Tag: Grow Your Franchise

2 Steps to Predict the Future of Your Business | Entrepreneur

Opinions expressed by Entrepreneur contributors are their own.

Have you ever thought about the future success of your business? Have you ever wished you could predict what will happen next year based on the decisions you are making today?

What if you could look at your business 12 months from now based on those decisions? What if I told you that you could see the future and have the ability to predict what is going to happen? Well, I have good news for you. As a part of a franchise system, you have a unique ability to time travel in your own business!

Two things can make this happen.

Step #1

The first is what we call historical pattern recognition. This is the analysis of historical data from your Profit and Loss Statement (P&L). This analysis is done on a line-item basis of every variable and fixed cost in your P&L, as well as the revenue stream and net profits over a 12-24 month time frame.

By analyzing this data, we can identify the 8-10 critical metrics driving your business. This data is then used to create a pattern of numbers based on your history.

A simple explanation of pattern recognition works like this. I used this example in a keynote speech to a franchise organization at their annual convention in Nashville last year. I told the audience that I had two examples of tracking a set of numbers in the previous nine days and wanted to see if they could predict the following number in the pattern.

Related: 3 Ways Your Past Wins Are Blocking Your Future Successes

In the first example, I gave them the number 44. I then asked the audience, “Given that number, can you predict, with any level of accuracy, what the next number in the data set will be tomorrow?” The obvious answer was no. There just isn’t enough data.

In the second example, I told them that over the last nine days, I had tracked the numbers 1-2-3-4-5-6-7-8-9. Now I asked them to predict the next number that would come up tomorrow. In this example, they all got it right. The obvious answer is 10.

Not only did they get it right, but there is a high probability of that number being accurate. The entire audience just traveled to the next day and predicted what would happen. This is what we call basic pattern recognition. With enough data, we can figuratively time travel to the future and predict with a fair level of accuracy what will happen.

Related: Why an Entrepreneur’s Ability to Innovate Will Make (or Break) Future Success

Step #2

The second step in time travel is unique to a franchise system. This is what we call the “collective knowledge” of the franchisor. This is a potent tool for predicting the future results of the decisions you make today.

Let me break this down. Before the speech I just spoke about, I had requested and been given six P&Ls from different operators within the system.

I got two from their top operators. I got one from a middle-of-the-pack operator, one sample data set the franchisors use in training, and two from lower-performing units. I then lined these up and did a line-item analysis of the past 24 months.

What we found out was that most of the metrics were very similar. (With a few one-off exceptions). Two units were profitable and growing. One was profitable but with no growth, and two were stagnant and not increasing sales. Of the two units without growth, one was breaking even, and the other was losing money.

The one glaring difference between the units that were growing and profitable, those that were stagnant and finally, the ones that were losing money was the amount and percentage of money spent on marketing. There was a stark contrast between the units.

I then took the marketing dollars spent by each unit and showed both the short-term and the long-term return on investment from their marketing spend. The top operators were earning up to $15 in revenue for every dollar spent. This was enough to cover the natural attrition of current clients and acquire enough new clients for growth. The middle-of-the-road operators were getting around $10 in revenue for every dollar spent but only covering enough new sales to make up for the natural attrition of clients. That meant they were stagnant in revenue and profits. The bottom units were generating around $5 in revenue per dollar spent but were not spending enough marketing dollars to cover their client attrition rates. This resulted in declining revenue and profit losses.

Related: How to Reduce What You’re Spending on Marketing (Without Losing Results)

What we learned in this exercise was interesting. The top units were spending around 8% on marketing. The bottom units were around 4%. The only real difference in revenue and profits between these units boiled down to about 4% additional spending on marketing. A 4% difference in spending was the difference between profitable growth and stagnation to losses.

This exercise allowed us to look at each unit from a historical pattern recognition perspective and then combine it with their decision-making around marketing spend and determine what the future revenue and profits of the units would look like.

At this same event, I asked the crowd if they would like the opportunity to have a one-on-one with the top operators in the system to ask questions about sales, expenses, growth and profit. Almost every hand went up. At this point, I told them that they had that opportunity through the use of their FBCs (franchise business consultants) assigned to their territory.

These FBC have all the information available on every unit within the system. They have all the data from the top units down to the ones that are not making money. They have the data to do the comparative analysis. In essence, they have the keys to the kingdom. They know the answers to all the questions. They know what works and what has been tried and failed. This is not a guess. This is something they have experienced and learned. This is the power of the collective. The historical decision-making of hundreds or thousands of franchisees is the power of franchising. Every good decision and every bad decision is available to be learned from.

As a rule, business success is not about having all the answers. Success is about asking the right questions. The power of the franchise system is that they have the answers to the questions. They already know what decisions will work and what decisions will fail. Your job as a franchisee is to ask questions. But here is the key: when you ask a question and get an answer, you need to follow the answers you get.

Brian Will

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April 19, 2023
How to Develop a Strong Content Strategy and Solidify Your Brand’s Online Presence | Entrepreneur

Opinions expressed by Entrepreneur contributors are their own.

There’s no denying that the way people consume content is at an all-time high and has drastically changed over the past few years. The quick morsels and tidbits of information that people seek can be found across different platforms and mediums, and the stakes are high when it comes to quality content.

Many brands and businesses have begun to pay utmost attention to the quality of their content based on the expectations of users, and that also means getting serious about information that is put out into the digital sphere when it comes to a solid brand representation. A strong online presence through a connected and unique content strategy can positively impact your brand just by focusing on the finer details and best practices.

Related: 4 Tips for a Successful Content Strategy

Focus on the foundation

The initial push that will move any project down its pipeline needs a solid foundation before it can be fully developed — this also applies to content strategy building. Before delving into writing content or its corresponding visuals and assets, it is best to dissect as a team, fundamental questions that will elevate your content.

Preliminary conception can begin by asking internally, who the target audience is. Knowing your audience, and the audience you may want to attract, streamlines what your brand puts out into the digital space. Features such as demographics, expertise and more can reduce fluff and allow for more centralized output. Additionally, analyzing any underlining issues that your current content strategy has helps prevent creating the same mistakes. If there is a pattern that your content is not ranking high in engagement or interaction, an assessment as to why is imperative.

From there, the layers behind the purpose of each content delivery can also be fine-tuned, and a great way to ensure this is by focusing on what makes your brand a differentiator in the industry. Spotlighting why audiences should seek your brand over others builds credibility and trust that a lot of users are often seeking.

Drive engagement and retention via connectivity

Against the verve and excitement that comes with the growth of digital products, a solid content strategy that drives engagement through connectivity can bring a brand full circle. Further, when audiences can attain a high level of engagement with a brand’s content, there, in turn, is a strengthened level of retention for conversion and connectivity to a brand. When a brand can magnetize, delight and engage its users, growth inevitably follows. To master this much-needed brand and marketing initiative, there must be a focus on quality.

When thinking of content strategy, it can fall under different tiers such as web content, social media, publications, ads, visual designs and campaigns —thus all these assets should attain an equal level of importance and quality. When content is coupled with a high-quality graphic design or visual asset, for example, it only amplifies the messaging, thus micro forms of content strategy (for example, a social media post) should deliver the same standard as all marketing collateral that harbors a brand’s identity.

Moreover, high-quality content to propel engagement can also be achieved through personalization. By tailoring content to the specific needs and interests of individual users, brands can create a more relevant experience that engages audiences’ emotions through a human-centric approach. Whether it’s web pages, email marketing and more, content that is tailored to users’ preferences on an individual level can ensure your content is much more engaging and sparks a connection with users. Ultimately, incorporating personalization into a content strategy can help brands build strong and lasting relationships with their target audience.

Related: Why Content Marketing Is Crucial to Your Business

Consistency and distribution

Attaining a strong content strategy in place is only as strong as its upkeep. The pulse in which your content development strategy is uploaded is essential to not only boost SEO but to also ensure a consistent online presence. Thus, creating a content or editorial calendar that organizes the frequency of posts helps you avoid missing opportunities to stay connected with your audiences. Additionally, structuring the calendar to include where each content asset is published is key. Visibility across platforms and tiers such as paid, earned and owned publication of content further covers all your brand’s bases. A healthy balance across all three furthers exposure and traction as well.

