Connect with us

Researching a Franchise

3 Books Every Franchise Buyer Needs To Read

With technology disrupting the world of franchise, use the tools from these three books to stay innovative with your business.

Published

on

franchise-inspiration

There are many new authors in the franchise and small business category that have written some very helpful books for our industry. Recently, I have been asked to recommend books to help franchisors and franchise owners.

Take a look at the following books:

1Blue Ocean Strategy by W. Chan Kim and Renée Mauborgne

Blue Ocean Strategy by W. Chan Kim and Renée Mauborgne

I have been coaching some very innovative new companies lately that are bringing new technology, business models and marketing tools to the franchise world. Some of these businesses are creating a whole new market. When I identify companies like these, I always suggest that they read Blue Ocean Strategy to further develop their skills and vision. This book is a paradigm shift for many business owners that focus on moving in the direction of untapped new markets, or “blue oceans,” instead of going head-to-head with the competition in “bloody red ocean” existing markets.

Related: Should You Purchase An Existing Franchise?

2Brick and Mortar Franchise Success by Carolyn Miller

brick-and-mortar-franchise-success-by-carolyn-miller

This book is a must-read for anyone that is opening brick and mortar locations. In her book Brick and Mortar Franchise Success, Carolyn Miller identifies the industry tips and gold nuggets to save money and time before, during and after the build-out and construction phases of a new business.

Many of my clients have benefited in a very tangible way from this book. Franchisors will find many strategies that can immediately be implemented to better train and support franchise owners as they prepare to launch. Franchise owners can use this book as a guide as they move through site selection, assemble their construction team and initiate their pre-opening steps.

3Millennial Millionaire by Bryan M. Kuderna

millennial-millionaire-by-bryan-m-kuderna

I recently wrote an article about the millennial generation and what is important to consider as a franchisor if you seek to recruit these individuals. This led me to meet the author of Millennial Millionaire, Bryan Kuderna. Kuderna is a Certified Financial Planner with a goal to educate young professionals in the area of financial literacy. This book will help you understand the priorities, beliefs and lifestyle of this generation as well as reveal some solid financial strategies.

During my research for Franchise Bible, 8th Edition, I found that the franchise industry has changed in many ways over the years. Technology has had the biggest impact by modifying buying behaviors. Not too many years ago, franchise buyers would find an opportunity in Entrepreneur magazine or by attending a franchise expo in-person.

Related: Owning A Franchise – Good Idea Or Bad Idea?

They would then go through the franchisor’s respective step-by-step process to qualify, purchase and launch their franchises. But today, buyers can find a plethora of information online about nearly any franchise they want to learn about. This has leveled the playing field for new innovative companies to compete favorably with the “big boys” in the marketplace. Now, the more creative and tech-savvy companies have the advantage instead of the ones with largest budgets.

Franchise operations have also shifted quite a bit due to technology. Franchisors now have more information at their fingertips than any other time in history. This enables them to offer better training such as video operations manuals, ongoing educational webinars and a variety of dynamic tech tools to gather critical stats.

These changes have made it more important for franchise leaders to learn as much as possible to gain a competitive edge and stay relevant in an ever-changing business world. The books that I reviewed in this article are a great starting point. But, remember that innovation is the key to growing in the modern marketplace. Now is a great time to get your team together to create leadership and marketing strategies using these tools.

This article was originally posted here on Entrepreneur.com.

Rick Grossman is a leading franchise industry expert with over 20 years of experience in helping both franchisors and franchisees grow their businesses. A successful franchisor himself, Rick developed a high tech/high touch franchise marketing and sales system selling hundreds of franchises in North America capturing ranking in Entrepreneur magazine’s Top 500 franchises in less than three years.

Advertisement
Comments

Researching a Franchise

The Future Of Franchising Looks Smaller (And Fancier)

Franchises are adding smaller locations and reduced menu options, as niche markets emerge, to attract the customer of the future.

Diana Albertyn

Published

on

kfc-franchise-logo

As the owner of a thriving franchise, you’re well aware of the fact that fluctuations in the world economy has both negative and positive effects on business. When it comes to your successful franchise, tough times could mean adopting new trends or seizing gaps, potentially resulting in a new franchise concept you wouldn’t have otherwise thought of.

“The buzz word in global franchising is ‘flexibility and adaptability’,” according to the Franchise Association of South Africa (FASA). “Whether a result of a need to inject some life into stagnant franchise brands or as a result of the new world order brought about by the recession, franchising is embracing alternative and options in a big way.”

Related: As Consumers’ Tastes Change Can Your Franchise Keep Up?

You can do this by either devising innovative areas to franchise or allowing more flexible ways for franchisees to operate to help with their bottom line. FASA has earmarked these as some of the biggest franchising trends in 2018 and beyond:

Smaller, more cost-effective franchise models

When franchisees don’t have high franchise fees and start-up costs to worry about, they can focus more on what customers want, and deliver. The added benefit of smaller spaces include having fewer employees and reasonable rental.

Among the new frontiers in franchising are the food court losing its legacy as the preferred setting for food franchises, as service stations increase in popularity in the industry. A number of brands – like Steers, Debonairs and Mugg & Bean On-the-Go outlets – are co-locating with major fuel retailers to create fully-integrated accessible centres.

Niche markets are offering one-of-a-kind franchises

“The opportunity to get in on the ground floor of a new franchise trend is also on the rise,” notes FASA. This could be offering a unique gourmet food experience in your outlets or a ‘green’ space of energy saving technology in your operations.

