International Franchise Association’s Post

PATHWAYS TO FRANCHISING: THE ROAD TO ENTREPRENEURSHIP SESSION THREE: Expanding Franchise Brand Opportunities The Pathways to Franchising Program is designed to provide Prince George’s County residents entrepreneurial opportunities through franchising. This three-part series will provide education on the foundations of franchising, various franchising industries and how to enter the market. In partnership with the International Franchising Association and the Maryland Black Chamber of Commerce, the EDC will host a series of information sessions where participants will learn how to enter the franchising industry, receive technical assistance to prepare to enter the franchising industry and network with franchising brands seeking to expand in Prince George’s County. Session Three Goals: -Understand the franchising process and range of opportunities. -Gain access to resources via business organizations, county agencies and private partners -Learn what attributes franchise brands are seeking in potential franchisee candidates. -Network and connect with existing franchisees. Register Today! https://lnkd.in/emTcCQGy

PATHWAYS TO FRANCHISING: THE ROAD TO ENTREPRENEURSHIP SESSION THREE: Expanding Franchise Brand Opportunities The Pathways to Franchising Program is designed to provide Prince George’s County residents entrepreneurial opportunities through franchising. This three-part series will provide education on the foundations of franchising, various franchising industries and how to enter the market. In partnership with the International Franchising Association and the Maryland Black Chamber of Commerce, the EDC will host a series of information sessions where participants will learn how to enter the franchising industry, receive technical assistance to prepare to enter the franchising industry and network with franchising brands seeking to expand in Prince George’s County. Session Three Goals: -Understand the franchising process and range of opportunities. -Gain access to resources via business organizations, county agencies and private partners -Learn what attributes franchise brands are seeking in potential franchisee candidates. -Network and connect with existing franchisees. Register Today! https://lnkd.in/emTcCQGy

If you’re thinking of owning a franchise business, here’s your 60-Minute Franchising MBA. 👇 ☛  Industry legends David Barr aka David B. & Keith Gerson engaged last week in a provocative & insightful conversation 💡 with nuggets of best practices for franchisors & franchisees. ☛  If you’re a newbie pondering your investment options, expect a wonky dialogue at times — but it's worth a listen: You’ll come away savvier before making your decision. Hilites: ☑️  WHAT IS FRANCHISING ☛  A proven business model that YOU should be able to duplicate with predictable results ☛  If the performance gap between top & bottom franchisees is narrow, it’s a good model ☛  If the gap is wide, beware — the franchisor’s systems & processes need work ☛   As your coach, I show you how to assess models ☑️  4 SIGNS OF A GOOD FRANCHISOR ☛  Strong “unit economics” — franchisees are profitable & achieving ROI ☛  Experienced management team — with a track record of success ☛  Positive growth trend — a franchisor needs 100+ units to deliver sustainable franchisee support ☛  Solvency — the franchisor’s financial statements should reflect excellent financial health ☛  As your coach, I show you how to research this ☑️  3 TIPS FOR FRANCHISEE SUCCESS ☛  Start with enough working capital — 3 months is optimistic; think 6-12 ☛  Invest heavily in marketing — avoid the temptation to cut corners early; you'll dig yourself a hole ☛  In fact, allocate a deep marketing reserve in your working capital, to be sure ☛  As your coach, I have CPAs to help you build your financial model ☑️  ASK BEFORE SIGNING ☛  How do you contingency-plan for a recessionary economy? ☛  If you don't publish financial performance data in your Franchise Disclosure Document (FDD), why not? ☛  If the financial performance gap between top & bottom performers is exceedingly wide, why? ☛  How quickly do franchisees get to positive cash flow? ☛  As your coach, I help you prep questions to get the answers you need. ☑️  FRANCHISORS - 5 THOUGHTS FOR YOU ☛  Publish full profit/loss statements — increase transparency to investors ☛  Revisit your buildout approach — prune the investment price tag ☛  Consider including months of prepaid marketing in start-up costs ☛  Grade & reward business coaches based on franchisee profitability ☛  Focus on these KPIs — Franchisee operating income / time to profitability / YOY same-store sales (open 18+ months) +++++++++++++++++++++++++ THINKING OF BUSINESS OWNERSHIP? ☛ My expertise is in matching you with franchise concepts that meet 🎯 your skills and personal & financial goals. ☛ As a former senior franchise executive who's launched 1,000+ businesses, I put my experience & insider knowledge 💡 to work for you. ☛  I’ll save you time, reduce your risk & help you invest with confidence ☛  DM to ask me about your possible fit with franchising and how I can help #businessownership  #entreprenuership  #franchising   #IfNotNowWhen