To further ensure cohesion, consistency in tone, voice and delivery across all platforms establishes a robust brand identity. A brand that is unified in the way in which it is represented further engages audiences and solidifies a brand’s ethos. In turn, when a brand’s internal team is on the same page about the intricacies of a brand’s overall purpose, it promotes a better sense of brand enablement in which a brand will be represented accurately across platforms, internally and externally.

Track performance

With a content strategy newly in place and an editorial calendar ready to ensure its frequent delivery, tracking the analytics of a content strategy is crucial for gauging its effectiveness and making data-driven decisions to optimize it for better results. Analyzing the data that arises from your brand’s content can provide a clear vision of how users are interacting with the newly established content, the bounce rates and linger times, as well as conversion rates to see what is working and what still may need to be improved on.

Tools such as Google Analytics or heat mapping can help determine if your users are skipping over any content that may not be in line with what they are seeking, or perhaps, might be too long in length. With the landscape of the digital world changing, keeping an eye out on user trends and how they interact with content is also essential. Understanding how your users are consuming content can also determine the analytics. For example, today, most users consume content in easily digestible formats such as short scrollable videos as opposed to, say, reading a full-length article. The shifts in which preferences turn and transform shouldn’t be overlooked.

Content is in full force in the digital world, and ensuring that your brand has a robust and optimized content strategy in place can elevate it in new ways. The tips above will help you develop a strong content strategy and boost your brand’s online presence.

Related: How To Create Better Content And Grow Your Business

Goran Paun

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April 14, 2023
What to Look for in a Digital Marketing Account Manager | Entrepreneur

Opinions expressed by Entrepreneur contributors are their own.

So, you’ve decided to invest in franchise digital marketing to help grow your brand or business. You’ve got high hopes, a limited budget and a finite amount of time to start seeing results. You’ve done your homework and have vetted marketing agencies to help you, and now it’s time to choose one. Who do you go with?

Well, a lot will depend on an agency’s history and track record, vendor relationships, whatever specialties it may have and more. As a brand leader, you’ll be weighing numerous considerations; but as a person, you should pay special attention to the agency’s human resources, particularly its team of digital marketing account managers, because it’s the account manager who will oversee your marketing world. They can frustrate or confuse you or reassure you that all their hard work and your money are paying off. The stakes can be quite high.

In many ways, the account manager is the unsung hero of the digital marketing world. They juggle dozens of balls at once and are expected to have all the answers (and some of them do!). Realistically, it’s the account manager’s job to regularly collect information from multiple sources and make the connections that’ll help them tailor their marketing approach, meet deadlines, set goals and help you understand the value of your digital marketing spend. If that sounds like a lot, it is — and it’s often easier said than done — which is why successful franchise marketing depends very much on the skills, experience, and dedication of your account manager. Given that, what should you look for in a good one?

Related: 5 Ways to Freshen Up Your Restaurant Franchise Marketing in 2023

The good account manager

The first thing you should expect of a good account manager is a demonstrated skill set that lets them navigate the wild and wooly world of digital marketing. From interpreting hard data to adjusting client budgets, making course corrections, and communicating with website developers, writers, vendors, and more, your account manager should be completely comfortable actually doing what the job title suggests — managing people, deadlines, data, expectations, and more. If they don’t have a good handle on the demands of the job, if they can’t multitask and stay calm under pressure, you could be in trouble.

Being able to interpret information, set goals, and manage situations and people is extremely important, and good account managers do it all the time. But good isn’t always enough. Sometimes, situations demand more, and when that happens, you’ll need more than a good digital marketing account manager — you’ll need a great one. But what separates the two?

The great account manager

In my experience, the answer is soft skills — the talents, instincts and values that can’t be measured but can help all of us be better at our jobs (and life) and that allow great account managers to deliver the goods during exceptional or challenging times.

Transparency is one of those soft skills. Nobody likes to be lied to, least of all people with thousands of dollars at stake. Great franchise digital marketing account managers know the value of honesty, even if telling the truth is difficult. They never blur the line between fact and fiction and always understand that it’s better to be the bearer of bad news than to stay quiet. Great account managers always tell it like it is, whatever that may be so that clients can decide (often with the help of their account manager) what the next steps should be.

Related: Digital Storytelling: How Brands Can Use Authenticity and Emotional Connection to Stand Out Online

Another soft skill that helps define a great account manager is intuition. Skilled account managers don’t just rely on their heads; they often go by gut instinct. They see something — say, a slight drop in organic traffic — and dig deeper. They talk to their SEO specialists, they check to make sure their client’s website is working properly, they determine the dip isn’t related to something seasonal, cyclical, or algorithmic, and above all else, they don’t panic.

The nature of digital marketing is that it’s a fluid, dynamic approach that’s measured over months, and even years, not days. A great account manager knows that and makes sure the client does, too.

Perhaps the most important quality to look for in an exceptional account manager is empathy because when an account manager can empathize with a client, they feel that person’s hopes and fears enough to want to help them. An account manager who understands that good digital marketing has less to do with KPIs and keywords and more to do with being human is better equipped to answer a client’s questions, address their concerns and celebrate their digital marketing victories. Really, what empathy recognizes is the relationship between the account manager and client, and acknowledging that relationship can have a powerful effect on outcomes.

Related: The Time Has Never Been Better for Women to Get Into Franchising

At the end of the day, franchise digital marketing account managers — good, bad or great — are human beings with feelings and goals, too, and they appreciate your feedback. If you’re working with one who isn’t meeting your expectations, politely let them know and try to find ways to make improvements. If that’s not possible, don’t be afraid to request a new one. Agencies strive to ensure there’s a good fit between clients and account managers because they know how much depends on it.

On the flip side, if your account manager is knocking your socks off, delivering leads and hitting KPIs, make sure you let them know you appreciate their commitment to your growth; it’s more than being complimentary. When it’s all said and done, keeping the channels of communication open and honest will go a very long way toward maximizing your ROI.

Stephen Galligan

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April 12, 2023
8 Rules to Live By in Franchise Marketing, According to Top CMOs | Entrepreneur

When it comes to franchise marketing, the best CMOs find ways to strike a balance between protecting, growing and enhancing the brand at the national and global levels while still allowing for customization at the local level.

“It’s our responsibility as a franchisor to provide tools, resources and support for our franchisees that allow them to stay within our overarching strategy but also exercise freedom in their local marketing, understanding what resonates best in their market (using the tools and guidelines set),” says Ashley Mitchell, senior vice president of marketing at Streamline Brands.

Related: Considering franchise ownership? Get started now and take this quiz to find your personalized list of franchises that match your lifestyle, interests and budget.

If you’re an aspiring franchise CMO or looking for new strategies to elevate your franchise’s marketing and branding, this one’s for you. We spoke with franchise marketing executives across industries to explore what it takes to succeed.

Step one? Recognize that franchise marketing is unlike any other type of marketing. From there, it’s all about taking a hybrid approach, adapting to market conditions and creating strong personal connections.

“Working in franchising, you also have to check your ego at the door and realize that some of the best ideas are going to come from your community — lean into that and truly partner with your franchisees to ensure you are able to hear those great ideas, polish and elevate them to the next level and share widely,” Mitchell adds.

Related: Want to Become a Franchisee? Run Through This Checklist First.

1. Don’t compare franchise marketing to other types of marketing

“Your stakeholders, strategies, objectives, KPIs — they all are highly dependent on your business model, the markets you’re working in and the goals of both the franchisor and franchisee. A lot of franchise marketers learn quickly that what might have been successful in a previous, non-franchise role won’t work or will need to be heavily modified. This is what excites most of us, but also, at times, can be physically, mentally and emotionally exhausting!” — Will Fraker, vice president of marketing at FranNet

2. Take a hybrid approach

“Your franchisees didn’t get into business to be full-time marketers. You need to be their strength wherever their weakness lies, and for many of your franchisees, it is likely to be in marketing. At MassageLuXe, we ask ourselves ‘Does this need to be localized to their market?’ If the answer is no, we do the marketing for them. If it does need localization, we provide easy-to-use guides and templates so that they can activate easily. Take a hybrid approach to brand and local marketing in the franchisees’ favor to ensure you are taking into account the unique needs and characteristics of each local market while maintaining a consistent brand image and messaging.” — Kristen Pechacek, chief growth officer at Massage Luxe International

Related: Everything You Need to Know About Franchise Law.

