Tag

Franchise Development
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How To Onboard New Franchisees For Ongoing Success

The most successful brands recognize that new franchisees require dedicated support to ensure a successful launch and help them thrive during the first year of business. No matter how strong an onboarding program is, plenty of factors can lead to a rocky first year: undercapitalization, general inexperience, and a lack of well-rounded skills.

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Re-Visit Your Franchise Buyer Personas to Boost Development

Creating franchise buyer personas can be an extremely valuable exercise for Franchise Development Teams tasked with aggressive growth goals. Defining these personas allows you to better understand the motivations and needs of your ideal customer, and ultimately create sales and marketing content that resonates with them. 2022 is calling for franchisors to think smarter when it comes to how they engage prospective franchisees. In addition to creating or refining your persona definitions, selecting tech tools that support growth and make processes simpler are essential for business owners this year. Our Executive’s Guide to Franchising Tech in 2022 – CDO Edition is a great place to start if you are looking for inspiration on what you should be focused on in terms of tech options. But for the sake of this blog post, let’s hone in on why franchise buyer personas are so important and review some of the best things you can do to get them right.

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The Power of Effective Communication Between Franchisors and Franchisees

One of the crucial factors that contribute to the success of any franchise lies in building and maintaining a strong relationship between the franchisor and the franchisee. Open communication and trust are the pillars that support a successful franchising model. Effective communication is essential to creating a strong foundation for franchise growth. It is an effective tool that can help both franchisors and franchisees understand each other’s priorities, challenges, and expectations for the future. In this blog post, we will discuss the importance of effective communication between franchisors and franchisees, and how to establish open lines of communication and trust.

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Unit Level Economics for Franchise Businesses

We have all heard that Unit Level Economics is important in franchising but going from understanding it in theory to transforming it into action is a big step.  According to QSR Magazine, “the success or failure of a franchise concept can pivot off of how well unit economics are tracked, managed, and improved.” After working with over 900 brands a common practice among them is working together with their franchisees to improve their unit-level economics: not only their top-level sales but also their bottom line. If you’re not doing this today, you will have trouble selling franchises in the future.

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9 Important KPIs for Health and Fitness

Summer is approaching and gyms everywhere are packed with those trying to prepare to show off their hard work. If you are in the health and fitness industry, according to research, you have two important things on your mind: the success of your clients and the contribution you are making to your community. But you cannot help your members OR your community if you are not properly tracking the health of your business.

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Introducing FranConnect Franchise Scorecards – a snapshot of your franchise’s health!

We recently launched Franchise Scorecards and are excited to share the news! The franchise scorecards, part of FranConnect’s Operations platform, equip brands with a complete view of the health of a unit at your fingertips helping franchisees drive unit-level economics. Anyone involved with franchise field visits likely agrees that the prep work for a visit can be daunting. It seems to take hours, pulling information from different systems to end up with questionable economic insights. Additionally, comparing one unit against the average of their peers is nearly impossible without having key performance metrics identified.

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