. (I throw in some op-ed sometimes, also. It’s just my nature.) There’s another part of franchising, and it’s really the most important part. It’s the place where it really all starts: the development of a franchise concept.
Like most industries, franchising has been hit pretty hard by a sluggish economy. Not only are franchise sales flat (in most cases), but prospective franchise owners are finding that banks are not very enthusiastic about lending money to small business startups, like franchises.
I decided to look into the development side, to see how this segment of the franchise industry was holding up.
Before I share what I learned about trends in franchise development, I need to tell you that I get my share of calls from folks who are thinking about turning their businesses, or business ideas, into the next great franchise. Some have some pretty interesting ideas; others don’t. Unfortunately, the latter types of calls are more common. I posted about what those calls are usually like a while back over at OPEN Forum by American Express. Check it out if you’re wondering whether your business or business idea is suited to franchising.
I reached out to a couple of franchise development experts to find out what they’re seeing this year.
Lizette Pirtle is co-founder and CEO of International Expansion Experts, in North Carolina. Here’s what she shared with me:
“This year, there has definitely been an upswing in inquires from folks with solar and other eco–friendly concepts. Unfortunately they haven’t had a solid and sustainable business model to franchise.”
Lizette also said, “There’s some activity from people who have senior/health service-type businesses. In the past year we have franchised a health/senior services business and will most likely begin with another one soon. Doctors, dentist and ancillary services have been a good percentage of our inquires this year.”
This past December, I shared the “The Top Franchise Trends For 2010,” and senior-care services were one of the dominant categories. In that post, I noted that 30 different senior care franchise offerings were being marketed to prospective franchise owners. I suggested, “2010 may be a year of consolidation in this industry, which provides much needed services to families in stressful situations.” Maybe the market isn’t quite ready to consolidate, since according to Lizette, she’s seeing some activity from the sector. We shall see.
Obtaining small business loans has been challenging, and it does take money to franchise a business. I asked Lizette how her clients were funding their franchise development efforts, and here’s what she shared:
“Most of our clients self-fund their franchise projects. Last year the well dried up almost completely, but this year we have been busy from day one. Many of our clients in the past used their home equity to fund their initial franchise expansion efforts, but obviously the real estate market has hurt some people. This year we see that clients are more willing to invest in their businesses’ futures from their current earnings.”
Mark Siebert, CEO of Chicago’s iFranchise Group, shared some great insights regarding franchise development trends. (The iFranchise Group developed Massage Envy and Senior Helpers, two well-known franchise brands.)
Mark told me that more people are interested, but fewer are qualified. He called that trend “bigger haystacks and fewer needles.”
His firm is seeing a lot of health-care concepts, and he’s seeing some healthy eating concepts gain traction.
Mark also shared something that’s definitely a new trend, and one that’s been buzzing around in our industry: “I’m seeing a lot more conversion franchises in a variety of industries as concepts try to aggregate buying and branding in a down market.”
(A good example of a conversion franchise would be when a local pizza shop, looking for a way to grow, makes the decision to align themselves with a pizza franchisor, thereby converting their independent shop into a franchise.)
Interestingly enough, I was recently contacted by a regional pizza franchise chain to help them with some marketing. I asked them how who their typical franchisee was, and they said that most of them were conversions.
Speaking of franchisees, Mark went on to say, “There are more prospective franchisees than ever, but a lower percentage will qualify for financing due to tighter credit standards.”
For new franchise concepts entering the market, there are certainly lots of potential buyers. Mark said, “The big problem is sorting through the unqualified buyers. The tighter credit standards and large number of total prospects has been responsible for lower overall close ratios and has given rise to lead qualification companies that sort the wheat from the chaff for a fee.“
It’s great to know there are some serious entrepreneurs out there who are taking the necessary risks to grow their businesses. Turning their independent businesses into franchise businesses is one such way to do so.
Can your business become a franchise business?
The Latest Trends in Franchise Development
View full post on Small Business News, Tips, Advice – Small Business Trends
Will The Numbers Keep Adding Up for Senior Care Franchise Owners?