3. Adapt to unique market conditions

“To succeed in franchise marketing, it’s essential to navigate the tension between centralized brand control and adapting to the unique market conditions of each franchise location. Juggling these competing priorities requires a deep understanding of both franchisor objectives and franchisee requirements, as well as the ability to effectively leverage a range of marketing channels to reach and engage customers. That balance requires a combination of art and science to pull it off effectively.” — Mike Millett, vice president of marketing at Stratus Building Solutions

4. Create a strong personal connection with customers

“Franchise marketing is about creating a strong emotional bond between your brand and the people within your local communities — and that relationship is most effectively established at the local level, with support from national brand marketing. The franchisor should have proven local marketing programs in place for the franchisee, making it easy for them to execute (or executing it on their behalf where possible), but allowing the franchisee to customize the program so that messaging is authentic and targeting is optimized. If the franchisee is not a ‘people person,’ they should hire someone to be the face of their business in the community. The closest thing to the mythical silver bullet in marketing is having a strong personal connection with customers and prospective customers.” — Angela Z. Paules, chief marketing officer at Buzz Franchise Brands

Related: 6 Questions to Ask Before You Begin Your Franchise Search.

5. When in doubt, embrace simplicity

“Focus on establishing a strong national foundation where you as the franchisor can ensure there is a consistency of message and augment with a keen insight driven by localization of elements and tactics. In essence, you use local to showcase your media expertise and connection to the community while using national to drive overall system-wide performance.” — Doug Zarkin, vice president and chief marketing officer at Pearle Vision

Related: Busting Franchising Myths and Choosing the Right Opportunity

6. Anticipate your customers’ needs.

“For successful franchise marketing, it’s crucial to conduct both primary and secondary research on your customers. By becoming an expert on their preferences, you can anticipate their needs and tailor your strategy and messaging accordingly. This approach builds trust and loyalty, as customers feel heard and understood. I learned early in my career, ‘If you ask the customer, they will tell you what to do.’” — Brooke Janousek, Fractional CMO

7. Protect and grow the brand

“Franchise marketing is all about protecting and growing a brand at the same time. This is done most successfully by providing franchisees with an easy-to-follow system (plan or program) that they understand and believe will help them grow their business, provide a return on their investment and deliver the brand experience. Franchisees are not inherently marketers, so they need to believe in the brand promise and the marketing behind the brand so they can execute their local marketing effectively. Happy and profitable franchisees sell franchises, and ultimately, marketing programs for both growing the brand and the franchise rely on this every day.” — Marci Kleinsasser, vice president of marketing at Home Franchise Concepts

8. Lean into the community

“Franchising is the only industry I’ve worked in that has such open and genuine people who truly want to help each other. I have an amazing network of franchise friends that I know I can reach out to at any time with any question or challenge I’m having and they will be happy to share and provide guidance. It’s truly an amazing support system to have.” — Ashley Mitchell, senior vice president of marketing at Streamline Brands

Related: Is Franchising Right For You? Ask Yourself These 9 Questions to Find Out.

Clarissa Buch Zilberman

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April 7, 2023
How to Maximize Each Stage of Your Franchise Sales Funnel Using Video | Entrepreneur

Opinions expressed by Entrepreneur contributors are their own.

Over the past decade, selling franchises has become an extremely competitive business, and any advantage that one brand can develop, cultivate and deploy can make or break annual sales goals. Now more than ever, video marketing and production is beginning to fill that void. According to an internal survey from Franchise IQ, 87% of its customers indicated that the use of video — especially testimonials — was an important factor in their decision to purchase a franchise opportunity. Why is that? Because videos create lasting impressions in the minds of current and future customers.

For franchisors, the full version of the sales funnel is an important aspect of the brand’s marketing program and initiatives. From a comprehensive standpoint, it’s important to deploy resources that have a profound effect during every stage, including the top, middle and bottom of the funnel. Visuals — whether in print or video — are an incredibly powerful tool for conveying information and creating a connection with potential customers and franchisees —which isn’t surprising considering people spend a third of their time online watching videos.

Here, we’ll look at the specific type of video content that can help franchisors maximize their sales funnel potential at each stage of the buyer’s journey. As you’ll see, video just happens to be one aspect of the marketing mix that can be initialized in all three sectors. Here’s how:

Related: Connecting With Your Target Audience Through Video

Top of the funnel videos

At the top end of your franchise sales funnel, the most valuable type of video simply introduces customers and prospects to your brand. Videos featuring the brand’s CEO or founder are great for this purpose because they give viewers an understanding of who is behind the company while creating a personal connection. But the C-suite is by no means the only recommended option for spokespersons. It can also be effective to feature current franchisees that have developed and maintained a successful operation under the brand’s watchful eye.

Additionally, this stage is also an opportunity to create videos that respond to the most common objections prospects may have about a particular franchise opportunity. Lastly, for the top end of the funnel, it’s recommended that brands develop videos that cover the many different candidate personas, for the purpose of establishing a personal connection with prospective franchisees. Ultimately, the top of the funnel is where brands should showcase their story, explained in simple terms that are easy to comprehend and evaluate.

Middle of the funnel Videos

As for the middle of your sales funnel, this is a great opportunity to focus on building trust between the franchisors and potential candidates. This is precisely where franchisee testimonial videos come into play. How so? Because this is the moment to demonstrate how real entrepreneurs have benefitted from becoming part of your growing franchise family.

The middle of the funnel can also be a suitable time to feature videos that reveal the actual level of support candidates can expect from the brand. These videos can be extremely convincing because they show exactly whom the prospective owners will be working with on a day-to-day basis once they themselves become owners.

Another effective middle of the funnel video includes the popular “day-in-the-life” montages, featuring typical routines at the office — or home office if it’s a remote-based concept. This is an opportunity for candidates to get a sense of what their own lives might be like as owners of the brand.

One caveat here: Don’t skimp on the storytelling aspect of this stage. You don’t exactly want a movie-length segment, but it’s important for people to see something that truly reflects franchise ownership with the brand. Done right, this video can really paint a picture, convincing a candidate that they, too, can succeed as a franchise owner and enjoy a better life and future.

Related: Why Franchise Brands Need to Start Utilizing Video Marketing

Bottom of the funnel videos

When it comes to the bottom of your sales funnel, this is the time to create hype about the impending discovery day. Why is this important? Because it’s the literal crossroads where potential candidates make their final decision on whether or not to join your growing franchise family!

What might a good hype video look like? A great way to approach this stage is a video that demonstrates all there is to learn about being a part of the franchise family — especially the nitty gritty details like systems and operations. Quick jump cuts of interrelated scenes can not only be effective but entertaining as well!

To close out examples of good bottom of the funnel videos, it’s important to round out the whole experience. Make sure your potential customers know they’ll soon be welcomed into the franchise family. A great example is a quick “sizzle-style” highlight reel highlighting all of the corporate employees working as a team. A “welcome to the family” montage might just be the emotional closer you need to get that candidate to sign on the dotted line.

More and more, video content is proving its worth as an effective tool for engaging customers and increasing conversions. It can be a vital part of any marketing strategy, but it’s proven exceptionally effective for franchisors. By taking a comprehensive approach that breaks down the type of videos you should be creating at each of the three sales funnel stages, you can be sure that your strategy is well thought out and well planned. Video is indeed a powerful medium. It’s quite an effective way to demonstrate to prospects that they aren’t just buying into a concept — they’re buying into a family that cares about their success as an entrepreneurial small business owner.

Related: How to Create a Digital Marketing Funnel

Trevor Rappleye

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April 3, 2023
Scaling Made Easy: How Fortune 500 Night Vision Can Help Your Business | Entrepreneur

Opinions expressed by Entrepreneur contributors are their own.

It’s noisy.

If you’ve passed your early years of entrepreneurship, it can be difficult to decide what to do next. There are dozens of new ways to grow now. And how do you know if any of them will work? Especially if you have a small team, if you’re a one-person show, and if you started last.

But if we look closely, there are timeless ways to scale hidden in plain sight.

Thalia Toha

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April 1, 2023
6 Ways to Outpace Your Competitors During a Recession | Entrepreneur

Opinions expressed by Entrepreneur contributors are their own.

There’s been a lot of debate about whether the U.S. is in a recession or not. The economic signals have been confusing at best — interest rates are rising, two banks have failed, and there have been many well-publicized layoffs at major tech companies.