“Consumers have gained control of what they want,” says Morné Cronjé, head of franchising at FNB Business. “It is no longer about what you have on the menu, but how your product or service can be tailor-made to what a customer really wants.”

Founded just five years ago (2013), RocoMamas boasts over 60 franchise outlets, clearly responding to the essence of this trend –allowing consumers to build their own burgers without having to pay for items they’d rather leave out.

Related: Key Franchising Trends To Consider For 2018

Stay ahead of the game

For long-term success, franchisors who want to expand their business should start exploring beyond present circumstances and current predictions.

“2018 will no doubt bring its challenges, however for every challenge there is a window of opportunity to explore. We are advising franchisors to scrutinise these trends carefully, it can definitely give them a boost for 2018,” says Cronjé.

Continue Reading

Researching a Franchise

As Consumers’ Tastes Change Can Your Franchise Keep Up?

More of your customers are eating in, and if you’re not packaging, portioning and pricing your food accordingly, they’re heading to a retailer that does.

Diana Albertyn

Published

on

fast-food-franchise-customers

It’s generally believed that it’s cheaper to cook your own breakfast, lunch or supper than to go out and pay a much higher price for the same food in your fridge at home. But today’s consumer’s live fast-paced lifestyles – so food is becoming more about convenience.

31% of 6 022 middle-to-high income South African earners surveyed by BusinessTech, put eating out and entertainment at the top of their list of things they’re most willing to cut their spending on in 2018 to save money. Research by supermarket giant Pick n Pay correlates, reporting an increase in customers buying quality convenience food, not just to entertain at home, but for dining at home.

Related: Driving Your Business Growth Towards More Customers

Consumers are empowered by variety

You’ve heard about the ‘fast casual generation’, aka Millennials? They are demanding healthy, affordable eating experiences. But do you know how this affects the future of the food industry, and your business in particular – because they’re not the only ones adapting their lifestyles.

An increasing number of food brands and chefs are compelled to create complete ranges of new, convenient meal options that are not only packaged, portioned and precooked attractively, but affordable too.

The fastest growing sector of retail foodservice for the past four years has been the convenience store sector. Non-traditional avenues of distribution are growing, gobbling market share while establishing new patterns of consumption, price points, and customer loyalty.

Shoppers are becoming value-focused

A savvy franchise would acknowledge that although pre-packaged and pre-cooked convenience food isn’t a new trend among consumers and supermarkets, it is gaining popularity. “Some of the most notable trends in 2017 were an increasing shift to convenience foods as customers looked for both value and convenience,” says Pick ‘n Pay’s Head of Marketing, John Bradshaw.

Related: 5 Techniques To Leave Customers Grinning And Vowing To Return

Value for money and healthier food choices will continue to be top of the convenience food list for consumer in 2018, as more shoppers cut down on luxuries.

“We’ve seen significant growth in the number of customers looking for an easy way to enjoy a good meal without the cost of eating out,” says Bradshaw.

But he cautions that South African shoppers have always been value-focused, and while the most significant shift Pick ‘n Pay has seen is how all its shoppers, no matter what their income levels, are watching their budgets.

Continue Reading

Researching a Franchise

Maximise Your Social Media Reach This Holiday Season

Quick and cost-effective, social media is your best tool to reach target markets when it matters most – during the holidays.

Diana Albertyn

Published

on

social-media-marketing-for-franchises

It’s not just the end of the year that can be lucrative for businesses. School holidays and other major breaks during the year present consumers with more time to spend shopping. Why not ensure money is spent at your franchise by capitalising on the minimal cost and maximum exposure of social media?

You don’t have to create entirely new deals or promotions from what you may already have running on your store, but find a way to make it special for your social media followers, suggests Kelly Mason, marketer at Customer Paradigm.

Holiday campaigns on Twitter, benefitting from popular hashtags, streaming live content, and receiving information instead of just distributing it via social media are just some of the ways to stay ahead of the competition.

Related: Why Your Business’ Social Media Marketing Strategy Is Probably Wrong

Know your customers well

The first step to attracting customers and getting them to complete a sale is understanding their customer journey.

“Being able to document where they spend their time online, which social channels they use most, and what they’re reading or watching on those channels is a huge plus. Finding that crucial information is fairly easy to do, thanks to modern-day marketing tools and resources,” advises Paul Herman, ‎VP: Product and Solutions Enablement Group, at Sprinklr, a unified customer experience management platform for enterprises.

The better you understand your customers, the easier it is to reach them through a campaign optimised for their interests.

Master social listening

You could be using social media all wrong in the run up to all your holiday campaigns. Perhaps it’s time you used this platform to listen to your customers?

“Through social listening, marketers can identify major trends and product keywords in their industries,” says Herman. “For instance, knowing those keywords can help marketers identify which social platforms are more popular for a target audience. With that information, they can make smarter decisions about where to spend their money and which products or services to promote on each platform.”

Related: 10 Laws Of Social Media Marketing

Use the information gathered to determine what customers like about your product, what they dislike about it, and how you can improve upon it so they can buy more of it. The more of this data you collect, the better and more effective your interactions with customers will be.

Try something new

50% of consumers look for a video of the product they want to buy before going to an ecommerce store to buy it, according to a 2016 Google survey. “Video can be an extremely effective way to get your customers to take action – in this case, to make a purchase with your store,” adds Mason.

Video adverts are often used as an experimental tool in social marketing and switching it up on platforms such as Facebook Live, Instagram Live, Instagram Stories, or Snapchat – depending on your brand’s activity and your audiences’ interests – can help attract customers during seasonal periods.

Continue Reading

Trending