Lessons From Franchise Execs: Catherine Monson, President & CEO of FASTSIGNS International; Chair of the International Franchise Association

Catherine Monson is a franchise fan of the first order, which probably doesn’t come as much of a surprise. She’s a powerhouse within the industry. Currently, the Chair of the International Franchising Association, she’s been recognized repeatedly for her contributions to the industry throughout her career. She knows what it takes to win at the franchise game. 

Wry and witty, Monson started in the industry back in 1980, or as she likes to modestly phrase it, “more than 20 years ago.” After becoming CEO of FASTSIGNS International in 2009, she has seen the brand expand to a 762-unit printing giant with a presence in eight countries. 

Additionally, FASTSIGNS is part of the Propelled Brands portfolio, with Monson overseeing My Salon Suite and NerdsToGo.

Her passion, wisdom and expertise in the industry makes her insight invaluable for franchisees. And for a franchisor, that insight starts with a rundown of her best practices:  

1. Focus on franchisee profitability, first and foremost. “It’s the most important thing any franchisor can work on. It’s number one. It’s foundational. If you have profitable franchisees … they'll even pay royalties happily!”
2. Help franchisees grow sales volume. But, she says, they must be profitable sales with good margins. To make that happen, she recommends a concerted effort of good marketing, social media, sales training and great customer service training. 
3. Improve the value of the brand. Franchisors must focus on system growth, selling more locations and ramping them up quickly. More units in a system help the brand create a bigger ad fund as well as increase brand awareness. Her rule of thumb: It takes about 100 locations up and running to achieve royalty self-sufficiency.
4. Focus on communications. “Communicate, communicate, communicate again and again and again,” advises Monson. A weekly email to your franchisees isn’t going to cut it, she says. “It’s email newsletters, it's video calls, it's mail, it's having each of your business consultants or field staff and marketing services managers communicating the same message,” she says. But she says that communication is a two-way street, and franchise advisory council and task forces are crucial, too. 

To hear about how Monson advises franchisees looking for the right brand, as well as some of the challenges she’s overcome during her career, watch the video above, or click here to watch it on YouTube.