What is the future for franchise expos? Hint, it's not digital expos.  

What will happen with Expos? Will they remain? Will they vanish? Will they change? What do you think? Join our community and participate in the question we are posting, right, about, now.

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It's all about trust between franchisors and franchisees.  

Most likely, in order to have a happy relationship, you have to be around someone you trust. How is trust established? Well, for your sweetheart, through relationship, time, consistency and trust. For business, it is often times faster -- requiring an exchange of value (financial, relationship, or beer -- or a combination of all).

In franchising, trust is first established through research and referral. Franchisees trust their broker to help them find the right brand. They then trust that the franchisor has their best interest in mind for wealth creation/building. And then they have to trust that their community can rally around their product or service. Trust isn’t as earned as in a relationship with a spouse, it is often fast.  

In franchising, we trust first and cut the cards second. Thus, research, diligence and validation become so essential to mitigating the risk of franchising your business, buying a franchise, or picking a franchise supplier. 

The single most important governor is that if it is too good to be true, it probably is, thus, trust your gut. 

There are no unicorns in franchising -- simply a lot of great execution on many great ideas/solutions.

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In franchising, just like Apollo 13, we are always fighting to get the boys home. We are always battling for more leads, more deals, better franchisees, better success for our franchisees. Why? Well, if you are reading these bottom thoughts, it’s probably because YOU LOVE FRANCHISING.

We all do.

It is a challenge. It is a pain. It brings tremendous successes and some failures.  

When the scientists are faced with a challenge of bringing da boyz home, they dial in an focus -- and get er done.  

That’s what we do. We get er done all day, all month, all quarter, all year. And frankly, there is no stopping to the franchise hamster wheel.  

But, as long as you can find moments of joy in the challenge of franchising, then it becomes super addictive and rewarding.

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We’ve all played the game of Monopoly and you can’t win by just passing go and collecting $200. To win, you must acquire properties and invest in revenue generating assets.  

Like Monopoly, your franchisee candidates are looking to go beyond the weekly paycheck and invest in a revenue generating asset. So...is your franchise brand Park Place, Pennsylvania Avenue, or Baltic Place?  

Connecting with franchisee candidates requires a deeper understanding of the franchisee journey, what they are looking for, and how your franchise can help them win the game. 

Board design created by: https://www.jeffgeerling.com/blog/2010/monopoly-vector-design

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Is your franchise brand attracting Franchise Owners or Business Owners?  

Franchise Owners buy a franchise for stability and income replacement. They’re not really focused in scale or leveraged growth.Business Owners buy franchises for scalability, multi-unit growth, and leverage.  

Who you attract depends on you, your focus, and the capabilities of your management team and system. No matter how much you spend on marketing and franchise development, if your system is not built for fast growing franchisee business owners you won’t attract them and smart brokers won’t refer them to you.  

One is not necessarily better than the other - Business owners vs franchise owners -  but you need to determine who you are targeting and why.  Below are the franchisor characteristics that we think determining the type of franchisees that your system will attract.  

BIG IDEA: Know your target franchisees and build your franchise development, management team, capabilities, and support around their needs.

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Franchise brokers are one super important micro target - one with huge impact and importance.  

So start your 2021 supercharged micro-marketing efforts by building out a valuable franchise broker web page and portal that:  

- Is a private webpage (i.e., not crawled by Google) and built exclusively for franchise brokers 

- Explains why franchise brokers should be referring candidates to you; 

- Explains your ideal franchisee candidate; 

- Explains why, for the right candidate,  your franchise is the best franchise for 2021; 

- Discusses your franchise candidate discovery process; 

- Tells the story of how you transform the lives of your franchisees; 

- Provides on-page and downloadable data and resources that brokers can use during calls with their candidates

- … plus more...  

This seems like an easy win with HIGH ROI. Let us know what you think below in the comments or join the Franchise Growth Mastermind conversations: https://www.facebook.com/groups/1464519290241259   

#franchisebrokers

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Massive changes are coming in 2021 and...they’ve already started.   

We’ve only started this quarter and, already, we’re facing changes that, in ordinary times, would have taken years to develop.  

Consider:  - Change in control of government 

- more money printing, stimulus, green new deal... 

- The rise of big tech: Amazon eating main street businesses; Google, Facebook, and Twitter controlling digital marketing and the public square - Generational purchasing power shifts from Boomers to Millennials

- Lockdown fatigue

- The Unexpected  

As a community we’ve learned from 2020 and many of us have built and rebuilt the foundations of our businesses. There will be more challenges ahead and if 2020 has taught us anything it’s that we should expect surprises.  So let’s prepare. Let’s deploy some SWOT analysis. Plan and prepare for the potential THREATS facing your business in 2021. Then set a plan for avoiding them and, if they are unavoidable, how you’ll react.  

BIG IDEA: Throw out the panic button! 10 years worth of opportunity is about to be thrown at us in 2021. The opportunity will be disguised as threats...so take the time now to evaluate the strengths that you will need to rely on and the opportunities that you’ll be looking out for. If you haven’t prepared a basic SWOT analysis for 2021...spend some time now.

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Join Nick and Charles on a 2020 look back and a 2021 plan. Jump in the DeLorean back to this time last year. What would you tell Michael J Franchise? Yo, there is going to be a pandemic where your life, your business and your norm will be completely disrupted. Robert Cresanti is going to be out at the IFA. Papa Johns will make a resurgence. Go buy some stock -- like Peloton, anything to do with the home (Wayfair), Tesla -- and a whole bunch more because the bubble is not poppin’ yet. Thousands of restaurants will close in 2020. Ugg. Bitcoin is exploding. Mortgage your house, your wife, your kids and put it all into da coin. Sports will be played in bubbles, without fans and without players (opt out).  A vaccine will be created in record time. Franchise Knowledge for $100, Alex. RIP. It’s been a year, FranXers. Ready to make 2021 better -- or better again?

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What would you do if Nick & Charles came down the chimney? Yeah, we would call the cops, too. The good news is the franduo is only coming down the virtual franchise chimney (could that become a franchise) to talk about winning in 2021. Join in on the conversation by posting comments below.

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The king and the jester of franchising, talk franchising. Who's the king and who's the jester? Debatable. Join in the conversation below.

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