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Offering a MASSIVE Benefit in the Service Industry

Offering a MASSIVE Benefit in the Service Industry

When it comes to Footprints Floors, our product, our customer service, our business model, and, in turn, our franchise opportunities are a step above the rest. One of the major reasons for this is that we offer our Franchise Owners a benefit that is rarely seen in any industry, let alone the service industry. We provide our Franchise Owners with the benefit of having a fully-focused call center made up of employees who actually receive and handle business phone calls, accordingly.

This call center is currently centrally located in Denver, Colorado which helps for training purposes as we are able to get new hires up-to-speed in no time at all. For our receptionists who work with Franchise Owners outside of Colorado’s timezone, they actually schedule their own time to work based off of the Franchise Owner’s timezone. Each of our Franchise Owners is then assigned a receptionist who makes it a point to familiarize themselves with their particular Franchise Owners’ business location and territory. This is important because as we’ve started to expand outside of Colorado, our receptionists have started learning new areas. This leads to new strategies in ensuring that our out-of-state Franchise Owners are able to utilize so that their businesses are running as smoothly, as effectively, and as successfully as possible.

So, how exactly does having a call center benefit our Franchise Owners? Well, it begins with the primary fact that our receptionists answer and handle ALL incoming phone calls and leads (HomeAdvisor, Thumbtack, Porch, BBB, etc.). They help set up estimates, answer any questions, and then enters the lead into their CRM so that they can schedule phone calls, emails, and other ways so that they might reach/communicate with the potential customer. They’re then able to follow up with Franchise Owners to provide them with appointments, updated schedules, and updated maps so that the Franchise Owners are able to see the best time and way to get to this location.

Note: It’s important to point out, as well, that your receptionist will also make note of your preferences for how you are running your business. Some Franchise Owners don’t mind driving long distances so that they can get everything taken care of in one day instead of two whereas other Franchise Owners may want to schedule projects that are in closer proximity to one another that way they aren’t having to drive further. However you prefer to run your business, our receptionists will be there to assist you.

Here is a basic rundown on how our call center benefits our Franchise Owners:

  • Answering all incoming calls
  • Filling schedule with leads who want to schedule
  • All incoming leads and following up on all leads 
  • Receiving leads from lead sources, entering them, and creating a protocol to get into a contact schedule
    • Phone calls day 1, day 2, day 3, day 5, day 10 with emails scattered intermittently
  • Reminders – emails or phone calls to Franchise Owners before they have an upcoming estimate or project
  • Creating maps so that, from a business standpoint, you know the area the best and they know the area the best

As we continue to grow we will add new employees to the call center as necessary. We’ve evolved from our Franchise Owners’ wife answering phone calls to an Office Manager, three full-time receptionists, and one part-time receptionist. As we continue to grow, so will our team and so will our support for you.

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What Are The Keys To Franchise Success?

What Are The Keys To Franchise Success?

Making any business reach its full potential takes talent.  If you’ve selected your franchise well, your franchisor will be able to help you avoid many of the mistakes new, independent start-up businesses make.  Here are some keys for franchise success.  

Make sure you have enough money. 

  • Determine how much you have to invest, how much you’re willing to risk and how much you will need to live on for at least 12 months.  
  • Make sure you understand the initial investment required.  
  • Make a careful and rational decision about buying the franchise.  Listen to your attorney and accountant and do not be pressured by the franchise salesperson.  

Follow the system. 

  • Franchisees often get their business up and running and then begin to change, add or modify existing products, advertising, hours, services, and even the quality and consistency they are licensed to deliver.  This violates the franchise agreement and puts you in jeopardy of having your franchise terminated! 
  • By following the system, you:
    • preserve the brand
    • protect your investment and that of your fellow franchisees

     

Don’t neglect your family and friends.  

  • Be prepared to work long hours, but also make sure to budget time for your family and friends.  
  • Don’t forget to acknowledge the sacrifices your family makes.  
  • Allow your family and friends to share in your new life. 

Be an enthusiastic franchisee.

  • The success of any business is linked to the level of enthusiasm you bring to the job.  
  • Enthusiasm brings a level of excitement and energy to the operation that everyone can feel-including your customers and staff. 
  • Let your staff in on the fun.  Acknowledge their good work with recognition or a raise.  

Recruit the best and treat them with respect. 

  • Good help is hard to find-great help is essential.  
  • To keep the good staff you’ve hired: 
    • Rotate routine and boring jobs.  
    • Be fair. Don’t show favoritism.  
    • Work with your staff to develop the schedule. 
    • Treat your employees with respect.  Don’t allow employees to be disrespectful to any other employee.  
    • Keep employees informed of new marketing and other promotions.  
    • Remove hassles-ask employees which procedures are working and which aren’t.  
    • Make their workdays challenging.  
    • Provide timely performance reviews and wage salary increases.  

Teach your employees. 

