In this Franchise Wire Live podcast hosted by Red Boswell, the President of The International Franchise Professionals Group (also known as IFPG), and featuring Mark Siebert, CEO of iFranchise Group, two franchising experts discuss the state of the franchise industry and how well it’s faring in certain industry categories.
New concepts are coming to the market at a record pace, lending is solid, and rollovers are very common, with the strong stock market and leases that are attractive in most markets. Unemployment is fueling entrepreneurship as well. They also discuss top mistakes emerging franchisors should avoid going into 2021.
To view the podcast, click here.
In this article published by Entrepreneur, iFranchise Group CEO Mark Siebert discusses how the franchising industry will be impacted, in a positive way, by the results of the 2020 elections.
Franchise companies and those looking to franchise can be optimistic, according to Siebert.
Why? Because, quite simply, as we continue to grapple with the COVID-19 pandemic, any President must and will make aid to small businesses like franchises a priority, whether through extensions of earlier PPP benefits and other measures, or via new small business relief grants, employee hiring and retention programs focused on safety, or tax credits for small and minority-owned businesses.
In addition, any significant changes to the approach to the joint employment issue in franchising are likely to not be seen at least through the end of 2021, as the current NLRB will remain in place until then. Yet even if the joint employer issue is revisited under a new administration, franchisors are better prepared with documentation and protections in place. In the end, it is clear that the economy needs franchised businesses to provide employment, so there is little motivation for an administration to put up additional hurdles.
Access to funding at low interest rates, bolstered retirement savings, and a growing pool of displaced executives could potentially make great franchise owners — which should mean increased sales opportunities for franchise systems.
All these factors, along with hopeful signs of vaccines and treatments for COVID-19, will provide the foundation and the stability needed for 2021 to be a banner year for franchising.
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.