Aug 1st
I’m getting a little concerned. I’m starting to wonder if there will continue to be enough senior citizens to go around.
Recently, I contributed a post over at Business.Gov in which I discussed the popularity of the senior care segment of franchising. I stated that “there are over 30 different home health care franchise concepts that are actively seeking franchisees.” That’s one of my concerns.
That concern can be balanced with the fact that there are huge numbers of people all over the United States who are nearing retirement age, and they’ll need both medical and non-medical care.
William Frey of the Brookings Institute says that “by 2030, a record one-fifth of the total population will be over 65. That will increase demand for everything from health services to so-called active adult communities.”
Most people who are considering franchise ownership are familiar with senior care franchises, even if it’s not a segment of franchising that they’re interested in. It’s a category in franchising that’s hard to ignore, and it happens to be one of the Top Franchise Trends For 2010.
I’ve been reaching out to executives in the senior care franchise industry in an effort to get a better feel of the trends that are shaping their segment of franchising.
Eric Little, Senior Vice President of Franchise Development for Right at Home Inc., told me, “In home care, companies that rely on just the traditional referral sources are going to suffer. It’s no secret that this is a good business. Senior care has documented, solid demographic growth built in for the next 25 years. And most senior care franchisees have done well up to now, for the most part. But, as is the case for most businesses, those that do well over the long term will be the ones that evolve their businesses as conditions change. They try new ways of finding and educating customers.”
I had a strange feeling that the words “social media” would be coming up. I was right. He goes on;
“As an example, we recently hired a full-time social media specialist at Right at Home. Social media has a lot of people scratching their heads right now, just as the Internet did some years ago. We believe it is going to be critical for success, so we’ve committed to it at a corporate level. Franchisees can be as active or as passive as they wish. Making the decision in home care is still a very, very personal one – but if we have the opportunity to make a positive first impression with someone on Facebook, LinkedIn or Twitter, we’ll be ahead of the game by the time the phone rings.”
Shelley Sun, the CEO of Brightstar Healthcare, is a Chicago powerhouse who’s been adding awards to her mantle for the past few years. Here’s what she shared with me:
“With 30 million more people expected to enter the health care system in 2013-2014, the care of adults with disabilities and the care of children with medical needs will significantly increase. Franchise companies that are making large investments today in technology, quality of care and care outcomes as well as accreditation will be ready for this surge. The impact on the revenue potential for franchisees could be huge.”
So, according to Shelley, there’s even more potential in the coming years. She also added that “health care reform is partially funded through reductions in Medicare, which will drive more services to be paid for privately or through Medicaid-waiver programs. BrightStar is ramping up initiatives in quality, technology, Medicaid-waiver and more, to ensure our franchisees capture the lion’s share of the opportunity. “
In-home care is definitely a dominant part of the industry, but don’t forget another growing segment of senior care: senior mobility. Senior mobility is something that’s being talked about a lot lately, and for good reason. Today’s seniors want to be mobile. Really mobile.
Dr. Stephen Stricker, rehabilitation specialist with the University of Miami’s Jackson Memorial Hospital, says, “Wheelchairs and other mobility products have come a long way in being able to help patients achieve independence. Moblity products are key in doing this.”
One franchise company that’s trying to capitalize on the senior mobility trend (which is a growing part of the senior health care market) is 101 Mobility, based in Wilmington, NC, which recently converted its already successful and growing business into a franchise.
According to CEO Dave Pazgan, “the population is aging at a rapid pace and the increasing number of seniors represents a growth opportunity for businesses of all kinds – especially accessibility equipment. Due to the current economy, a growing number of elderly relatives and the aging Baby Boom population are opting to remain at home or move in with family members, creating tremendous demand for mobility products.”
So far, there aren’t too many senior care mobility franchises, but that will probably change.
It will be interesting to see how all the things mentioned above, like technology, accreditation, social media marketing and mobility, will play into health care reform.
I’m starting to get convinced that the demand for senior care services and products will actually continue to grow. Are you?
Will The Numbers Keep Adding Up for Senior Care Franchise Owners?
