For restaurant founders looking to expand their businesses, the COVID-19 pandemic presents some never before seen challenges. But for those who are prepared, the opportunities may be better than ever for expansion through restaurant franchising.
In this article published in Entrepreneur, iFranchise Group CEO, Mark Siebert, discusses three areas for restaurants to focus on right now to be prepared for the future: financial stewardship, dependable yet flexible revenue streams and trust rankings.
The payoff for restaurant franchisors who take the time to focus on these important aspects of financial planning, revenue generation, and trust-building? Not only will they be able to continue to cultivate a loyal customer base, they will see increased demand from potential franchisees who want to become part of a restaurant franchise concept that is well-prepared for the months and year(s) ahead.
What Will Franchising Look Like After the Recession?
In franchising, most savvy companies know how to deal with seasonality, employee turnover, even market and economic fluctuations. But few if any franchise systems have had to face the breadth and depth of the economic impacts nor the uncertainty that the COVID-19 pandemic created.
However, it’s not all bad news for the franchise community.
In an article in Entrepreneur magazine, Mark Siebert discusses what the future of franchising will be as shutdown orders are lifted and businesses re-open. He predicts a resurgence in franchise sales, and ties that resurgence to three key factors: people, capital and resources.
Siebert explores what’s on the horizon for franchise sales in the coming months, and provides advice for franchisors as they adjust to a “new normal,” where increased demand from franchise buyers will require companies to be strategically and operationally prepared for what lies ahead.
In a recent The Franchise Freedom podcast, organizers sat down with Mark Siebert, CEO of iFranchise Group. iFranchise Group is an organization dedicated to developing long-term relationships with successful franchises and other clientele. Mark is also the author of Franchise Your Business: The Guide Of Employing The Greatest Growth Strategy Ever.
“I found that franchising was a way to work with a lot of small businesses that were on the cusp of really explosive growth,” says Mark when asked about how he got to where he is.
They chatted with Mark about how he got started, the best ways to convert your business into a franchise, and…
- Growing your business through franchising
- What to think about prior to franchising
- The top tips for franchising, and,
- What metrics to look at to find out if your business is franchisable
In the world of business, the relationship between a franchisor and a franchisee is indisputably unique.
Some may equate it to a partnership, but in fact, it is not. In this article from Entrepreneur, author Mark Siebert suggests the closest analogy is that of a parent-child relationship, where a franchisee is initially dependent on the franchisor for everything, then gradually becomes more independent, yet is ultimately still required to follow the rules set by the franchisor.
Siebert also discusses the importance of good franchisee relations and their direct impact on the success of the franchise system. Good franchisee relations can be managed and maintained through clear and consistent communications, through trust and transparency, and by supporting and training all franchisees, not just the underperformers.
In summary, building a strong franchisor-franchisee relationship is the key first step toward shared success.
iFranchise Group President Dave Hood is quoted in this Delta Sky magazine article about how franchise brands are leveraging new technology innovations to gain a competitive edge.
He notes that in today’s more competitive and challenging franchising industry, with reduced margins, higher labor costs, and hard-to-find real estate options, hundreds of new franchise concepts still enter the marketplace each year.
In order to “level the playing field,” emerging or smaller franchise brands can use technology tools to help them look and act like — and compete with — larger, more established franchise systems.
When we do audits of a franchisor’s sales efforts, one of the most difficult issues to address in identifying the source of a problem, is the inherent conflict between sales and marketing.
When a salesperson fails to produce the expected results, they will invariably point to marketing, and often vice versa. In this Franchise Times article, iFranchise Group CEO Mark Siebert addresses the elephant usually in the room – the relationship between sales and marketing.
When deals aren’t happening, which direction should a franchisor look? The answer may surprise you. This article takes you through the different angles for checks and balances between the sales and marketing teams, as well as steps to evaluate the overall concept itself. And while marketing professionals sometimes are at odds with the sales team, the best franchisors will recognize that both concept and sales process must be a part of the overall marketing plan for everyone to succeed.
In this Franchise Times article, iFranchise Group CEO Mark Siebert explains the pros and cons of working with franchise brokers as part of your overall marketing strategy. He tells you why brokers, or consultants as they like to call themselves, should never be a franchisor’s exclusive franchise marketing strategy, but adds that on the flipside they may provide an entirely new lead flow that will freshen up any marketing plan. It takes just the right mix of ingredients for a perfect recipe.
Franchise brokerage networks today, by some estimates, account for more than ten percent (10%) of franchise sales, depending on the industry or individual brand. A good marketing strategy is made up of many ingredients. With an overwhelming amount of franchising information online for candidates to make their way through, increasingly, brokers are being relied upon to help people navigate their way through the complex world of franchising. The real question, however, is when are their too many cooks in the kitchen? Siebert takes you through the steps to “broaden the menu” as you take your concept to market.
Mark Siebert, CEO and Franchise Consultant at iFranchise Group, is interviewed in this episode of the Money Matters: Top Tips to Success podcast. The podcast introduces Mark, his background, and presents iFranchise Group as a franchise development and consulting firm that provides a variety of services to start-up franchisors, established franchisors, and other companies. Mark also discusses the criteria for assessing franchising readiness and the important considerations to keep in mind when franchising a business.
In this Franchise Times article, iFranchise Group CEO Mark Siebert explains how every good story has a beginning, a middle and an end, and that utilizing trade shows as part of your marketing strategy is no different.
Sound like ancient history? Not today’s trade shows. They are more exciting, glamorous and full of expert resources than ever before. In our business, the International Franchise Expo is the epitome of all things shiny and new in the franchising industry, where hundreds of concepts and vendors gather to be discussed and discovered. That’s why for this piece, Siebert features Tom Portesy, CEO of MFV Expositions who puts on over 70 shows per year. Between the two of them, find out the important three-part process that places your own marketing efforts on solid ground for a happily ever after trade show experience of your own.
What is essential that you do while planning the show? What should your booth look like? Who from your organization should you send to pitch your brand, and what is the best way to follow-up with leads you receive while you’re there? That’s just the beginning of what you’ll learn in this useful trade show how-to guide that you can put to work for your organization today!
Think about how harmful it would be to your business if your brand messaging changed over time without your knowledge. You provide messaging for your franchisees – but how can you be sure it maintains integrity as it travels?
In this Franchise Times article, iFranchise Group CEO Mark Siebert explains how the dog days of summer aren’t for easing up where brand marketing is concerned. The bigger the network – a measure of success in itself – the more chances for messaging to get lost in translation from franchisor to franchisee, and then from employee to the consumer. Add social media to the mix and the message you began with turns into a tweet that is utterly unrecognizable.
The good news is there is a way to improve the odds of your marketing message staying intact: Internal marketing – in other words, from the inside out. In this concise piece, Mark explains the benefits of marketing inwardly by demonstrating how internal marketing and network engagement can make all the difference in maintaining brand story integrity. Internal marketing doesn’t look like a typical marketing strategy on paper but should be an integral part of any overall marketing campaign. Read this article to learn things like where to begin, how to craft a message with staying power and move it through your network, and which tools are recommended to help you keep your team engaged.
Internal marketing is imperative to marketing strategy success. While you are enjoying your own dog days of summer, kick back and couple your refreshing lemonade with a piece of good advice in this article.