However, the jobs report has been largely positive, and signs indicate that inflation is slowing. In short, whether or not we’re headed for a recession is anyone’s best guess.

But as a business owner, you can take steps to prepare ahead of time. By planning and acting strategically, you can use economic uncertainty as an opportunity to grow your business and stand out among your competitors.

Related: 4 Ways Entrepreneurs Can Achieve Massive Growth in a Recession

Build up your cash reserves

A cash reserve is always important because it improves the financial stability of your business. But it’s even more critical during a recession when your revenue and profits can suddenly drop, putting a strain on your cash flow.

Poor cash flow can make it difficult for your company to pay its bills, resulting in late fees and strained relationships. If the situation gets bad enough, you could even be forced to close your business altogether.

One of the best ways to improve your cash flow is by watching your spending. Look at your budget, and identify any areas that can be reduced or eliminated. You can negotiate your contracts with suppliers and reduce any discretionary spending.

From there, focus on building up your cash reserves, especially your emergency savings. You can also consider taking out a line of credit as an additional cash reserve. With a line of credit, you can draw from it on an as-needed basis but only have to repay what you actually borrowed.

Invest in technology

Next, look for ways to increase your operational efficiency by investing in technology. The right technology can help you improve your internal processes and better serve your customers.

For example, self-service chatbots allow you to keep in constant contact with your customers, even when your sales team isn’t available. Investing in analytics can help you identify what’s working and what isn’t, so you can make data-driven decisions about your business.

Investing in technology ensures that your business can continue to thrive during the recession. That way, when the economy does rebound, you’re not starting over from zero.

You might think that making an investment of this caliber isn’t worthwhile in poor economic times, but the savings you yield after you’ve implemented new technology could offset the cost of your financing and drive further revenue. With the right lender, you can use financing to cover the purchase and preserve cash flow.

Related: 5 Ways to Protect Your Business From a Recession

Focus on customer retention

During a recession, you should double down on your customer retention efforts. Keeping a customer is always less expensive than acquiring a new one, so the majority of your efforts should be focused on keeping your current customers happy.

Make sure your customers are happy with the service you’re currently providing them. Focus on quality above quantity — during an economic downturn, the worst thing you can do is sacrifice the quality of your products or services in the name of productivity.

Come up with a marketing strategy focused on customer retention. This might include offering discounts or implementing a loyalty program to reward repeat business.

Expand into new markets

Many people don’t realize that recessions can be a great opportunity to expand your current business model. That’s partly because there’s less competition during a recession. Instead of looking to expand, most businesses will retreat and focus on survival above all else.

Layoffs are common during a recession, and businesses that are hiring will often lowball potential employees out of fear of spending money. That means you’ll have more access to talented employees who can help move your business forward.

Unfortunately, some businesses will be forced to close their doors, which will create an opening in the market. Customers will be looking for new solutions to meet their needs, which allows you to step in.

Before you can successfully expand into a new market, you’ll need to take some time to pay attention to shifting consumer demands. Over time, you’ll find opportunities to offer additional products and services and expand your current customer base.

Related: For Savvy Entrepreneurs, an Economic Downturn Creates Opportunity

Focus on company culture

During a recession, most employees will start to feel worried about their jobs and financial security. That’s why it’s important to continue focusing on company culture. Your employees are your most important asset, and when they succeed, your business will succeed.

Look for ways to continue engaging your team and offer good pay and benefits. Not only will this create more loyalty among your current employees, but it will make your company more attractive to future job candidates.

Consider taking out a line of credit

Finally, it’s a good idea to consider taking out a line of credit before you need it. During a recession, banks and credit unions tend to tighten their lending standards, so it’s a good idea to secure the funds you need before your credit line is reduced.

A line of credit is a good option for businesses with fluctuating cash flow needs. It can help you fund new investment opportunities as they arise. For instance, if you plan to invest in new technology or additional inventory, a line of credit gives you access to the funds you need.

Even if you don’t have any immediate plans to invest in your company, a line of credit can be used as an additional cash reserve for your business.

An economic downturn brings a lot of uncertainty, but there are opportunities to be found as well. Focus on staying visible in the marketplace and continually look for new opportunities to expand. This will put your company in a good position once the economy begins to recover.

Joseph Camberato

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March 31, 2023
4 Essentials for Selecting the Perfect Business Real Estate | Entrepreneur

Opinions expressed by Entrepreneur contributors are their own.

You’ve heard the old saying, “You can’t judge a book by its cover.” Actually, that’s not always true; customers judge a book by its cover all the time. In many cases, your business’s real estate and its curb appeal are the first messages being sent. Do customers notice your establishment? Do they understand the business by looking at it from 500 feet away? Is its image compelling?

That’s why the right real estate is often the first marketing tactic to consider — certainly for any retail or restaurant enterprise. If you don’t stand out, even on the busiest roads, you’re in trouble. That’s in part why, at Fransmart, we include marketing plans in the real estate approval process, because once a lease is signed on a bad property, it’s too late to fix.

And here’s a chance to learn from my mistakes. Early in my career, I was opening a restaurant in Silicon Valley and secured a site directly across from Google’s headquarters. I was elated: The property tested off the charts in terms of population density and disposable income. What could go wrong?

Here’s what we never considered: Google feeds their employees for free — employs world-class chefs to make incredible food throughout the day. We had direct access to one of the largest workforces in the country, and couldn’t break through because none of them were hungry. Dumb mistake.

A bad site can never be cheap enough, while good sites pay you, so take your time to thoroughly vet locations, including carefully assessing the trade areas and traffic patterns at different parts of the day (and on several different days).

A few other critical factors to keep in mind before locking your brand into its next location.

Related: How AI Will Transform the Real Estate Market

1. Access

Most first-time business owners don’t realize that there are two sides to every street: a breakfast side and a dinner side. Starbucks, for example, is precise with placement — often sitting on busy roads that lead directly to freeways, and always on the side of the road that leads to the freeway in the morning. If your business isn’t positioned to take advantage of a target demographic while they’re on the road, then you’ve set it up for failure. Also, customers prefer right turns over lefts, and if a site requires a left turn to access, it better be a well-lit one.

Lastly, with the rise of third-party delivery apps, a site must be convenient for delivery drivers and take-out orders. The wrong property could cause a logjam in the parking lot, causing customers and delivery drivers to avoid it.

2. Visibility

My business is located on a busy street in Scottsdale, Arizona named Scottsdale Road, with more than 50,000 cars traveling each way every day. Your business is a free billboard on such busy roads, so make sure the location stands out. Think about the streets you normally drive on, now try to remember which brands on them you recall (likely a small percentage).

Know the area where you’re opening like the back of your hand. What are the traffic patterns and major landmarks? Placing your business where it can be seen by the most possible people should always be the goal.

Also, consider orientation. The building should be oriented so that its branding is clear and easily seen. (Being in front of a strip center’s entrance would be a goal, for example).

Related: 4 Reasons New Franchisees Fail (and How to Succeed)

3. Co-tenancy

There’s a potentially fatal incongruity in, say, placing a high-end hipster café in a K-Mart-anchored shopping center. A brand needs to be congruent with nearby businesses. It’s not enough to simply be in a strip center, busy mall or crowded airport.

Certainly, the evolution of outdoor malls or other shopping centers has opened opportunities for restaurant and retail franchises to find a home, but the downside is that competition has never been higher. So, finding the right spot with the right co-tenancies is a strategy you need to master. Centers with landmark retail anchors like Whole Foods, Home Depot or AMC Theaters are perfect — typically attracting large, diverse crowds of potential customers.

4. Parking

Your building can look incredible, but if you don’t have the space to accommodate visiting traffic, you’re doomed. With the rise of delivery and take-out orders, having parking space to manage sudden influxes (such as heavy dinner rushes) is essential, and properties should be planned accordingly.

Keep in mind, too, that structured parking is a restaurant killer: It’s hard to navigate, often crowded and a hotbed for accidents and car damage. What’s worse — the common perception is that garages are unsafe: dense, dark and out of view of the public. Deliveries are also exponentially more difficult if you rely on them. Surface parking, by contrast, offers quick access and easy visibility.

