Join special guest Brian Lincer (https://www.linkedin.com/in/brian-lincer-57a98a12/) as he appears alongside Nick Powills to discuss what he sees and hears when working with franchisors, while discussing the biggest mistakes that franchisors make when they are in growth mode.  

1. Having enough capital to grow the business.

 Brian explains how interest rates have risen a whole point over the last day. This puts many people in difficult positions as now they may not have enough capital to fully support the business.   

2. Thinking there are no options. 

If they think there are no options, that usually means that the person isn't trying hard enough to solve the problems. Asking for help and finding out if the bank can help are viable options to help save your business.  

3. Lowering the franchise fee.

By having a very low franchisee fee, the franchisor could be under cutting his business and not making as much money as he could. Finding a balance where the franchise fee is helpful to you and acceptable for oncoming franchisees to go into the business.

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Recession?  

According to JP Morgan President Jamie Dimon, an economic hurricane approaching? 

  No matter, your viewpoint, there's turbulence ahead! So, is now the time to hit the panic button? Cut spending on franchise development? ...  

Join Charles N. Internicola and Nick Powills as they discuss what franchisors should do during a recession.  

1. Refocus your energy and support. 

As a franchisor, a recession could be a time to take a step back and truly think and reflect on the company. This is the best time to check for changes that could make your business succeed.   

2. Be different than the competitors. 

Nick and Charles provide an example of a pizza store that pushed forward with their budgets, while everyone else cut theirs. This is an example of how they took advantage of the competition and decided to be different to help their business succeed.   

3. Don't produce a crazy amount of ads. 

Ads can be very helpful to a businesses exposure to the world, but there is a time for ads to be helpful and negatively impacting your business. Don't put out a ton of money on advertising when that money is needed elsewhere such as for labor and many other things.

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Franchisors want one thing -- leads. Thus, many sign-up to exhibit at franchise shows/expos. Is it worth it? How can you increase the value? Franchisees want access to inventory. For them, is it worth it? With Nick Powills and Charles N. Internicola, they will discuss the good and the bad of franchise expos.  

The GOOD: 

1. Helpful to learn the brands when just starting. 

f a person wants to buy a franchise, but has no experience to start, then franchise expos can be helpful ways to learn about what businesses and the types of businesses that the person would go into.   

2. Connection to the people. 

Having a real world connection to future franchisees is a great way to get to know the person before they become a part of the business. That in person experience is invaluable to the experience as a whole and is important for first impressions.

The BAD: 

1. Information can be found digital. 

Some of the information found at these franchise expos can be found digitally. This means that the person at the expo could have looked up the information online and found the same answers he received at the expo.   

2. If the validation is poor, the only fault is your own. 

When there is low validation, the franchise at the expo is doing poorly and is becoming a waste a time. Everything about the expo needs to be presented with full effort or the franchise will have poor validation.

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Want to franchise your business? Are you an emerging franchisor? Nick Powills and Charles N. Internicola will talk about the secrets and facts franchise consultants aren't telling you about the process to becoming a GREAT franchisor. 

1. Having the right expectations. 

If a business just started a franchise and is disappointed they didn't have 25 units of the franchise as quickly as they expected, they may get discouraged easily. By having the right expectations, you can learn to be more patient with the business.   

2. Selling the first franchise is the most difficult time. 

When a business first starts to franchise, that first franchise sales is the hardest one to get. People think that once they franchise that people will come and buy a franchise, but it doesn't happen instantly and it takes time.   

3. If they are a bad consultant and they say that they are good. 

Franchise consultants will always say that they are there to help and will better your business, but that doesn't always meant that its true. If they provide bad to none leads or recommend people unfit to become a franchisee, they are only there for the money and nothing more.

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Quarter 2 is ending as we approach the midpoint of 2022 and now its time to discuss ways to accelerate your business for the rest of the year. Charles N. Internicola and Nick Powills describe the best ways to gain lift with franchise brokers.  

1. Have traffic coming to your site. 

Best ways to get people to franchise is for people to get involved in your business and the way to do that is by having traffic to your site, where the prospective franchisee has your business on their mind.   

2. Don't blame the brokers too quickly.  

It takes on average 7.4 months from inquiry to conversion for a prospective franchisee to become a franchisee. This is a long time period, so by taking the time and having patience, you will be able to trust your franchise broker and not doubt them.   

3. Setting goals. 

By setting goals, you mark down exactly what you want to accomplish and have extra motivation yourself to do the work. This will help the brokers see that you are hard working and deeply care for the business.

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What are the best ways to get lift with the franchise broker networks? Join Nick Powills and Charles N. Internicola as they tell you the main things that you should know about franchise brokers.   

1. Having a good business plan is important. 

A good business model is very important for the franchise broker to suggest your business. The brokers know when the plan is either good or bad, so making sure to have a good one is significant to the business.   

2. Competitive commission helps.  

Franchisors have to be competitive with the franchise brokers to make sure that they are providing them with the best leads instead of the competitors. this will be costly but very useful for the business.   

3. Making sure your business aligns with competitors your size. 

If another business the same size as yours has about 5 times the amount of spending that you have on marketing, then there is a problem. Talk with the brokers to figure out how do fix the problem and make it turn to be successful.

