Stuart Lee of Atlas Mapping discusses the unforseen implications of adding small urban areas to a franchise territory:
“An optimised franchise territory network is planned in advance and carefully thought out by a professional mapping supplier. These networks are constructed to provide the maximum revenue potential from the country where the franchise is situated.
Any changes made to the border of a territory will affect neighbouring territories and create a domino effect across the network, which can reduce the overall optimisation of the franchise.
So, what are the key things to consider when changing territory borders?”
Tags: business planning, franchise business, franchise development, franchise growth, franchise information, franchise research, franchise suppliers, franchise territory mapping, franchise tips, franchising in the uk, franchisors, stuart lee
Sally Butters of Coconut Media discusses tailoring your marketing to recruit the perfect franchisee.
“Whether you have a brand new franchise opportunity or you have a 100-strong network, taking time out of your everyday workload to research and compile an accurate profile of what your perfect franchisees are like and how they behave during the franchise purchase journey is absolutely invaluable. This will save you a lot of problems in the future, as it not only gives you an insight as to where you should allocate your budget to generate franchise prospects for the best return on investment (ROI) but also ensures that you attract the right franchisees with the right messages and, therefore, successfully grow your network.
Build at least 3 perfect franchisee profiles for your franchise brand
There is never one simple perfect franchisee profile for any franchise brand so whilst a franchisor might think they know what they are looking for in a franchisee, these are likely to be general ideas rather than built on strong research and proof.”
Tags: franchise development, franchise growth, franchise information, Franchise Marketing, franchise recruitment, franchise research, franchise suppliers, franchise tips, franchisees, franchising in the uk, franchisors, sally anne butters
Richard Dorf of PXtech warns of ‘sweethearting’, where employees give free goods away to friends and family:
“Most of us will be familiar with spending money on our loved ones. But have you ever considered how much ‘sweethearts’ are costing your business on a daily basis?
Franchise owners are consistently focused on protecting their profit margins but it’s easy to overlook the impact that fraudulent staff activities, such as ‘sweethearting’, can have on revenue. Richard Dorf, MD at EPoS specialist PXtech, explains how the latest BI solutions can help to identify discrepancies and protect bottom line profit.
Sweethearting – a term coined to explain the process of staff members giving away free goods to friends and family at till points, is fast becoming a trend that franchisers could really do without. Employees may see the odd “freebie” for a friend or family member as a perk of the job, but the impact on revenue can be devastating. For example, imagine that an employee gives away goods to the value of £10 a week. That’s £520 a year. Now imagine that happens in each of your ten franchises – £5,200. Not to mention the chance that if one employee is doing it successfully, others will be too.”
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Tags: business planning, economy, finance, franchise business, franchise development, Franchise Finance, franchise growth, franchise information, franchise research, franchise suppliers, franchise tips, franchising in the uk, franchisors, richard dorf