The top eight stories you probably didn’t need to know in franchising this week.
1. Frantastic: We’re kicking things off with some Frantastic news for women in franchising this week: female business ownership is on the rise. Recent FranNet data states that while only 14 percent of all franchisees were women in 2013, that number climbed to 50 percent last year. And between 2011 and 2016, the number of women-owned franchises grew by 71 percent.
2. Franlebrity: The International Franchise Association’s annual convention is just around the corner. So, to prepare for #IFA2018, 1851 caught up with one of the speakers at this year’s event, Steven M. R. Covey. The author of the New York Times bestselling book “The Speed of Trust” has done a lot of work with franchise brands, and has helped concepts create a positive environment. He told 1851, “A good company culture is like a magnet that attracts people, and trust is an essential component of a strong company culture.”
3. Frash Money: Everyone in business—including the franchising industry—is united by a common goal: make money. That’s why 1851 rounded up four ways to make millions as a franchisee. We spoke with three different local owners who have been successful in the industry, and they say that having passion and commitment, being an early adopter, finding underdeveloped markets to grow in and choosing good real estate are keys to being profitable.
4. Frant of the Week: You’ve already heard it—there are more franchisors than ever before, and, unfortunately, fewer prospects. But as No Limit Agency CEO Nick Powills points out in his latest Frant, now is not the time to scale back. How can franchisors get rich even when there fewer prospects? By continuing to invest and focus on sales indicators like quality leads and franchisees. Even though it will cost more per deal, it’s important for franchisors to understand the lifetime value of a franchise deal.
5. Franch Forward: Arby’s made waves when it purchased Buffalo Wild Wings. And according to its CEO, that investment is just the beginning of what can be a potential restaurant empire. The brand is eyeing opportunities to purchase up to 10 more brands that will fall under the umbrella of Inspire Brands Inc. The group won’t all be franchises—CEO Paul Brown says that the brands that they buy will be a mix of franchise and company-owned businesses. And in order to differentiate these concepts, Brown is planning to roll out one single loyalty program across all of these restaurants.
6. Fran Funny: The funniest Super Bowl ad came from an unexpected brand. Check out the campaign that walked away as the biggest marketing winner of the night.
7. Franspiration: “Success is doing the thing that you want to do every single day and being around the people that you want to be around.” – Daymond John
8. Franemies vs. Frands: Did you like the Super Bowl ads this year? Now that the big game is behind us, it seems like there was one clear marketing winner of the night: Tide. After running four different spots during the Super Bowl highlighting its new #TideAd campaign, the brand was able to resonate with consumers. That’s because Tide hit on the major trends that created the best Super Bowl ads of 2018. And now, franchisors can learn from this major marketing win—by keeping a cause and sense of humor in mind while also focusing on people’s attention spans, brands have the ability to connect with consumers.