Franchise growth in times of recession
Franchise growth in times of recession
Rightly or wrongly recent history shows that franchise systems can grow strongly in recession. This is because as job losses and redundancies kick in many workers decide not to return to the workplace as employees. After many years of dedicated services many hardworking employees that loose this jobs decide to take their destiny into their own hands. Even in shrinking or slowing market conditions franchising offers a more secure way into business for once employed individuals.
Prepare to grow
For franchisors that are recruiting now more than ever should be planning their network growth strategy. Franchisee recruitment is a slow process. As job losses kick in more and more people look to franchising to move their futures forward. It is vital therefore that both recruiting franchisors and prospective franchisees can find each other easily and quickly.
Visibility
Nick Strong, MD of www.selectyourfranchise.com explains that the web offers a 24/7 option for both franchisors and franchisees to start their due diligence and meeting process. It takes time to do the due diligence required on both sides. Franchisors should start their concerted marketing and advertising now to ensure that they are available and ready to deal with the influx of new enquiries and franchisee members to their systems.
Finance
Banks are still keen to lend to new and expanding franchisees. Credit ratings are now more important than ever with the banks. Franchisors should be working closely with the leading banks to ensure they can effectively support their potential new recruits in their approach to the banks for funding.
Franchise growth in times of recession - To learn more about this author, visit Nick Strong's Website.
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Franchise system growth in recession
Rightly or wrongly recent history shows that franchise systems can grow strongly in recession. This is because as job losses and redundancies kick in many workers decide not to return to the workplace as employees. After many years of dedicated services many hardworking employees that loose this jobs decide to take their destiny into their own hands. Even in shrinking or slowing market conditions franchising offers a more secure way into business for once employed individuals.
Prepare to grow
For franchisors that are recruiting now more than ever should be planning their network growth strategy. Franchisee recruitment is a slow process. As job losses kick in more and more people look to franchising to move their futures forward. It is vital therefore that both recruiting franchisors and prospective franchisees can find each other easily and quickly.
Visibility
Nick Strong, MD of www.selectyourfranchise.com explains that the web offers a 24/7 option for both franchisors and franchisees to start their due diligence and meeting process. It takes time to do the due diligence required on both sides. Franchisors should start their concerted marketing and advertising now to ensure that they are available and ready to deal with the influx of new enquiries and franchisee members to their systems.
Finance
Banks are still keen to lend to new and expanding franchisees. Credit ratings are now more important than ever with the banks. Franchisors should be working closely with the leading banks to ensure they can effectively support their potential new recruits in their approach to the banks for funding.
Franchise growth in times of recession - To learn more about this author, visit Nick Strong's Website.
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John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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Jeff FosterWebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas. - Visit Jeff Foster's Website |
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 Nick Strong (Visit Nick's Website) Nick Strong launched www.se lectyourfranchise.com in October 2002. The site is now an industry leader and advertises over 450 franchise brands in the UK, USA and Canada. Nick has over ten years of experience in domestic and overseas franchise development. Nick is the Managing Director of Select Your Franchise UK Ltd, The Franchise Supplier Showcase and FranWeb Ltd. Company websites are www.S electYourFranchise.com, www.F ranchiseSuppliers.co.uk and www.FranWeb.co. uk. Nick also specialises in franchisee recruitment and business development training. To find out more about the services Nick and his team can offer you please go to www.selectyourfranchise.com/ contact.html
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