View full post on Small Business News, Tips, Advice – Small Business Trends
Free Ways Of Marketing Your Franchise Business Online!
Jul 26th
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View full post on Home Wealth Project Riot!
ElementsLocal™ Chosen to Provide Online Marketing and Social Media Course by the Institute of Certified Franchise…
Jul 14th
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Buying A Franchise With A Well-Known Brand Doesn’t Guarantee Success
Jul 12th
I know that lots of people go into franchise ownership because they feel that they can piggyback on an established brand, thereby increasing their chances of success. That’s certainly logical thinking. But sometimes, business defies logic.
For instance, take a look at the SBA’s loan default rates for 2 of the 10 most popular franchises, as reported by CNN.com. (It’s taken from the SBA’s own data)
- Subway Reported SBA Default Rate: 7%
Reported Number of SBA Loans: 2,292
Reported Total Amount Dispersed: $391.8 million
Reported Average Loan Size: $170,928
- Quiznos Reported SBA Default Rate: 25%
Reported Number of SBA Loans: 2,019
Reported Total Amount Dispersed: $291.7 million
Reported Average Loan Size: $144,458
Let’s examine these two franchise chains:
Between them, there are thousands of franchises populating the globe. Interestingly enough, they’re both in the business of selling submarine sandwiches. (I have no idea why subs are so popular, but maybe we’ll explore that in the not so distant future.)
Investment wise, they’re both also under $200k. The roles of the franchise owners are the same, too. So, why do they have loan default percentages like this?
In the case of Quiznos, accusations of price gouging, locations being opened up too close to each other, and unreasonably long franchise location approval times, have been the topic of discussion in the past. Read this BNET story from 2005.
In a March, 2009 article published over at Franchise Times, it was reported that “the company is close to reaching a settlement on a class action lawsuit filed in 2007 on behalf of over 3,000 people who had paid $25,000 franchise fees and never opened a store.” 37 other lawsuits had been settled by the end of 2008, and according to the article, it seems that a lot of the problems are at least being acknowledged.
Quiznos has approximately 5,000 franchises, worldwide. According to the numbers in the CNN.com article referenced, over 500 of the 2,019 SBA loans that were doled out, were never repaid.
Subway, a 32,000+ unit global franchise brand that will probably surpass McDonald’s in franchise units, has had it’s share of franchisee discontent, also. In fairness, extremely successful billionaire entrepreneurs like Subway founder, Fred DeLuca, will always have detractors.
Subway has also had its share of lawsuits. Here’s one that involved a soldier who was deployed over in Afghanistan, who lost both of his Subway franchises. In Chicago, 78 people purportedly got sick in February and March of this year, after eating at a local area Subway, and had to be hospitalized. Lawyers are busy filing lawsuits against the owner.
Did you know that $600 million passes through the Subway Franchisee Advertising Fund Trust (SFAFT) annually? (In the US) Franchisees of Subway pay 4.5% of their gross sales into that fund. Not only do the franchisees pay into that fund, but they control it, too. Well, they did.
DeLuca had given up his control of the fund in 1990, and signed a new franchisee trust agreement. However, in April of 2006, he presented franchisees a new franchise agreement. The franchisees rejected the agreement, and the last four years have been pretty ugly, with lawsuits filed from both sides. Interestingly enough, the franchisees happen have their own board of directors for this huge advertising fund, (who are volunteers) and they try to best decide how the money should be spent. Subway sued them.
On May 4th, a settlement was reached, and Subway now controls the fund. No one really knows what this will mean for the 14,500 US franchises that rely on advertising to meet their revenue goals. They really don’t seem to have much a say, all of a sudden.
Quiznos and Subway are both great examples of solid branding. Customers flock to both chains, while lots of prospective franchisees have them on their radar screens when they start “thinking” about franchising as an option.
When I consult with folks that are considering franchise ownership, there’s one constant; Almost all of them want to escape the sometimes dysfunctional environment that large corporations can have. Whether it’s chain of command issues, management infighting, or “the direction” of the company, folks that want to get into a business of their own really want to avoid all of that. But, is it realistic?