Related: 5 Mistakes Franchisees Make When Looking for Business Real Estate

One last tip: If you’re renting in a shopping center or outdoor mall, finding space near a business with a different rush period can make all the difference. If the bulk of your business is done in the evening, finding a site near a coffee shop or breakfast restaurant can be a boon for parking.

Dan Rowe

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March 31, 2023
He Started One of the Original Froyo Brands 14 Years Ago. He’s Still Serving Up Fresh Concepts. | Entrepreneur

How can a brand expand?

Phillip Chang has wrestled with this question many times — like in 2004, when his bubble tea franchise, Boba Loca, hit a wall. “I couldn’t solve the problem by just adding another drink,” he says. “I wanted something more, something bigger.” So he created Yogurtland, a self-serve frozen yogurt brand that sparked an international craze (and many copycats).

Seventeen years later, Yogurtland is still going strong — no small feat in the ever-changing food world. And Chang is ready to expand again. Over the past two years, he’s introduced two new concepts within the Yogurtland brand: Holsom by Yogurtland — a fast-casual, healthy meal joint — and Egg N Bird, which specializes in a Korean chicken sandwich (and doesn’t use the Yogurtland branding). Here, Chang discusses the art of innovation, diversification, and gaining a competitive edge.

Related: How to Tackle the 5 Challenges Every Expanding Business Faces

You approach expansion very carefully. Tell me about that.

I do not like expansion for no reason. My philosophy is: Why am I doing this business and what’s the end goal? That has to be very formed. Without that, everybody is just chasing money. If you don’t have your own philosophy or a good foundation of who you are, it’s nothing. Identity is so critical. You have to start from there.

So where did the Holsom and Egg N Bird concepts come from?

Before we expanded, I wanted to build strong roots with Yogurtland. Doing that gave us lots of great ideas. I thought, How can we make it better?

We started with quality. That’s how I came up with Holsom. It’s very light and nutritional food. But with Holsom, there is still a connection to yogurt. I wanted to go beyond that — explore a real meal. So for Egg N Bird we did lots of research to ask, What is the demand out there?

The beef market is huge, but I thought people maybe missed the chicken opportunity, and chicken is a healthier option. I’m Korean, and there are lots of chicken restaurants in Korea. I knew how they served the chicken, and so with our amazing team, we put together the demand for our market and came up with this amazing chicken sandwich.

Related: 15 Strategies for Quickly Expanding Your Business

How do you think innovation and continual diversification have contributed to the success of your brands?

In the restaurant industry, we think of trends in terms of cycles. There’s challenging times, but one thing that never changes is that a top brand can win in any kind of cycle.

With Yogurtland, frozen yogurt consumption is constantly going up and down, but we have such great quality that we continue to thrive. We are taking over a big portion of the ice cream market.

The same thing is true with Holsom and Egg N Bird. When we have top quality and provide worth to our customers, we can dominate the market.

What advice do you have for business owners going through a not-so-great sales cycle? How do you stay motivated in times when it’s not the best?

All entrepreneurs should have their own philosophy and beliefs — an identity, and a clear idea of who you are. What do you want to achieve out of this?

Always try to look at the whole picture. When a leader is so into little operations, they miss big trends. You have to understand if a market is turning from a typical beef hamburger to a chicken sandwich — there are lots of signs. If they read them ahead of time, then they can plan. Take a step back. And always make time for meditation — about your life, your family, your goals, the people around you, and what you’re trying to achieve.

Related: How Franchisees and Franchisors Can Master Their Relationship

Madeline Garfinkle

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March 9, 2023
From Opening a Gym on a Whim to Partnering With Floyd Mayweather | Entrepreneur

Jessica Yarmey never planned to open a kickboxing gym — let alone a fast-growing franchise that would gain the attention of world champion boxer Floyd Mayweather Jr.

But today, less than three years after debuting the first-ever KickHouse Fitness, her brand has been acquired by Mayweather Boxing + Fitness and grown to nearly 30 locations across the country — with more on the way.

The secret? A Warren Buffett quote, says Yarmey: “Be fearful when others are greedy, and be greedy when others are fearful.”

“Brick-and-mortar fitness was heavily affected in the pandemic, but I thought there was an opportunity to get in,” Yarmey says. “I’m a big believer in changing people’s lives. I knew it was a down time, but I was confident that it wouldn’t be down forever.”

Related: 3 Common Obstacles of Franchisors

Leading with branding

Pre-pandemic, Yarmey was the chief marketing officer at Club Pilates, where she helped the company expand to more than 615 locations. With her background in marketing and branding, she felt comfortable building a memorable, relatable concept that could be replicated anywhere.

“Every single person had their own journey and fear through Covid-19,” she says. “It’s the same individualized approach we bring to the mat. Every person who comes in brings their own expectations and challenges. And that’s the power of brick-and-mortar fitness.”

“My goal was to create something that could be put anywhere and would still connect and resonate,” she adds. “What I see many franchisors missing are the elements of a brand that will allow someone to connect immediately [and] emotionally with what you’re doing.”

Related: Four Factors Influencing a Franchisor’s Success

Reintroducing the world to kickboxing

Though it wasn’t in her five-year plan to open a fitness franchise, she says, Yarmey identified a gap in the kickboxing world and felt there was no better time to jump in. That’s when KickHouse was born.

“I’ve always been athletic,” she says. “I grew up playing soccer, was a personal trainer and even took the Club Pilates teacher training when I was the chief marketing officer. The fact that I am very much a beginner in kickboxing helped me create a format that can be executed by a beginner.”

Together with an investor partner, Yarmey’s first step was to design KickHouse as a place she would want to go. “Despite being an ex-athlete and working in fitness, I’ve still felt intimidated walking into studios,” she says. “I’ve also felt insecure when I couldn’t figure out exactly what I was supposed to be doing during class. I worked closely with my director of programming Gwen Dannenbaum to ensure that the coaches and the workouts would start at the beginner level and progress from there so anyone could do the workout.”

Representation matters

Two-and-a-half years in, Yarmey feels an obligation to not only share her appreciation for kickboxing but also shed light on her entrepreneurial pursuits with fellow aspiring franchisors and franchisees.

“I have felt the benefit of kickboxing to power my tough days,” she says. “To give that toolset to other female entrepreneurs, there is no greater sense of reward.”

That might explain why 40 percent of all KickHouse franchisees are women, and the entire central support team are women too. Another 10 percent of franchises are Black-owned, and Yarmey hopes to only increase those numbers.

“Representation matters, and our diversity evolved as the brand evolved,” she says. “I didn’t go into this feeling like I would gain a platform to speak to women entrepreneurs. But the more I share, the ones who are connecting most to my story are other females trying to figure out what they’re going to build themselves.”

Related: 9 Factors to Consider When Choosing a Franchise Attorney

Finding good partners

As Yarmey looked to continue KickHouse’s rapid growth, she began to pursue additional funding and other creative solutions to help scale. In October 2022, MW Fitness Holdings announced it had acquired KickHouse. “At the end of the day, the goal is growth and the reality is you can get to growth in a variety of ways,” she says. “The partnership with Mayweather Boxing is going to accelerate the growth of both brands.”

By joining Mayweather Boxing, KickHouse has gained support in franchising aspects like development, build-outs and site selection, while Yarmey has stepped in to help Mayweather with marketing and sales. Since the acquisition, Yarmey has signed four new KickHouse agreements. “We are seeing the business accelerate, and we are seeing the economies of scale that we had modeled out on paper,” she says.

When it comes to franchise success, Yarmey attributes self-awareness as a major player. “Understanding what we do very well and what we are missing or not doing as well — KickHouse leads with marketing and sales, and the Mayweather team leads with development and support functions. The ability to combine strengths is something we both saw as an opportunity.”

“Both of our goals are to have strong global brands with strong central support structures,” Yarmey says. “It helps our brands take a step forward by combining resources and leveraging each other’s strengths.”

Looking back, Yarmey knows that starting a business is one of the scariest things a person can do. But if you have that entrepreneurial bug, it might be worth the risk, she says.

“Say you’re a good people leader, but you’re not strong in operations — that’s where a franchise makes a ton of sense,” she says. “It de-risks entrepreneurship. You go in with built-in partners, people to work with you to make it less daunting.”

Related: Considering franchise ownership? Get started now and take this quiz to find your personalized list of franchises that match your lifestyle, interests and budget.

