FranX | FranCreepers Are Watching You, What to Do?

The Next McDonald's (Big Idea)

Own Your Counter-Narrative!

What are the top 3 reasons why a franchisee should not buy your franchise?

Real reasons, not the employment interview equivalent of “my weakness is that I care too much”.

What would those reasons be: geography, capitalization, employment history, mindset, capabilities, desire to learn?

What if you published a list or chart and politely broadcasted franchisees that are not a good fit for your system, or reasons why you may not be a good fit for them?

What if you also required certain candidates to go through additional processes to confirm (really confirm) they meet your criteria? What if you gave them homework and research for them to do during the discovery process?

Not only would it differentiate your brand and help filter franchisee candidates, but it would also help create even stronger attraction to those perfect fit franchisees that are CREEPIN’ on your brand. See our bottom thoughts!

News You Can (Actually) Use

• Papa John's Franchisee To Pay $3M To End Drivers' Wage Suit
• SUBWAY WANTS TO INCREASE FRANCHISEES’ PAYMENTS BY 25%
  The chain is giving operators whose agreements come up for renewal a choice: Accept new terms more favorable to the company or pay a 10% royalty rate.

Killer Brands

Outlaw FitCamp

They are not a gym...really! This is an emerging franchise brand that is unlocking the key to a great brand, unit level economics, and a FitCamp operating model. What does it mean to be a FitCamp? Basically, it’s like you belong to a private club with group fitness, individual training and an Outlaw community.

Franchisees Kicking Ass: The Franchisee Is King

How to Succeed as a Multi-Unit Franchisee: Paget Rhee, BeBalanced Hormone Centers

Paget Rhee is a multi-unit franchisee with BeBalanced Hormone Centers, the 24-unit, a hormone-based weight-loss franchise. Rhee was originally introduced to BeBalanced as a satisfied customer but loved the concept so much she decided to join the team as the brand’s very first franchisee, empowering other women’s lifestyles throughout central Pennsylvania. Since joining in 2014, Rhee has leveraged the brand’s business model and support system to expand her portfolio as the owner of the Harrisburg East, Harrisburg West and York centers.

Over the years, Rhee says she has learned what details to focus on and what details not to obsess over as a multi-unit franchise owner. “Getting bogged down in trying to achieve perfection can really halt progress,” she said. “While the client experience will always need to be perfect, other systems can be done in several different ways, and it is important to keep an open mind.”

Read her full story here.

Yo Broker, Sell My Franchise

What’s better, more franchisees or multi-unit franchisees?

In franchising, there are two general types of franchisees: single-unit and multi-unit. While single-unit franchising — individual entrepreneurs leaving a corporate lifestyle to start their own business backed by a proven brand — has traditionally been the backbone of the industry, multi-unit franchising is becoming more popular. This is because, over the past decade, franchising has become a more common option for established investment groups, private equity companies and well-capitalized individuals who are trying to protect and scale their portfolios, which has led to growth in the multi-unit category.

Still, for the franchisor looking to grow, the question remains: Is it better to have 20 single-unit franchisees or two 10-unit franchisees? It’s imperative to understand the difference between single-unit and multi-unit franchising to ensure a brand is able to reach its goals without biting off more than it can chew.

Read More

The Bottom Thoughts

If you are telling the truth, and we mean, really telling the truth, you know you have creeped on someone before. Whether that was an ex, a prospect, a prospective employee - the list can go on (and get far worse). Curiosity killed the cat, but it also is a part of what we do as humans.

Buying a franchise is no different.

Prospects don’t magically wake up one day and say, “Wow, I have always wanted to buy a Bob’s Burgers -- let me go to the franchise site, inquire and buy. Woohoo.”

They search.

And search again.

The franchise buyer (mostly) is risk-averse. They like their job. They like their stability. That’s why franchising makes sense. No need to be an inventor, simply follow the damn model.

Risk-averse love reviews. They love getting comfortable with their decision. Thus, Google is their new best friend.

When’s the last time you Googled your brand? What about the leadership team? What about franchisees? What do you see on LinkedIn? On your Facebook/Instagram pages? Do you know what they will see?

The good news is that content/online storytelling and four wall storytelling (the stories you tell within your footprint) are mostly in your control. The bad news, many don’t join in the story. They are convinced that a monthly blog (when’s the last time you read a franchisor’s blog) is the way to go.

Know your search. Set up the right research. Define your story. Own the why you/why now. Run.