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Knights Of The Franchise Roundtable
You can’t throw a rock without finding a pundit or businessperson who believes franchises are a hugely important piece of the country’s economic growth:
“Franchising, when there’s a down economy, is a significant catalyst for expansion,” said Scott Frith, vice president of franchise development at Lawn Doctor, a New Jersey-based lawn care company. “People look at (the economy) and they say, ‘I don’t want to work for corporate America anymore, I want to go out on my own and I want to mitigate my risk.’”
That in mind, it’s little surprise that franchises are banding together to share information, comb over success stories for valuable lessons and just generally help one another out. That show of solidarity could pay big dividends if it leads to more informed entrepreneurs and, potentially, better lending to franchises.
Cross your fingers and hope this helps the industry reach its 2.5 percent growth goal for 2011.
Climbing The Franchise Ladder
As succinct as they are, I always love success stories in the franchise field. Sally Smith of Buffalo Wild Wings is definitely one of them.
There’s just something very cool about knowing that the current CEO of a multi-million dollar franchise is someone who started out as a waitress there in college. Those connections can sometimes be crucial ones.
Franchises are the one industry in which climbing the ladder is still an extremely viable option. As management flattens out across the board, franchises still have clear strata, with chances to transcend individual franchise locations and move into the franchisor’s offices. In that sense, franchises still offer a great shot at the American dream.
Five Great Tips For Managing Cash Flow And Risk
This classic PointBlank post has sage advice for every franchisee out there today. Give it a read and I promise you’ll find something useful.
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