If you think you are alone in trying to figure out how to navigate your small business of Franchise brand through the COVID-19 crisis, think again. With estimates that unemployment may reach 30% by the end of April, evidence abounds that the crisis is real for all small businesses. Below is a 18-minute video that
COVID-19 and Franchisors Read More »
In November 2019, Dan had finally had it. He had franchised a fitness concept that had never taken root. He was franchisee #3 within the system. It was a small system, which is what Dan wanted. What it lacked in size, he was convinced it would make up in individual support. As I sat having
Financial Coaching for Your Franchisees Read More »
When I took over Monkey Bizness Franchising, an indoor kids’ play concept, in 2015, I asked our franchisees a question, “How many times do you think our average customer comes each year?”. We had four franchisees at the time and I got for different answers ranging from 6 to “I have no idea”. We had
The Power of Customer Data – Three Considerations for Finding Your System Read More »
While ordering food online through apps such as Grubhub or Uber Eats has only been around for a few years, it has made a huge impact. That impact will only continue to grow, especially for franchisors. According to a survey from orderTalk, 79% of Millennials ordered food last year via an app or a website.
Young and New Franchisors Should Crunch the Numbers on Online Ordering Read More »
Success for any franchisor can be measured by their number of healthy franchisees. The statistics bear out that franchises fail about as often as a regular business. This should be somewhat surprising because many franchise concepts are modeled after an existing business that has experienced a certain level of success. Many franchise systems have failure
3 Ways to Build a Financial Support System For Franchisees Read More »
While it is hard to get an exact count on how many franchise brands are in the United States, the number is somewhere between 3,500 and 4,000. While many of the periodicals dedicated to covering franchising devote most of their efforts to brands that are in the uber-growth phase or have well over 150 units,
Five Ways a CFO can Help you Stick Out in a Competitive Franchising Landscape Read More »
GAAP is the four-letter acronym for Generally Accepted Accounting Principles….most non-accountants have other four-letter words they might use to describe it. Most entrepreneurs and business owners I talk to rightfully comment they don’t care about GAAP because it doesn’t apply to their business. Unfortunately, franchisors are not in that category. Most franchisors think of themselves
Who cares about GAAP? Unfortunately, Franchisors must Read More »
When I purchased Monkey Bizness Franchising in December 2015, I thought I was only purchasing a business that franchised indoor active kids play centers. Little did I know the number of friends I was acquiring with the business……after buying a business, everyone wants to be your friend. There is no shortage of people that want
Strategies and Costs of Franchise Development Read More »
“How can that be my net income?” “I didn’t make that much, check my bank account?” “This income statement makes no sense to me” I have sat with many business owners and heard these lines seem time and again. Their income statements make no sense. It’s no wonder many owners look at what accountants do
Why Your Income Statement Doesn’t Match You Bank Account Read More »
Spotify is going through changes. Recently their CFO announced he would be leaving and an in-house candidate was chosen to succeed him. The Company is in a fierce fight with the likes of Amazon and Apple over music streaming. They are also looking at ways to maximize ad-revenue and further monetize the growth of podcasting.