Clarissa Buch Zilberman

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March 9, 2023
The Power of Franchisee Training Videos | Entrepreneur

Opinions expressed by Entrepreneur contributors are their own.

Franchisors love to tout the training and support offered to franchisees in their system, which is designed to provide an education on the ownership and operation of their respective brands. It’s vital to communicate the instructions that make up the corporate training process, as the majority of franchise concepts make the valid claim that prior industry experience isn’t necessary to run the business models. But when job safety and accident prevention are often key components, you simply can’t underestimate the value and importance of training new franchisees.

This is why some franchisors go all out during the onboarding phase. Many have developed elaborate programs, billed as “[insert brand here] University,” that provide countless hours of classroom and on-the-job training sessions. But are these dry, classroom-style sessions truly the most effective – and cost-efficient – way to reach new franchisees?

In search of a better and more cost-effective solution to training new franchisees, should brands consider transitioning their valuable resources and money elsewhere? Below makes the case for using video as the primary medium.

Related: 4 Big Benefits of Improved Employee Training

What’s at stake

Training new franchisees on operating a business model where they often have no prior experience requires a serious and sober approach, especially if new owners plan to handle the day-to-day operations. For instance, you can’t expect a former CPA to run a pest-control franchise without first communicating the associated risks and hazards that come with handling dangerous and harmful pesticides and chemicals. Just the same, a successful medical device sales executive has no business operating a chainsaw at great heights soon after purchasing a tree-trimming franchise. In both of these cases, communicating the associated workplace risks is every bit as important as teaching new franchisees how to acquire new customers and manage online ad campaigns.

The value propositions of video

What franchisors should value more than any other aspect of the training process is engagement. And securing the right level of engagement requires a training program that’s interesting, informative and even appealing. If franchisees find the instruction to be entertaining and enjoyable, they’re much more likely to retain the knowledge you’re trying to communicate. Forrester Research has conducted studies that reveal employees are 75% more likely to watch a video than read documents, web articles or emails. And thanks to the repetition and sharing that videos allow, retention rates rise, increasing trainees’ ability to remember details and concepts.

One study, undertaken by the SAVO Group, found that — in the absence of video learning — employees were unable to retain as much as 65% of the material presented. Instructional video also allows for consistent messaging, meaning the information franchisors need to convey is absorbed equally by viewers. Lastly, the use of video — an effective, portable and engaging medium — also comes with metrics, allowing franchisors to track views, sharing, comments and even downloads. Why the discrepancies in effectiveness? Most experts attribute this to a theory known as The Cone of Experience, which holds that individuals can recall up to 50% of what is presented to them. If that sounds discouraging, the recall rate is 30% for what they see, 20% for what they hear and only 10% for what they’ve read.

Related: How to Scale Your Training with Video and Learning Management Systems

Is eLearning a thing?

The sudden onset of the global pandemic brought radical changes to many industries and business channels that needed to adapt quickly to the public health threat. Education, with its pivot to online, or eLearning, offers one of the strongest examples. But is eLearning a thing? Video-based instruction and visual learning entered the mainstream almost overnight, and the results have been intriguing.

Businesses and organizations are in near-total agreement that videos help them train their employees better and faster, and they plan to continue using the medium as part of their overall digital learning strategy. The flexibility that comes with video instruction has proven invaluable. Through video learning, users have the ability to pause, rewind and even rewatch content — giving the viewer full control over learning and comprehension of the proposed subject matter.

How video saves time, money and resources

The current training programs and onboarding platforms offered by many franchisors require the repetition of expenses in time, money and resources. It’s a time-consuming process, but transitioning to video could eliminate a majority of repetitive fixed costs. There are no scheduling conflicts or plane tickets to secure for instructors or franchise trainees. There are no venues to book, rooms to reserve or meals to cater. In fact, with the simplicity that comes from video training, trainees can absorb the required instruction whenever and wherever they choose — including the comfort of their own homes.

As industries across the spectrum continue their rapid transformation to an all-digital world, the portability, engagement and effectiveness of video will play a central role in the comprehension of valuable information. The world of franchising is particularly suited to take advantage of the benefits that video production offers, and they go well beyond training programs. Many leading brands, as well as several upstart and emerging concepts, are already reaping the benefits of integrating video into their platforms. Video has become an effective tool for franchise development, recruitment, training, sales, customer acquisition and even ongoing support. Those that have invested in high-quality, brand-specific content for numerous franchise programs and initiatives will continue to reap the whirlwind of success associated with a powerful and consistent medium — video production.

Related: How to Create A Video-Based Employee Onboarding Program To Maximize New Hire Productivity

Trevor Rappleye

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March 6, 2023
For Franchise Business Growth, Embrace Technology or Bust | Entrepreneur

Opinions expressed by Entrepreneur contributors are their own.

Technology is a pervasive part of our lives and businesses. But that’s not a new concept — we’ve been adapting to technology every day for decades now. What’s important to note these days is the importance of staying on the cutting edge of tech as competition in the franchise industry continues to grow more than ever before.

The franchise model not only creates the necessity for the franchisor to stay in-the-know on current trends and advancements but also to keep its franchisees up to date as well. This is because, at the end of the day, staying on top of technology attracts both franchisees and customers. In the current world in which we live, franchisors are responsible to their franchisees and customers to find new tech as well as to maintain, update and fortify existing systems.

Related: Smart Tips for Growing Your Franchise

Franchisors must keep a finger on the pulse—and disseminate accordingly

The focus of technology for a franchisor should be adding value and making business easier for the customer and the franchisee. To do this, franchisors must keep up with advancements in the tech sphere, adopt relevant developments and then pass them through to the franchisee and/or customers.

Every part of franchise operations has a technological element, from training software and point-of-sale systems to social media, mobile apps and digital payment platforms. Figuring out which emerging operational tech is going to succeed and is worth investing in is where it can get tricky. However, franchisees rely on their franchisor to seek out and weed out these opportunities on a regular basis. Industry conferences, continuous research and curiosity about how other industries are engaging new tech are all ways franchise organizations can learn and grow in this space. A robust IT department headed up by a Chief Technology Officer can be key in passing along new information and training franchisees as well.

Franchisors have to determine the usefulness of different technologies available and discern what is going to be effective from top to bottom of the organization in order to use it competitively.

Using technology to attract franchisees

When potential investors meet with a franchisor, a major discussion topic should include what technology the system is currently using and what its goals are for the next three to five years. Franchisors who make it a priority to guide unit owners in developing their building design with flexibility for future technology are going to keep a competitive edge when recruiting franchisees as well. In my experience at the educational child care franchise system, Kiddie Academy, many of our franchisees have a tech background and know what to look for and expect when it comes to selecting a business opportunity that knows what’s what when it comes to the latest developments. It’s also smart for franchisors to focus on scalability when it comes to selecting technology that will attract franchisees so as to offer solutions that are cost-effective and add value across the board.

Another reason to stay current on trends to recruit franchisees? Younger generations rely on technology more than any other generation and have high expectations for its use. If your technology isn’t updated, you may be missing out on some great young entrepreneurs. Overall, if franchisees feel like the technology in place helps them market to customers, make sales and run a successful business, everyone benefits.

Related: The Best Software Solutions and Tech Providers in the Franchising Industry

Using technology to attract customers

The goal of using technology in franchising is to solve needs for both franchisees and for customers. Because the customer experience is so important to earning and keeping business, it’s important to make sure that the technology in place is simple to use and effective.

As a child care franchisor, my company is constantly assessing the needs in our customer experience that aren’t being addressed in our industry — one of which is allowing self-scheduling for center tours. With self-scheduling, we can allow parents to schedule a tour of a Kiddie Academy location quickly and easily, bypassing many manual steps that used to occur in the process and would potentially throw up barriers for prospective customers. Now, busy parents can go onto our website and secure a time for a tour (and reschedule or cancel a tour) instantaneously.

Other technologies that consumers have come to expect include mobile payment options, relevant email marketing tactics, classroom cameras, robust mobile apps and an engaging social media presence. At the end of the day, parents and customers in general are looking for ways companies are using technology that will make their lives easier and the purchasing process quicker.