In reflecting on our current training strategies, I came across an article from 2019 on Franchising.com titled "What Builds Franchise Success? Ongoing Training for Every Employee and Franchisee." Although a few years old, this piece remains incredibly relevant. It underscores the undeniable value of continuous training and development across all levels of a franchise operation. As we evaluate and enhance our brands' training programs, this article serves as a reminder of ongoing education's fundamental role in our success. #FranchiseSuccess #TrainingAndDevelopment #ContinuousLearning

Strong governance is one of the cornerstones of successful businesses, particularly within franchising. So what can franchisors do to improve their governance and boost business performance? In our article below, BDO Wellington Associate Danielle Thomson outlines the pivotal role of accountability and compliance within the franchise business framework, as well as offering helpful tips for franchisors looking to strengthen their governance practices:

🔎 The 2024 Franchising Economic Outlook report is now available! This is IFA’s annual study in partnership with FRANdata detailing the franchise sector’s performance for the past year and projected economic outlook for the year ahead. KEY FORECASTS FOR 2024: 🔹 Franchising output to increase by 4.1% from $858.5 billion to $893.9 billion 🔸 Total franchised establishments to increase by more than 15,000 units, or 1.9% to 821,589 units 🔹 Franchise employment to grow by 2.6%, adding more than 221,000 jobs and reaching a total of 8.9 million employees 🔸 Franchise GDP is estimated to grow by 4.3% to $545.8 billion  🔹 Growth in the Southeast and Southwest will outpace the rest of the U.S. franchise market in 2024. 💹 THE TOP 10 STATES FOR FRANCHISE GROWTH IN 2024: 1. Texas 2. Florida 3. Georgia 4. North Carolina 5. South Carolina 6. Tennessee 7. Maryland 8. Arizona 9. Colorado 10. Virginia 📌 SIDEBAR: We are seeing an increase of qualified investors in the southeast and southwest! If you would like to learn more about franchise opportunities, let's connect to discuss your situation. We conduct all territory checks on your behalf and match you to reputable opportunties that align with goals and interests. 🔗 Here is a link to the full report: https://lnkd.in/ee8jMEkQ

Franchising with Prestige Franchising is your gateway to unparalleled business growth and opportunity. Whether you’re looking to expand your existing business or dive into the world of franchising, we’ve got you covered. Imagine the potential of your business thriving through a model that's been a game-changer for giants like McDonald's, Starbucks, and Subway. Franchising allows you to tap into new growth, profit, and potential that traditional business methods just can’t match. At Prestige Franchising, we help businesses of all sizes achieve success. From small to medium-sized enterprises to larger companies, the benefits are undeniable. Join the ever-growing community of successful franchises and see your business soar to new heights. If you're ready to grow or become a franchisee of a great brand, now is the time to act. Be a part of the future. Be a part of Prestige Franchising.

Introducing Our Franchise Insights Series! We understand that navigating the world of franchising can be overwhelming. So we’ve decided to launch a series of posts to address some of the most frequently asked questions about franchising. Whether you're a franchisor looking to expand or a franchisee considering a new venture, our series is here to help! Franchise Insights Part 1: Understanding the Basics of Franchising What is franchising? Franchising is a method of business expansion whereby a franchisor licenses its proven business model to a franchisee in exchange for an initial fee and ongoing royalties. The franchisee operates a business using the franchisor's brand and receives support in areas such as marketing, training, and operations. What are the benefits of becoming a franchisor? Becoming a franchisor allows you to expand your brand more rapidly and cost-effectively. It leverages the capital and managerial efforts of franchisees, enabling you to scale your business without the need for significant internal resources. Additionally, franchisees bring local market knowledge and an invested interest in the success of the business. What should I consider before buying a franchise? Before buying a franchise, consider factors such as the franchisor's track record, initial and ongoing costs, the level of support provided, and the potential for profitability in your desired market. It's crucial to conduct thorough due diligence, and seeking advice from existing franchisees and legal experts. Finally, no matter what sector you choose within franchising, make sure it’s right for you. A sector that aligns with your values and interests is key. Stay tuned for more insights in our upcoming posts where we'll dive deeper into specific topics within franchising. Have more questions? Drop them in the comments below, and we'll include them in future posts! Visit our website to learn more: https://lnkd.in/eaX7U_Hy Or drop us an email: hello@partnerwisefranchise.com #Franchising #BusinessExpansion #FranchiseSuccess #PartnerwiseFranchise #FranchiseFAQ #FranchiseInsights

Curious about what's next for franchising? Read Franchise Business Review's 12 expert predictions for 2024, covering everything from economic trends to marketing strategies.

Curious about what's next for franchising? Read Franchise Business Review's 12 expert predictions for 2024, covering everything from economic trends to marketing strategies.