The top eight stories you probably didn’t need to know in franchising this week.
1. Frantastic: The lending landscape in franchising isn’t always an easy one to keep track of. From economic shifts to trending industries, the ability for business owners to secure financing can be challenging. That’s why 1851 has some Frantastic news — we took stock of the lending landscape and broke it down in a new feature. From rising rates to the fact that franchisees are selling, head to 1851 for a look at what you need to know.
2. Franlebrity: This week’s Franlebrity is a Menchie’s franchisee. Erik Lingren got creative when first becoming a business owner — in order to stay afloat throughout the build-out and ramping up stages, he worked as an Uber driver to cover his expenses. It takes time for a business to become profitable, and finding extra sources of income can be a smart move for franchisees in the long run.
3. Frash Money: Our latest issue on 1851 is all about helping franchisees and franchisors make Frash Money. One feature in particular lays out tips for entrepreneurs who are just breaking into the industry. From budgeting more than recommended to anticipating future growth, new franchisees should keep these things in mind when starting their businesses.
4. Frant of the Week: When businesses keep things simple, they win. Take Netflix, for example — when the video streaming giant first launched, they had a simple vision in mind: kill Blockbuster. In his latest column this week, No Limit Agency CEO Nick Powills explains why this type of mentality and approach to business is what he’s aiming for. Ultimately, it comes down to the fact that when a vision is simple, employees and customers get it. And that’s what will cause your competition to worry.
5. Franch Forward: Cousins Subs is Franching Forward in Chicago. The Milwaukee, Wisconsin-based brand inked a 40-unit deal with multi-brand franchisees and brothers Amit and Kalpesh Patel to bring the brand to communities across the Chicagoland area. The move into Chicago marks the first step in Cousins Subs’ plan to franchise throughout the Midwest.
6. Fran Funny: What’s a movie director’s favorite part of a paid search ad? The call to action.
7. Franspiration: “It is recommended to be proactive in arranging a line of credit so the franchisee knows that funds are available as growth opportunities develop.” - Gary F. Joyal, CEO & Managing Partner of Joyal Capital Management, LLC
8. Franemies vs. Frands: KFC has a new Frand — George Costanza. The brand tapped Jason Alexander to be its new Colonel to promote $20 Fill Ups. Alexander is the latest celebrity to take on the role, following people like Rob Lowe and Reba McEntire. The marketing stunt seems to be paying off for KFC — let us know who you think will be next in line for the role on Facebook or Twitter.