Our roundup of franchise news and advice from around the world. Enjoy!
Prospective Franchisees Should Use Consultants
When you’re kicking off a career as a franchisee, chances are you’re going to be exposed to a trial by fire. You’ve got the corporate support and a basic look and feel to your location, but how you run it effectively? There’s no manual that can teach you all the nuances.
That’s why an increasing number of franchisees are turning to franchise consultants, according to the Wall Street Journal. These consultants are described as being “part business coach, part financial adviser and part therapist,” and their goals are pretty simple. They want you to succeed, and they want to ride what is being seen as the inevitable wave of franchise growth in the near future. At the very least, they can help set you up withfranchise financing.
Consultants don’t work for free, so I don’t imagine this will be for everyone. But if you can afford to tap their expertise, it’s a great idea.
Hotel Loyalty Programs Popular
Frequent flyer miles were the program du jour for a while, but no more. Something about actually having to fly on a plane, sit in TSA security lines and eat airport food makes people less enthusiastic.
Everyone loves hotels, however, and their loyalty programs are positively booming at the moment. Perks abound, whether it’s free goodies, free rooms or interlocking services in the local communities these hotels and chains call home.
The Baltimore Sun has some advice for taking advantage of the programs:
To get the most from the rewards programs, experts suggest you focus on the hotel chain you use and like, get a co-branded credit card and use the services of that chain’s business partners such as airlines or car rental companies to rack up points faster, and possibly jump to a higher rewards status.
Do you use loyalty programs? I’d be interested to hear from the frequent travelers in our midst.
Arby’s Stake Sold Off
Wendy’s is one of the most popular burger brands in America. Unfortunately, they’re attached to Arby’s, which while delicious is in precipitous decline. It’s like having a 400 pound roast beef sandwich attached to your leg, if you’ll allow me to torture a simile.
So Wendy’s is flipping the majority of shares in Arby’s to Roark Capital Group, which is promising an aggressive infusion of cash to help the floundering franchise. Roark gets to work with a brand with considerable name recognition, Wendy’s gets to mostly cut ties and focus on their flagship and Arby’s gets a chance at a new life. Everybody wins here.
It’s sad that Arby’s has fallen so low. I remember being able to find one in Maine pretty easily growing up, but those days have come and gone. With a little luck, they’ll bounce back in a big way with Roark at their backs.
Future suggestions for this roundup? Leave them in the comments!
Photo credit to jayofboy at http://www.sxc.hu/photo/1054697