Don’t Just Survive, Thrive!

FranchiseUpdate:

(Yes, you can.)
thrive

I’m amazed at the resiliency I see in the franchising industry. While so much of the business world is whining over the daily reports of the latest economic upheaval, I look around this industry and I see calmer, cooler heads prevailing. Take franchise recruitment and development, for example. This is no time to panic.

In my feature story in this issue, I interviewed executives at a half dozen different franchise companies. I was curious to hear how they are handling the cards they’ve been dealt and what, if anything, they are doing to keep the recruiting well from drying up. The innovative plans and programs and the amount of thought, planning, and analysis going into creating and implementing recruiting programs is remarkable. Whether it’s waiving the franchise royalty fee for the first year, agreeing to buy back the franchise and/or equipment, or providing access to desperately needed financing, franchisors remain aggressive in pursuit of qualified prospects.

In another story, Eddy Goldberg asked seven “old” brands what they’re doing to keep fresh and new and growing in this economy. He found some common threads–innovation, creativity, reinvention, flexibility, and a constant reassessing of their customers’ needs in ever-changing economic and competitive environments–something these established brands have been doing for decades, for customers and franchisees alike. Read full post.

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