The top eight things you probably didn’t need to know in franchising this week.
Frantastic: It’s something you’ve all been waiting for—Entrepreneur Magazine has released its annual Franchise 500 list. And according to the publication, the 2018 edition is one of the most comprehensive rankings ever. For the first time in 25 years, more than 1,000 companies applied to be a part of the list. The top 500 opportunities were determined based on their costs and fees, size and growth, support, brand strength and financial strength and stability. McDonald’s earned the top spot on this year’s Franchise 500, with 7-Eleven, Inc., Dunkin’ Donuts, The UPS Store and RE/MAX LLC rounding out the top five.
Franlebrity: The latest Franlebrity to be featured on the cover of 1851 is Josh York, the founder and CEO behind GYMGUYZ. To kick off our How to Franchise Your Business issue, we sat down with York to gain insight as to why he decided to grow through franchising. Since launching GYMGUYZ’s business ownership opportunity in 2014, the brand has grown to 140 locations. York says that ability to grow quickly is what made franchising a no-brainer—he loved the business model and felt it was the right one for the GYMGUYZ concept.
Frash Money: It’s been one year since Donald Trump was sworn in as the 45th President of the U.S. What’s changed in franchising since then? The simple answer is a lot. Between the largest tax overhaul since the 1980s, the Save Local Business Act and the overall state of the economy, the landscape in the franchising industry has changed drastically over the course of the last 365 days. For a more detailed look at what this means for the industry, check out 1851.
Frant of the Week: Is your brand in the market for a franchise PR agency? In his latest column for 1851, No Limit Agency CEO Nick Powills explains what to look for in your search. From dedication to innovation and the depth of a company’s team to a consistent client base and an agency’s knowledge of leadership, there are a lot of factors to take into consideration when finding the right partner for your concept. Head to 1851 to see what questions you should ask as you’re introduced to new agencies.
Franch Forward: Before making the decision to Franch Forward by franchising your business, you may want to stop and think about whether or not it’s the best decision for your brand. 1851 spoke with Steve Beagelman of SMB Franchise Advisors to outline 10 reasons you shouldn’t franchise your business, including taking on the business model to save a sinking ship or attempting to replicate a concept that can’t easily be duplicated.
Fran Funny: How do you get people to notice you online? You have to really make an impression.
Franspiration: “The time is always right to do what is right.” – Martin Luther King Jr.
Franemies vs. Frands: Facebook is trying to be a better Frand to its users, which may make it a Franemy to brands. CEO Mark Zuckerberg announced that the social network is going to be emphasizing more meaningful content to users on their feeds. That means that content from friends and family will start to carry more weight than those from businesses, brands and media outlets. Zuckerberg says the move is designed to bring people closer together.