Tech maintenance and security are of the utmost importance

Once you have sophisticated technology for your organization in place, maintaining the systems and keeping customer data safe is key to continued success. Network security issues and the rise of system failures means that businesses must protect information and data as securely as possible. It’s best to spend time and money upfront to head off a failure or breach and to have backup plans in place in advance. Some industries, like child care, have more sensitive information on file than others and should be managed appropriately. Without constant vigilance, workflow and trust can be negatively impacted for customers and franchisees alike.

Related: This Innovative Technology Will Level Up Your Franchise Businesses

Technological innovation is important to all industries today, especially the franchise industry, as it helps attract both franchise investors and customers to the business. Make sure the tech your company focuses on is worth the effort and that the time will be available to protect and maintain it.

How will you know if your new tech is a success? If your usage and satisfaction are high. Make technology seamless (to the point where it becomes so integrated, it virtually disappears) for your company and its stakeholders, and your business will reap the benefits.

Jeff Brazier

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March 1, 2023
5 Tips for First-Time IFA Convention Attendees | Entrepreneur

Opinions expressed by Entrepreneur contributors are their own.

The 2023 IFA Convention will be held at the Mandalay Bay Resort and Casino in Las Vegas, taking place from Sunday, February 26 through Wednesday, March 1. It’s a five-day extravaganza, widely known as the biggest trade show of the year for the franchising industry. The theme of this year’s show, “All In. All Here,” reflects this acknowledgment. I first attended the annual IFA Convention in 2019, but I’ve learned so much since my first exposure to this all-important gathering.

I wanted to pass along some of the things I’ve learned over the years, including what to do — and what not to do. It’s my hope that any first-time attendee will benefit from these five helpful tips.

Related: ‘Bigger and Better Than Ever Before’: What to Expect at the 2023 IFA Convention

1. Attend speaking events and panel discussions

You know what makes the best salespeople the best? They have an insatiable appetite for learning. When it comes to the prospects you’d like to cultivate at the IFA Convention, you should strive to learn everything you can about what they have to offer. So, make it a point to attend the speaking events and panel discussions that reflect your target market. Listen intently. Take notes. You’re making a commitment to learning what they’ve learned. And it will make it much easier to connect with them in person down the road.

2. Don’t bolt right after the show

A great deal of IFA Convention attendees bolt for the airport the minute their obligations are squared away, leaving a trail of smoke behind them. Ever wondered why? You’ve already spent a considerable amount of time, money and effort into attending this once-a-year event. So, you might as well stay that one extra night — or at least make plans to attend the final dinner engagement. Speaking from personal experience, I’ve found that some of the most intimate conversations I’ve ever had at the IFA Convention occurred during this occasion, long after most others attendees have already filed out. The closing cocktail hour and dinner party are all about fun and friendship-building. And I’ve also discovered that the connections you make there can be 100 times more impactful than 500 cold calls or emails.

Related: Your Step-By-Step Guide to Attending a Franchise Trade Show

3. Do some advance outreach

Networking opportunities at the IFA Convention should begin long before you ever set foot on the trade show floor. So, take my advice and do a bit of pre-convention outreach. First, carefully review the trade show’s agenda, looking for prime connections in your target market. Commit to attending their speaking or panel discussion sessions — then let them know about it in a friendly email. The name of the game is “no hard sell,” as you’re not looking to close a deal ahead of the event. You’re simply looking for a way to make an ice-breaking introduction. Email a select few in your target market, and share your interest in hearing their presentations. It’s an excellent way to lay the groundwork for networking in person later. It almost always makes it easier to get an audience with your preferred contacts. But even if you only get through to one individual, that’s still a very big win.

4. Be selective with your time

The annual IFA Convention is big. Really big. You simply don’t have the time or bandwidth to hit every single exhibitor — not by a long shot. Do some valuable pre-show reconnaissance, and plot your movement on the trade show floor ahead of time. When you do amass your list of preferred contacts and their booth information, stick to your plan. But when you stop by, don’t do a fly-by business card exchange. Do your best to make that all-important personal connection with your preferred contacts. Do, or say, something memorable. Turn the charm up to 11. Look for things you have in common. At the end of the show, if you’ve secured 10 memorable conversations, that’s much better than coming away with 762 business cards of no significance.

5. Look for additional shows to attend

If you don’t end up with any leads, clients or new business following your first IFA Convention, don’t be discouraged. Quitting is for quitters. And some research has shown that it takes a minimum of three years in the franchising space to become known. So, repetition counts. If you want to become part of the franchising industry’s exclusive community, it takes effort, patience and persistence.

Related: 10 Franchise Trade Shows That You Don’t Want to Miss

Trevor Rappleye

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February 24, 2023
Entrepreneur | Top 5 Marketing Tips for a Successful Brand
Opinions expressed by Entrepreneur contributors are their own.
Digital marketing isn’t a set-and-forget strategy. New marketing trends, technology and evolving consumer and market demands keep digital marketing in a constant state of metamorphosis. If the last decade has shown us anything, the digital landscape is ever-changing, and to be on the ball, you need to be ahead of your competitors.

To help you align your brand marketing to future changes and stay ahead of the curve, we’ve researched the 2023 trends that’ll most impact digital marketing.

1. Social media influencer marketing

According to research by Edelman, only one in three consumers say they can trust most of the brands they buy from. Furthermore, 67% of customers agree they may buy a company’s product because of its good reputation, but they’ll stop if they don’t come to trust the company.

In response, many brands are partnering with influencers to help them cultivate strong brand awareness, recognition and trust. Influencers are people or entities with a receptive fan base (followers) that they can persuade (influence) towards a certain action. They may be content creators, celebrities, models, or marketers with a huge or rising social media following. Partnering with influencers builds brand credibility, as 37% of consumers trust social media influencers over mainstream brands.

To succeed in influencer marketing in 2023, design an influencer marketing strategy. With a solid strategy, you’ll pick the right influencers to elevate your brand’s credibility and awareness with your target market, boosting your sales in the long run.

Related: Influencers Are The Future of Marketing. Here’s How To Prepare Your Brand

2. Marketing automation

Every marketing campaign has many repetitive functions that can be automated with the right tools. These are everyday processes such as project assignments, social media posting, new project requests, messaging, email marketing, task reminders and workflow status updates.

These recurrent marketing tasks can eat into your productive time, preventing you from completing other, more productive functions like creating fresh marketing content or analyzing key insights from your marketing data.

Automation tools are particularly crucial today, seeing the greater part of marketing is data-driven. Conventionally, automation tools have supported data collection and behavioral observation. But in 2023 and subsequent years, data will advance signal-based marketing, which will interpret signals from the customer and help you better understand what customers want, both now and in the future.

Next-gen automation tools learn from old customer data and predict their future actions. As such, you’ll be empowered to automate messages addressing future customer needs. This is a welcome innovation, considering how much effort it takes to derive key insights from predictive analytics manually.

Related: The Top 5 Perks of Marketing Automation

3. Generative artificial intelligence (AI) in content creation

Generative AI is improving daily, making automated content generation the most disruptive trend in contemporary content marketing. Cutting-edge AI programs like Generative Pre-trained Transformer 3 (GPT-3) are already creating quality human-like text. GPT-4 will likely debut in 2023, offering more automation functions, better accuracy, and lower bias.

While content automation tools are unlikely to eliminate the need for human content creators, they make content curation, creativity and predictive marketing much easier. You may not have the resources to immediately roll out sophisticated automation tools like GPT-3 in 2023 because they’re costly to acquire and train. Still, you can use more affordable tools like Marketmuse or Article Forge to assist you in meeting your content creation aims.

The upside of generative AI is that once you train your model, you can fine-tune it on the go to suit different content. This makes generative AI extremely convenient for digital marketers who need varied types of content.

Related: Should You Trust Artificial Intelligence in Marketing?

4. Video marketing

Video marketing has been one of the top marketing strategies for years. However, video production and delivery advancements have steadily increased its importance, as well as transformed the best practices for video advertising.

Some of the video marketing trends you should cash in on in 2023 include:
- Search-optimized video
- Live video
- Virtual and augmented reality
- Vlogs and social media stories
- Silent videos
- Smartphone production
A great video pays dividends since you can release it through multiple channels without reproducing it from scratch.

5. Mobile-first marketing

Mobile devices made up 58.99% of global website traffic in the 2nd quarter of 2022. An even larger percentage of web traffic will likely come from mobile in 2023 and beyond. Pay more attention to mobile-first marketing in your digital marketing approach to take advantage of this trend.