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Meet Clark McCarthy, franchisee of VaVia. What was his process? What did he evaluate? What made him say yes? Learn more on this episode of FranX. Learn about the 3 main reasons why Clark McCarthy became a franchisee of VaVia with Nick Powills.  

1. Clark was looking for something new. 

Clark had originally been an educator and a soccer coach at the University of South Carolina. He thought it was right for a change and this led him to become a franchisee n ViVia today.  

2. Great people to work with. 

When in discussion with Nick, Clark compliments many of the people at VaVia, who allowed him to become a franchise owner, saying that they were super supportive and helpful to him every step of the way.   

3. Successful business model. 

Besides from the fact that VaVia was helpful every step of the way, the business already had a successful business model with good software and tools that allowed Clark to become successful easier than many other franchisees today.CREATE YOUR FREE FRANX PROFILE: https://franxlaunch.com/

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Being a franchise supplier can be amazing and extremely rewarding – once you gain momentum. Thus, many try desperately to break in, have impact and spark growth – leveraging proof of concept for one franchisor to add others.

Yet, many fail.

Why?

Franchise suppliers can also be the new shiny object for franchisors.

SupplierX states anything impactful on lead generation and every franchisor jumps on the opportunity to try the new shiny tactic, yes, quiet too often, that shiny new supplier fizzles out, unable to sustain the fancy magic they sell.

So, how do you win as a franchise supplier?

Be sustainable.

Be truthful with expectations.

Leverage your franchise success stories – and let them sing your praises.

Don’t waste money on booths – invest money in networking and dinners.

Make sure you have a clear why you/why now in your positioning (web and marketing).

Sounds easy, right? Yet, few thrive.

Yes, there are politics of the industry, and yes, the industry is small, but neither politics nor size of industry prevents you from executing on those five points.

Today, Charles N. Internicola and Nick Powills discuss the main ways to win as a franchise supplier.  

1. Building a good brand story. 

By having a good brand story that can differentiate your business from other competitors, your business will stand out and that helps to make your business successful against the other businesses.   

2.  Strong marketing. 

With a good marketing strategy that is strong and presents your business to the world, your business can differentiate even further from other franchise suppliers and make your business have a lasting impact on the franchisor or franchisee.  

3. Be sustainable and truthful. 

You need your business to survive and fight off other competitors to continue to be in the franchise supplier business. Also, by being truthful with the client, you can become trusted by the client.

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In franchising, far too often, the sales team is discarded as useless by leadership teams for lack of “selling” enough franchises. Yet, per our previous Bottom Thoughts, often times, the right data isn’t used to justify that opinion.

Do you, as a franchisor, understand the value of the deal? Do you assume it’s just the $30,000 franchise fee? Or, do you look at the depth of royalty payments to your brand’s bottom line over a period of time?

Do you evaluate the cost per deal (vastly more valuable than the cost per lead)? Do you use this data to set realistic goals for your development team?

When goals are pulled from the sky without rhyme or reason, it is unrealistic to hold the sales team to those mystical themes. In fact, it is irresponsible leadership.

It is not the job of the sales team to put lipstick on franpigs (is that trademarked yet?). It is their job to coach the candidates through the sales process, helping them land on the theme of comfort that the decision to invest their life’s savings into a brand they have little to no control over is the right thing to do for their families. Do you comprehend the complexity of that ask?

Thus, far too often, the good ones in franchising are disregarded as not good, when, in fact, it was your approach and your brand’s challenges that caused the perception of lack of success. Then, when you washed the salesperson out with the bathwater and regret it, it’s too late – they have moved onto a brand where they can win.

Evaluate all of the data before making a brash decision.

Join Charles N. Internicola and Nick Powills as they find out the reasons why great franchise sales folks can be dismissed.  

1. Curved expectations. 

A business needs to have the proper expectations in order to franchise a business. The first franchise is the hardest to sell and if only a month has passed and the franchisor is frustrated, then they should have expected the increased difficulty of selling that first franchise.  

2. Limited patience. 

Sometimes the franchisor can have a quick fuse and be very fast to blame the franchise sales folks, when the business isn't selling franchises. The franchise sales folks need to reassure the franchisor and explain the patience that they need for the process to work.  

3. Challenges with budget.  

When a franchisor has a limited budget, they might not see the value that they are getting out of the franchise sales folks. By providing a higher amount for the budget of the franchise sales team, then they will perform better than the smaller budget.

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With nearly 25 years of experience in franchising, McFall reflects on what it takes to thrive - and how to define success on your own terms. What does this franchisor look for in franchise owners? How does he define winning? What are the dreams for the brand?

Join Nick Powills and Charles N. Internicola as they discuss with Mike McFall what it means to win.   

1. Large demand for franchise sales. 

When there is a large demand for franchises to become open for a single company, then the business is bound to win and become successful. The more people want to open the business, the businesses and publicity surrounding the business continue to open up.  

2. Having a brand culture that people will get behind. 

A winning brand needs a certain kind of culture that has genuine care for the business and genuine interest in the brand success. This helps the business employ employees who care about the business and their value to the brand.   

3. Picking the right franchisees for the business. 

With a big business like Biggby Coffee, the business has a few hundred franchises and more is only going to come and the means that the business has to find many people interested in the business. McFall has to find the best people to not only care about the business, but also find success in he business a well.

Read More: https://franxlaunch.com/biggby-coffee-franchisor-mike-mcfall-on-what-it-means-to-win/

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