A positive trend is taking hold in franchising: start-up and emerging franchise brands are securing powerful sales and development capabilities, previously the exclusive domain of mature brands. Mature brands established their development prowess through years of trial and error, combined with meaningful capital investment in systems and people. Upstart brands have shown to even the playing field with their more mature competitor brands by leveraging BoeFly’s Franchise Sales & Financing System.
BoeFly, the marketplace connecting franchise owners with lenders started in New York City in 2009, has invested millions of dollars and years of market research, to develop sales and development tools to enhance the value for its many franchise clients. BoeFly recognized the pressing need through its work with franchisees from 600 plus unique brands. BoeFly bundles a set of capabilities into its Franchise Sales and Financing System. “The System was designed for all brands, and upstart brands are seeing enormous value to help them grow faster, smarter and more sustainably than ever before,” said Mike Rozman, CEO of BoeFly. BoeFly’s Franchise System features a set of linked modules that include: lead acquisition in a component called bCandidate, a lead engagement tool proven to increase franchise sale conversion rates called bQualTM, an asset verification and background check called bVerify, bFinance for optimized financing outcomes, and unrivaled visibility to candidate/franchisee status with BoeFly’s bTracker.
In 2016 the US Patent Office granted a patent to BoeFly on key aspects of its Sales & Financing System.
“All of these tools give young brands the same capabilities and advantages formerly restricted to mature brands,” Rozman said. “Our earliest adopters of the BoeFly Franchise Sales and Financing System were mature brands like Papa Murphy’s, Jamba Juice and Checkers & Rally’s. But we recognized that start-up and emerging brands have the same needs as mature brands: to drive growth. By combining our patented technology along with our highly skilled people we can give emerging brands the same horse power for growth that our mature brands require.”
Hard Exercise Works (HEW) is one brand that has experienced the benefits of BoeFly firsthand. The high-intensity interval training gym is under 20 units and by turning to BoeFly it is accelerating its growth. “We’ve committed to growing a great brand, and to do that, we are dedicated to providing proven tools to help us grow along with best-in-class support to support our franchisees,” said Matt Hunt, CEO and Founder of Hard Exercise Works (HEW). “Our partnership with BoeFly has served us and franchisees exceedingly well, from the first moment that the franchisee expresses interest, right through to helping them secure their loan.”
Consider new HEW franchisees Jason and Stephanie Wagner. “Once I received my bQual Report, I had the confidence to engage with the brand. And when it came time for us to get financing we had our own dedicated BoeFly financing expert to guide us through the financing progress,” said Wagner. BoeFly matched the Wagners with an SBA loan from a bank across the country that provided the capital the Wagners needed to open their HEW location in Orlando, Florida.
The premier embroidery store Palmetto Twist, a start-up franchise brand with under five locations, shares a similar story. “As an emerging brand, we know that financing is a vital service for us to offer to our new franchisees. The fact that by offering financing support we also differentiate ourselves from the pack of alternative brands is the cherry on top,” said Jereme Shelton, Palmetto Twist’s chief development officer. “BoeFly is critical to our growth strategy.” BoeFly helped Palmetto Twist franchisees Matt and Haley LaMarche, secure the SBA loan needed to realize their dream of business ownership.
As the Chief Brand Strategist and publisher for 1851 Franchise, Nick Powills believes that BoeFly has helped the industry as a whole better understand the challenges that emerging brands often face—and the tools that are needed to overcome them. 1851 Franchise works with more than 50 franchise brands, and Powills has seen firsthand what it takes for candidates and franchisors alike to truly thrive.
“At 1851 Franchise, we’re laser-focused on tracking how brands grow. I’ve personally been following BoeFly’s progression for years, and I see their Sales and Financing System as unrivaled,” Powills said. “The fact that they designed it to work for start-up and emerging brands is genius.”