Exploring Franchise Opportunities? Help is Closer Than You Might Think!

Great discussion this morning on Franchising & You podcast with Award-winning Franchise Developer, Holly A Ford. Holly shared her 4-step process of working with a franchise broker to explore franchise opportunities: 

  • Establish Business Outcomes 
  • Synchronize Outcomes with Opportunities 
  • Select and Validate Execute

She also shared her four recommended industry segments relating the same to The Fab Four (The Beatles), one of the most influential musical groups of our time. Thank you, Holly!!

Read Holly’s Fab Four blog post HERE.

Listen to today’s segment HERE

POSITIVELY MEMORABLE EXPERIENCES – THEY’RE NOT JUST FOR CUSTOMERS! (Part 1 of 2)

A recent Google search for the phrase, “positively memorable experience” revealed results that were exclusive to customer experiences, and TripAdvisor.com garnered one-half of all results with the phrase. So, what causes customers to be so emphatic about their experience that they deem them “positively memorable?” experienceFurther, what implores them to share their thoughts so openly within a public forum?

“Certainly, validation and multi-unit ownership are strong indicators that positively memorable experiences exist within your franchise system.” 

To answer these questions, we must first examine the definitions of the words that make up this phrase as shown on Google:

Positively: In a positive way, in particular; with certainty, so as to leave no room for doubt; used to emphasize that something is the case, even though it may seem surprising or unlikely.

Memorable:  Worth remembering or easily remembered, especially because of being special or unusual.

Experience:  Practical contact with and observation of facts or events.

Now that we fully understand the meaning of these words, their impact when joined together truly makes sense, not only as a powerful phrase, but as a compelling statement. Clearly, this is a statement we should strive to hear from customers at every location within our franchise systems; such a clear, concise message is something we want to share every chance we get. It speaks volumes of the relationship between customer and business, one that both sides can agree on as a benchmark for excellence.

Utilizing this phrase as a filter, ask yourself if your franchise relationships merit the same sentiment. Better yet, imagine if your franchise relationships were deemed as being “positively memorable experiences.” Is this possible or even practical to consider? Of course it is!

The Beginning of the Experience

Pick one franchisee and think back to the time when he first inquired about your franchise. What made him want to continue through the next steps of your franchise sales process? Now, think about what that franchisee must have been feeling along the way through the due diligence and validation processes.  Imagine how he must have felt when he shared with family and friends what he was going to do. Then, after signing and remitting a check for the franchise fee and committing to the initial investment along with a five, 10- or 20-year term, imagine how he justified his decision to these same confidants.

Do you think this was all part of a positively memorable experience? I believe most within franchising would agree that this is the case or the franchise sale would not have occurred. Yet, too often the positively memorable experience diminishes from this point forward. Sure there are many happy, satisfied franchisees across many great franchise systems. But how many, during or after the fact, would actually say the experience was positively memorable?

Part 2… Moving the Positively Memorable Experience Forward

This was originally published in Franchising World September 2014

Winning at Poker & Business Starts with the Right Mindset

If you’re not aware of the movie, “Rounders”, it’s basically about the dark side of underground high-stakes poker. Movies like this easily correlate to business. For instance, the main character, Michael McDermott says,

“Why do you think the same five guys make it to the final table of the World Series of Poker EVERY YEAR? What, are they the luckiest guys in Las Vegas?”

Similar sentiment can be expressed about entrepreneurs that start one business after another, and mostly succeed. Do you think that’s luck? Hell, no! It’s knowing when to take a calculated risk, understanding the odds, hedging bets when necessary, being patient, exploring opportunities to increase your bankroll and knowing when to take a competitor head-on. It really is a mindset. Something to think about from the movie as well, “You can’t lose what you don’t put in the middle.. but you can’t win much either.”

Acceler8Success Poker

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