The world of franchising isn’t perfect. There’s bound to be problems. Humans are involved. Buying into a well-known brand doesn’t guarantee success.
If you decide that becoming a franchisee of Quiznos or Subway is right for you, then by all means, go for it. Just make sure that your choice of a franchise business to go into is more about you, than it is about the brand. You can do that by matching your skills to the opportunity. If you have the necessary skills needed to run a fast food restaurant, then you may want to look into these two powerhouses. Just make sure that you do really solid due diligence. The information you need to make a fact-based decision is a lot easier to find now, than it was five, or even ten years ago.
Buying A Franchise With A Well-Known Brand Doesn’t Guarantee Success
View full post on Small Business Trends
Twitter’s New Advertising Will Be Franchise Friendly
Jul 1st
Sometimes, franchise (and non-franchise) company executives get a bit stuck on the value proposition associated with social media marketing.
To illustrate what I mean, I’ve decided to take on the role of a franchise company executive, who’s a little frustrated with this whole social media scene. Here’s my story as a franchise executive….
As the CEO of the Three Cheez Pizza franchise empire, I’ve really been getting kind of sick of hearing about how great social media marketing is. For example, whenever I ask my marketing director about the ROI portion of our social media strategy, she seems to always get an important phone call within 30 seconds of my question. Maybe I’m being a little paranoid, but never in my 20+ years in franchising have I ever had such a difficult time justifying my marketing spend.
Now mind you, I do read what some of the social media experts write about social media ROI. Pam Dyer provided some good food for thought on her Pamorama blog;
“Before you try to monitor and measure your social media returns, you need to have a clear idea of what you want to accomplish. Having concrete goals and baselines is crucial to calculating your return on investment.”
I’m certainly in agreement with her. One has to start at the beginning. Then I read what Jake Hird of Econsultancy wrote. He stated that “if anyone says you simply just can’t get a return from social media, I’d say that’s not true. Investment in the channel isn’t necessarily financial and subsequently, neither is the return. Secondly, I’m also happy to suggest that even if you are looking for non-financial return metrics and it’s going badly, then you’ve either got a poor campaign going, or the channel isn’t right for you. This goes right back to the importance of any initial strategy and planning for your marketing activity.”
After reading that post, I was left scratching my head as to whether or not we were even doing our social media marketing activities correctly. We had just started with a Facebook Fan Page, we opened our Twitter account, and were even starting some discussions over on LinkedIn. I felt that we were on the cutting edge, but I wasn’t really sure if we were spending our marketing dollars, or even our marketing time, wisely.
As far as I was able to tell, we hadn’t made a dime that I was able to specifically trace back to our social media marketing spend. Major frustration was starting to set in.
Recently, we started investing a few hundred dollars a month on Facebook ads. I like the fact that we can target our ads to other Facebook users by age and location. It’s a little too early to tell if the ads are helping us brand ourselves in the locations we have chosen, but, we’re willing to spend some money to try to make it work. (Lots of other franchisors aren’t.)
I know that some social media marketing techniques are still being tweaked. I feel that I’ve been pretty patient. Our company has been at this for almost a year now. Obviously, I’m willing to try new things. If the social media space is where I’m supposed to be, I’ll stick around - but not forever. Something has to change . . . I think I need a “game changer.”
I would imagine that hundreds of CEO’s feel the same way as my fictitious franchise executive. The social media scene is still pretty new. Some companies have been able to capitalize on this way of marketing. It seems that most have not. I think he’s right. A “game changer” is needed.