  • In franchising, training should be continuous.  Employees are you front line.
  • Training classes are a good way to show your employees that they matter to you. 
  • Get all the training you can from the franchisor.  
  • regularly train and retrain all your employees.  
  • Hold refresher and advanced classes on a regular basis.  
  • Alert your franchisor when you need additional training. 
  • Take advantage of every training opportunity, whether it’s offered by the franchisor or by local schools, trade associations and other sources. 

Give customers great service. 

  • The most important thing you can do is to get everyone to smile! 
  • Let the customer know you’re happy they chose your business. 

Get involved with the community.  Customers like to shop in places that support them. 

  • sponsor Little League team
  • support a civic or youth group
  • give tours of your business for school groups
  • set up a kiosk at community events

Stay in touch with your franchisor and other franchisees: 

  • Stay in communication with the franchisor: Letters, newsletters, emails, phone calls, faxes, training classes, regional meetings, conferences and conventions. 
  • Communicate with other franchisees by participating in the franchise owners association. 

Watch the details. 

  • Success is in the pennies! If you watch your pennies, the dollars will take care of themselves. 
  • Minimize costs and maximize sales. 
  • Watch out for shrinkage (merchandise that is missing or unaccounted for). 
  • Work hard every day. Choose your time away from the franchise wisely.  

NEXT STEPS 

The International Franchise Association has over 1,400 franchisor members, representing 100 unique business categories, listed on our site.  If you are considering whether or not to go into business for yourself, but not by yourself, we are confident that you will find a number of franchise systems that might be a good fit for you.  To begin your search, visit our franchise opportunties section – click here 

For more information on the franchising business model, click here

5 Things That Make A Franchise Successful

5 Things That Make A Franchise Successful

Judging from the performance of Potbelly Corporation’s (NASDAQ:PBPB) IPO on Friday, the franchise remains a popular investment concept in Wall Street. The company operates and franchises Sandwich Works shops in the US.

But as is the case with other investment, not every franchise is successful. And even among successful franchise chains, some fare better than others. McDonald’s (NYSE:MCD) and Yum Brands (NYSE:YUM), for instance, have fared much better (in terms of equity performance) than Wendy’s (NASDAQ:WEN).

What makes the difference? Five factors:

1.The Right Business Model: The way the chain enhances customer value vis-à-vis the competition. Franchise pioneer McDonald’s, for instance, delivers customers a quick, convenient and inexpensive meal, vis-à-vis traditional restaurants.  KFC offers the same meal attributes but with a different menu—focusing on chicken rather than hamburgers—though both chains broadened their menu portfolio overtime, adjusting it to the local tastes.

Dunkin Donuts offers coffee and donuts (and in recent years ice-cream) to go at convenient locations.

2. Scale: The Cost savings associated with a larger production scale of a standardized menu–the bigger the production scale, the lower the cost per menu.  With 33,510 units around the world, for instance, McDonald’s has a scale advantage over Wendy’s, which has 9,792 stores.

Company Rank Worldwide Sales ($M) Domestic Units InternationalUnits TotalTOT -2.9%Units
McDonald’s 1 85,941 14,098 19,412 33,510
KFC (Yum Brands) 3 21,300 4,780 12,621 17,401
Pot Belly 286 12 298
Pizza Hut (Yum Brands) 6 12,626 7,600 6,147 13,747
Wendy’s 18 6,004 6,772 3,020 9,792
Panera Bread 33 3,421 1,538 3 1,541
Dunkin’ Donuts (Dunkin Brands) 18 6,004 6,792 3,020 9,792

Source: 2012 Franchise Times: Top 200 Franchise Systems

The scale advantage is reflected in the operating margins of the two companies. McDonald’s enjoys a hefty 30.12 percent operating margin, versus 7.38 percent of Wendy’s.

Company OperatingMargins (%) Return on Assets (%) Qtrly Revenue Growth (yoy) Qtrly Earnings Growth (yoy)
McDonald’s 30.13 15.42 0.90 0.30
Berger King 31.95 6.17 -42.50 150.3
Wendy’s 7.38 2.72 1.80 -82.7
Dunkin Brands 39.23 5.22 6.20 -8.30
Panera Bread 8.22 15.64 12.70 16.80
Yum Brands 15.05 13.80 -8.30 -15.10

Source: Yahoo YHOO +0%.Finance.com

3. Scope: The cost savings associated with the offering for sale of different products by a single corporation rather than by different corporations. McDonald’s and Panera Bread, for instance, offer a variety of products for sale (McDonald’s has added Mccaffe in many locations), vis-a-vis Wendy’s and Dunkin Brands. That can explain the higher return on assets.

4. Location: The benefits associated with occupying primary location sites for franchise stores. In fact, location can support and re-enforce all these advantages. As an older franchise McDonald’s, for instance, had the opportunity to pick best locations. This further explains both the hefty operating margins and the high return on assets.

5. Market Saturation: The degree of market penetration. The lower the degree of penetration, the higher the room for the company to grow by opening new stores. Potbelly and Panera Bread, for instance, have more room to grow, vis-à-vis McDonald’s and Yum Brands.