A mobile-first marketing approach requires you to tailor your website and marketing content precisely for your mobile users so that they can consume and engage with your brand marketing message effortlessly. Mobile-delivered content is more appealing and personal to consumers. To execute mobile-first marketing effectively, consider the following 2023 best practices:
- Utilize target messaging
- Employ chatbots to advance personalization
- Create relevant and exclusive content that’s mobile-friendly
- Leverage SMS and in-app messaging
- Use geo-targeting marketing, QR codes, and push notifications
To nail mobile-first marketing, you must embrace fresh ways of designing and disseminating marketing content via mobile and optimize your e-commerce storefront to support and advance mobile commerce.
Adam Chandler

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February 21, 2023
7 Relationship-Building Lessons I Learned By Partnering With Over 20 Franchises

Opinions expressed by Entrepreneur contributors are their own.

Franchising has become increasingly popular in recent years, and with good reason. There are two big reasons to do franchising: It allows you to partner with another business to share resources, customers and brand recognition. Secondly, the franchisor and franchisee rely on each other for growth — one can’t grow without the other. So this creates an incentive for both to strengthen their relationship and keep each other happy.

Business is rough. It’s a battle full of discomfort, pain, haziness, unpredictability and uneasiness. When I consider all the pieces of this business puzzle, the biggest realization I have is that I need to build a team. By working with other entrepreneurs, we can go to “war” together and become stronger because we will have built a supportive network for each other.

Related: 3 Tips on How to Empower Your Franchisees to Acquire Local Customers

Having worked with over 20 franchises, I’ve learned so much about partnering with other business owners. I’ve found many similarities between building a business partnership and getting married. In both cases, you’re committing to working with someone else towards common goals, sharing resources and dealing with the good and bad times together.

Related: Why People are Rethinking Retirement and Franchising Instead

In business, we often discuss partnerships and franchising as if they are marriages. And in many ways, they are. Both require constant communication, trust, honesty and commitment from all parties involved.

Just like in a marriage, these relationships can be incredibly rewarding and fraught with challenges. But if all parties are committed to making the relationship work, it can be a very successful venture.

Here are some key lessons I’ve learned from franchising and partner relationships in business:

1. With more franchises, you’ll have less time to give them

When you have just a few franchises, you can dedicate more time and attention to every franchise, as you can keep up and meet their needs. However, it’s important to understand that as you grow in partners, the harder it gets to provide the necessary support and attention they need.

When you’re starting out and only have to manage a few franchisees, you can get to know them personally and understand their business goals. But as your franchise network grows, providing that same support and attention becomes harder.

2. You need self-sustaining partners

As your franchise network grows, you need self-sufficient partners who can sustain themselves without your constant hand-holding. These partners clearly understand the franchisor-franchisee relationship and know how to operate their business independently.

Communicating and meeting your business partner’s needs is important. However, having them be self-sufficient removes a lot of pressure from you and your team, allowing you to focus on other important matters.

Related: 10 Ways the Pandemic Transformed Franchising

3. Franchisees need to feel like they’re part of the family

Like in a marriage, both partners need to feel like they are part of a family. For a franchise relationship to be successful, franchisees need to feel supported by the franchisor. They should feel like they are part of a team and that their success is the franchisor’s.

As the franchisor, you must provide adequate training and support so franchisees can succeed. But more importantly, you need to create an environment where franchisees feel like they belong.

4. Disagreements are inevitable — it’s how you handle them that’s key

Just like in any relationship, there will be disagreements. It’s important to remember that how you handle these disagreements will determine the relationship’s success.

In a franchising relationship, both parties must be willing to compromise and find a middle ground. They need to be able to see things from the other person’s perspective and be open to finding a solution that works for both parties.

5. It’s difficult to keep everyone happy

In any relationship, it’s impossible to keep everyone happy all the time. And in a franchising relationship, there will always be franchisees who are unhappy with something.

The key is to listen to their concerns and try to find a way to address them. But at the end of the day, you need to make decisions that are in the best interest of the franchise as a whole.

Related: How To Launch, Grow and Thrive in Franchising

6. All relationships require work

All relationships – whether they’re marriages or business partnerships require work. If you want your relationship to be successful, you must be willing to put in the time and effort. You need to communicate constantly and work together towards common goals.

The relationship will suffer if you’re not willing to do the work. And in a business setting, that can mean big problems down the road.

7. Focus on the opportunities

Having a successful franchising relationship comes down to focus. You need to focus on the opportunities that the relationship provides. You must understand that this requires hard work, but it’s a very rewarding experience.

You need to see the potential for growth and expansion. And you need to be willing to work together to make it happen. You’ll be well on your way to a successful franchising relationship if you can do that.

JC Hite

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November 18, 2022
3 Simple Reasons to Add Technology to Your Non-Tech Business

Opinions expressed by Entrepreneur contributors are their own.

You are a business owner but aren’t in the tech industry, so why would you need to focus heavily on adapting technology in your daily workflow? Some people may say you don’t need to. However, I’m here to put a bug in your head and prove how technology is critical to any business across any vertical. And that includes you!

We know technology can be intimidating. It also can be complex, and there are seemingly endless options. So, is it worth the cost, integration headaches and question if you are picking the right ones? Yes! Here are my top three reasons to focus on technology, and I’ll explain how to integrate it into your business:

1. Not applying technology means you could face a technology deficit

Let’s face it, not having a line item in your books for technology and software subscriptions means your company will hit a point where you can’t grow any further. Whether your marketing team will be missing major data points for essential customer acquisition or your efficiencies will eventually put you behind, your competition could pass you by (we’ll get to this one more in the next point). No matter the roadblock you will hit, the point is your growth will have to slow down or halt. You don’t want to wait until that point to use technology once the train has left the station without you!

Related: 5 Types of Technology All Entrepreneurs Need Access to in the Digital Age

2. Results are everything

No matter your business or vertical, your most valuable resource is your team. How can you empower your team to work smarter, not harder, and ultimately produce the best results? The answer is with the right technology! Even if your staff has been set in their ways and doesn’t want to learn a new program, you must pick the right operational systems and offer proper training. A minor setback in the learning curve will mean a huge uptick in productivity.

I once ran into a mid-sized company that was technologically behind due to not prioritizing this aspect of its business. This inadequacy caused marketing and sales to lag compared to its competitors. I likened their technological powers and abilities to taking a knife to a gunfight.

If a company can increase its operational automation in the marketing space, that would allow it to understand its target customer and truly understand how to sell to its market in an efficient and results-driven way.

A data warehouse and congruent CRM would allow this business to properly segment and hit goals for its best marketing demographic more accurately. Identifying, understanding and addressing low-hanging fruit, such as abandoned shopping cart funnels, is crucial.

When you are focused on results, technology almost always needs to be integrated to increase efficiencies and drive sales in the long run. And it’s always easier and cheaper to integrate the right technology early to ensure your team is trained and using it along the way!

Related: How Technology Is Shortening the Road to Fame

3. You’re increasing your footprint of liabilities without the right technology

I’ve seen every range of technology integration, from the tech-savvy millennial CEO who relies on data and analytics for every business decision to the companies that don’t integrate it at all and still use a pen and paper within every significant department. However, if you are closer to the latter, you are potentially putting your team at a huge safety risk. If you have only minimal or wrong technology, you could be putting your customers, reputation and finances at risk too!

I’ve even seen clients using only a single source for major bookkeeping and documentation, like Excel. One wrong move or fat-fingered mistake can change your calculations completely. Or worse, delete everything! If that isn’t risky, I don’t know what is.

Technology can feel overwhelming, which is often why we hear people stay away from adding it to their daily workflow. However, there are simple ways to make that change. Start with finding a company to give you a technical audit — which is often cheaper than you might expect. Take their advice and then apply it in chunks.

You may not need to go from 0 to 100 in the first week. You can slowly add, integrate and manage critical technology into various departments as you feel comfortable. And as I mentioned earlier, a key to tech success is training! Empower your team to take the tech leap with you and work on this together. Everyone can learn a new trick, and it could even be fun! Finally, ensure that you have a base infrastructure to make the ideal environment for success. This includes having the basic technology hardware and compatible systems in place.

Take this article as your sign to take the first step and better your business with tech!

Craig Ceccanti

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November 2, 2022