That “game changer” may have just arrived on our doorsteps. Twitter recently announced that they’re launching a program called “Promoted Tweets.” Here’s what a “Promoted Tweet” will look like;
Do you think that the CEO of Three Cheez Pizza will be excited to try this out? I do. As a matter of fact, if I was running the show at these types of franchises, I would jump on this bandwagon right now;
- Fast Food Franchises – Tweet out weekly specials every Monday
- Automobile Franchises – Put a discount code in a Tweet for an oil change or a free tire rotation
- Hair Care Franchises – Tweet out monthly promotions, and Grand Openings
- Printing Franchises – Run a special on color printing for a day, and Tweet it out
- Pet-Related Franchises – Have a Saturday dog wash with proceeds going to a local shelter, and Tweet it out
- Fitness Franchises – Tweet out membership drives
- Lawn Care Franchises – Tweet about products and services that are season specific, along with coupon codes
- Tax Franchises – Tweet reminders concerning tax filing deadlines combined with service offers
According to Ben Parr over at Mashable, The Twitter Promoted Tweets are starting to roll out. This is the first phase. Companies like Best Buy, Starbucks, and Red Bull are the first advertisers that are going to be appearing. The folks at Twitter want to roll this out slowly, which is a smart thing to do. I certainly don’t want to see my own Twitter stream overrun with ads.
I’m excited to see how this is going to play out, and if you’re a franchisor, I strongly suggest that you keep an eye on this new social media marketing platform. It could be an important one. And a game changer.
Do you have any ideas of your own with regard to the types of Tweets that could be used by franchise and non-franchise businesses? Would you like to share some of them with the Small Business Trends Community? Leave a comment below, please.
Twitter’s New Advertising Will Be Franchise Friendly
View full post on Small Business Trends
How to Carefully Select a Franchise To Buy: A Review
Jun 22nd
Are you a rule follower or a rule maker? This is one of the questions Joel Libava, known as The Franchise King, and author of How to Carefully Select a Franchise to Buy, asks in one of his recent videos. The best franchise owners are often rule followers; they prefer the systems and organization that franchises offer. He has decades of experience helping people purchase a franchise. This research guide (in digital form) is written for the person considering a franchise as a way to start a company. It is not about how to turn a business into a franchise structure.
Picking a franchise takes a lot of research, a lot of serious thinking and decision-making. If I was going to choose a franchise, I would not want to do it alone and this is what Joel is focused on: reducing anxiety for the would-be franchise owner.
* How To Properly Research a Franchise
* All About The 5 Best Reasons To Invest In One
* How To Negotiate a Lease For Your Franchise
Joel Libava has filled the eBook with ideas, links, interviews, and resources to help you figure out how to buy a franchise. Here is a sample video from his research guide.
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What I liked:
Joel takes you through many of the basic, but often overlooked questions, that potential franchisees ask, or want to ask. With his advice, you’ll be ready to make the call to a franchise owner, but more important you’ll be able to ask the right questions so you don’t waste a lot of time trying to figure out if its right for you. In fact, you won’t call any franchisor until you’re pretty sure that it could be the right opportunity for you, if you follow Joel’s advice.
Full disclosure: Joel is an active and engaged member of Small Business Trends and regularly participates and contributes here. Part of what makes this guide stand out is the extra special service that Joel showers on his clients and allies. The guidebook comes with some free consulting time from Joel making it well worth the purchase price.
What could be better:
The research guide feels a little light at first pass, but once you actually spend time doing the exercises and considering Joel’s questions and advice you feel it is money well spent. Other eBooks go heavier on charts and graphs, but even still these are not run of the mill eBooks; Joel does a fine job of keeping you really engaged with his liberal use of audio podcasts, videos, and even live links to very popular and informative franchise articles.
Who it is for:
It is for would-be business owners who want to follow a system, a tested and vetted business opportunity rather than start something from scratch. Researching a franchise business is not something that you would want to move through quickly, anyway. Too many mistakes can be made, and Joel really helps you avoid them.
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Learn more about Selecting a Franchise to Buy.
“Although Joel’s guides are in eBook form, (Which can make it look kind of short, page-wise) these are not run of the mill eBooks; Joel does a fine job of keeping you really engaged by his liberal use of audio podcasts, videos, and even live links to very popular and informative franchise articles.”
“When you combine this Joel’s multi-media approach that he using in his franchise guides, along with the written exercises that he takes you through, there’s a lot to do!”
“After all, researching a franchise business is not something that you would want to move through quickly, anyway. Too many mistakes can be made, and Joel really helps you avoid them.”
How to Carefully Select a Franchise To Buy: A Review
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