The bottom line: Successful franchise chains begin with the right business model, and proceed with the amassing of the right scale and scope in the right locations, until they reach optimum market saturation.

Read the full article here.

Daymond John: ‘I Prefer Franchises’

Daymond John: ‘I Prefer Franchises’

Shark Tank star gears up to guest judge at the 2018 NextGen Global Franchising Competition

I had a chance to discuss franchising with Daymond John, the recognized TV personality and investor on ABC’s award-winning Shark Tank, the founder and CEO of international hip-hop fashion brand FUBU, Inc., and the NYT and WSJ bestselling author of The Power of Broke.

John talked about how to succeed as a franchise entrepreneur and said that he’s looking forward to serving as a guest judge at the NextGen Global Franchising Competition at the IFA’s Annual Convention in Phoenix on February 10-13, 2018. Applications are still open until Sept. 15, 2017 and can be submitted at www.nextgenfranchising.org.

Why experienced hustlers make the best investments

John hopes to see entrepreneurs present a strong proof of concept, scalability of the business, and a response from the experts in the live audience.

“The ones who are successful at franchises are the ones who’ve failed in the past,” said John. “They’re the hustlers at 5am. They’ve seen what not to do, and so they’ve found something that fits their life.”

“I have people tell me, ‘Running your own business is tough, and I didn’t know what I was doing.’ So these franchisees don’t have a problem paying the 5-10% to have a lot of the details figured out already.”

There’s freedom in spending other people’s money

John is no fish out of water when it comes to evaluating pitches off the top-rated ABC reality show.

“I’m looking forward to the fact that I can actually judge and not spend my own money,” he laughed. “When it’s your own money you get opinionated, like sharks. But I’m going to be objective and straightforward because I don’t have to hide my shortcomings as an investor.”

A next franchise act

In addition to licensing his $6 billion FUBU brand to open five FUBU Mobile stores in Brooklyn, a concept similar to MetroPCS and Cricket, John disclosed that he’s rolling out a new franchise company and plans to launch it at the IFA Convention in February 2018.

“It’s too early to give out details,” said John. “We’re working on the name right now.”

He didn’t say which industry it’s in, but he did say some industries perform better than others as franchises. For example, John pointed out that “lifestyle experiences” are a great fit.

“I don’t see enough dance studios. That’s something you can’t do on your phone,” he chuckled. “Something that offers a community with a physical element is good for franchising, like the Flywheels of the world, or anything related to fitness. I have ownership in a couple crossfit gyms.”

Finding “intimacy” and “symbiosis” in a single business model

John said he prefers the franchise model over the traditional “corporate” business model because it offers a unique intimacy and symbiosis between stakeholders. He referenced the story of his “potentially biggest Shark Tank deal ever”, Bubba’s-Q Boneless Ribs.

After founder and former Detroit Lions NFL player Al “Bubba” Baker appeared on Shark Tank and struck a deal with ribs-loving John, Bubba’s-Q and CKE Restaurants Holdings, Inc., the parent company of Carl’s Jr and Hardee’s, announced a partnership to sell the innovative Baby Back Rib Burger, a burger laden with Bubba’s-Q patented boneless ribs, at 3,000 of their franchise locations nationwide.

John visited a number of Hardee’s and Carl Jr.’s during this deal and met with franchise owners. “It opened my eyes,” he said. “I was fascinated by how entrepreneurial both the owners and staff are and how much they impact the local community.”

John said this “intimacy” is what differentiates franchises from big corporations. In corporations, “It’s a top-down culture with lots of people and lots of rules.”

“Franchising is a more symbiotic relationship where you give an opportunity to other entrepreneurs and they run with it fueled by their own passion.”

However, one’s not better than the other, John points out. “Whether you’re an entrepreneur or an intrapreneur, it’s always about the hustle.”

Being an entrepreneur today isn’t easier or harder. It’s different

Upon mentioning “the hustle”, John reflected on lessons from his own journey as a lifelong entrepreneur, including the differences between today and 30 years ago.

“Today, it’s a lot easier to source manufacturing and manage inventory. You can turnaround good and services faster. Finding financing is easier, whether it’s crowdfunding or Silicon Valley. Analytics is far more advanced. You can know more about your customers today, even down to the color of their hair.”

“Back in my day, I had to do focus groups. I remember going up to people walking on the streets of Harlem and asking them what they thought my products.”

John noted technology has made a huge difference for people starting up a business today. But not without its drawbacks.

“The challenge is everybody can do the exact same thing with a phone and a computer,” said John. “It used to matter that you were in a good city with a strong network but now you can you can do almost anything from anywhere, rural or urban.”

“Couch potato” has a new definition

“For companies to succeed, you have to find the right people. But that’s getting harder and harder, especially for new companies,” said the People’s Shark. “You have to build a culture where people want to work. Otherwise, the good ones will just stay home and make a million dollars from their living room couch.” Read the full article here.