Our weekly roundup of franchise news is the best out there. Check it out!
Franchise Growth On The Up And Up
If franchise growth was a car—bear with me—it went through four distinct phases. In 2008, it went plummeting off a cliff and exploded into flames, was salvaged somewhat in 2009, spun out and struck a tree in 2010 and is miraculously looking shiny new in 2011.
The bounce back is expected to be complete by the end of the year, when experts predict franchise business will grow by 2.5 percent. Over at PointBlank, we recently looked at the way franchise finance volume is growing month-over-month for Direct Capital, a leading franchise lender in the U.S., and it’s true for other firms as well.
If the growth holds to forecast, then this could be the start of some golden days for franchisees and franchisors the country over.
Franchisors Seek To Help Franchisees
This one goes hand-in-hand with the growth. With the industry bouncing back, it behooves franchisors to reach out to prospective or entrenched franchisees and offer them the help they need to grow and thrive. For existing franchisees, it involves everything from remodels to seminars. For new ones, things get a little bit more interesting.
Franchisors are increasingly turning to social media, webinars and trade publications to reach out to prospective entrepreneurs, men and women who have dreams of owning their own franchise but don’t know how to get connected or haven’t thought of a particular company. That approach is paying off in spades, and it’s helping to lead into optimism about the industry growing.
Smart moves abound here, eh?
The Art Of Becoming A Franchise
When do you know to take your business and turn it into a franchise? That can literally be a million dollar question.
Here at PointBlank, I examined this very question and, with a little help, came up with some tips for guiding that transition and determining when it should happen. I hope you’ll find it useful.
Other Useful Links
Photo credit to LatinJavy at http://www.sxc.hu/photo/1358028