How do you get moms and pops prepared to deal with franchisees?
Describes it likes having kids, no one is ever really ready
There are things you can do or have in place that make the process easier and make you more successful
You have to have a mindset that's prepared to convert to a franchisor mindset
You aren’t in the restaurant business anymore at this point
Be willing to learn and do the extras to make it happen
When you get into franchising, you have to get back into the startup mindset
It’s rewarding if you’re willing to out in the time and effort to get to that point
How do you prepare clients to “parent” the franchisees?
You have three jobs when you franchise your business
Sell
Train
Support
Franchise companies that don’t do well fail at one or more of the above 3 (sell, train, support)
Figure out which area/s you’re the strangest at and place a team around you that can fill in the gaps
If you can have consistent support with the franchisees, that really makes a difference
Clients will sometimes bring in mystery shoppers, not to say “I got ya” but to say “Where are you falling short?”
Biggest challenges for franchisees during and as we come out of the pandemic
Franchisees that were doing well, were hit financially however they figured out a way to implement ideas from corporate, sorted out takeout program
Ones that didn't figure it out decided to temporarily or permanently close
Tom spoke with a client and they said the one thing that saved them during the pandemic was their email list. They were able to do outreach to their customers because of that.
What is the perspective on full service? Will it continue to be viable?
Doesn’t foresee full service not existing. There will always be a place fo full service
The Experience Economy book
How do you want your customer to feel when they leave? Whatever that feeling is, work backwards from there. How do you get to that feeling that you want them to have?Begin with the end in mind
What elements do potential fransors need to have in place in order to succeed in today’s reality and tomorrow’s reality?
Want to make sure you have a profitable business
Make sure there’s at least a national customer base for your product or service and that it’s not niche
Can you train someone to do what you do in a reasonable time period? Anywhere from a week to 8 weeks?
Profitability
Likes to see a 20% return on cash investment
Owner/Op - they are able to earn a managers salary
ROI comes in 2 years
Bigskyfranchiseteam.com
@bigskyfranchise
Interested in learning more? Contact them for a free consult, no cost and no obligation
Multiply Your Success podcast
Quotes
“As an American I have a duty to help as many people become an entrepreneur that have a dream or a vision of becoming that” - Tom
“The franchise industry is not the restaurant industry, it is a different business model” - Joseph
“Franchising is like having a virtual office” -Tom