Tips on How To Succeed as a Multi-Unit Franchisee – Interview with Tara McLain

In this article curated from 1851 Franchise, US multi site franchisee Tara McLain provides some Q&A style overview tips on how to succeed with multi-site franchise operations.

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About Tara:

Tara McLain worked with several other franchises before discovering Hand & Stone. But after experiencing Hand & Stone’s services for herself as a customer, she was sold on the new opportunity. Now, she owns four Florida locations with the 475-plus unit massage and facial spa franchise.

Q.  What makes a successful multi-site franchisee?

A.  I think what makes me successful as a multi unit franchise owner is that it's not about me, it's actually about the team that we have created in each individual location, empowering the leaders within the organization to want to be there to build the team and build the culture, for what makes a successful franchisee and helps make the brand, what it is today.

Q.  What advice would you give to other franchisees wanting to own multiple locations?

A. I think they need to work on building, again, a team, trusting that their managers will do right by them.

Do not or try not to micromanage them.  Allowing other leaders to feel important and valued within your organization will allow you to grow your brand.

Q.  How did you get started with your current franchise operations?

A. My initial due diligence comes from actually being a member at a local Hand & Stone, near where I live. I had been a member for several months prior to investigating the brand as a business. I reached out directly to corporate and got in touch with a regional developer support person. And from there, talked to other owners about the brands, read reviews about the brand. and from there opened our first location.

Q.  What advice do you have for franchisors looking to find someone like you?

A. Other franchisors would have to have a great support network of people at the corporate office. People who are in the field that you can reach out to and have easy access to.

So for example, right now we have regional developers and we have regional support people that come into the spa on a quarterly basis and visit with our leaders and our team, as well as me, and provide a lot of positive feedback a lot of positive reinforcement or if it's not positive, you know what can we do better, to make the spa be more successful.

Having hands on access directly to your corporate office or corporate people, I think is why Hand & Stone has become so successful. So, if I were to look at a different brand, I would be looking for, what kind of support network they have outside of the local store.

You can watch the interview with Tara on the Youtube video below:

https://youtu.be/w5z2qe2mV04

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Effective Franchise Recruitment

Franchise recruitment can be a rewarding yet demanding role, and with an increasing number challenges facing both recruiters and prospective franchisees it is becoming more competitive than ever. Finding the right fit for your franchise brand can be difficult among a sea of prospective business owners, and then qualifying them as a suitable candidate in terms of experience and resources can narrow the playing field.

Instead of viewing recruitment in the same way as selling a product, it is important to approach it as the beginning of a long-term relationship between the franchisor and franchisee. Taking this into consideration, it is not just the franchisor that needs to be selling their franchise model, but the prospect that needs to be selling themselves as an ideal franchise owner.

 

First Steps

People looking to buy a business are more educated than ever, with more information readily available online before they even engage with a franchisor for the first time. This means that prospects may self-qualify themselves out of an opportunity based upon information they have found themselves before recruiters even get the chance to have a conversation. Because of this, a franchise brands online presence and reputation is the most important tool in their recruitment toolkit and can have a significant impact on the quality and quantity of prospects you encounter.

Making a great first impression is vital for both parties, meaning that as a franchisor you want to ensure your online recruitment information is up-to-date and accurate, and backed up by glowing reviews from existing franchisees who are finding success within the network. This can be achieved by investing in a recruitment website that gives all the information a prospect may want to find and provides them an easy pathway to enquiry.

Negative reviews from franchise partners can have a remarkable influence on the likelihood that a lead with proceed with enquiry, so the best way to ensure that this doesn’t happen is to maintain positive relationships with existing franchisees. The franchisor team should also monitor and address any scathing online reviews.

 

Lead Qualifying and Nurturing

If a potential franchise partner does choose to begin the process by enquiring, they must receive a prompt response. The lead pipeline is at the heart of the franchise recruitment process and nurturing the prospects at all stages of the pipeline will boost conversions and minimize lost leads. This means no matter if they are just exploring their options, or are seriously invested in joining the network, recruiters must focus on building a connection and progressing the relationship.

Finding quality franchisees is the key, and by focusing on relationship building recruiters can gain an authentic understanding of who the prospect is and what they can bring to the network. Recruiters should look beyond just what is written down on paper such as past experience and financial position, and dig deeper into what their passion is and why they want to join the network, get an idea of how committed they are to the business, and work out if they are a good cultural fit for the brand.

However, given how competitive the marketplace is it is important for recruiters to rule out unsuitable leads quickly and effectively before progressing any further. This can be achieved by using a set of qualifying questions at the initial enquiry stage, some which focus on hard skills and tangible assets, and some that explore soft skills and personal motivations. Here are some examples:

Hard Skills and Tangible Assets

• What does your work history look like and how does this relate back to our franchise model?
• Do you have any prior experience owning or managing a business?
• What resources do you have available to help open your franchise business, including financial resources, family support, and professional advice?

 

Soft Skills and Personal Motivations

• Why are you interested in joining our franchise business?
• What do you want to achieve through the business?
• What do you thinking owning a franchise within our network will be like?

 

Sealing the Deal

If based upon these questions the prospect seems like a good fit, it is time to progress them through the pipeline and get down to the nitty gritty. Each franchise brand has their own recruitment process and shares different information between parties at different stages, however the overall concept is fairly consistent across the industry.

It is important that as prospective franchisees progress through site selection, accessing finance, and partaking in training days that the recruitment team, along with the rest of the franchisor team, continue to nurture and engage. Even if the franchisee hits a snag securing finance and there is a bit of a delay, the prospect must continue to receive regular communication and feel connected to the network.

If a prospective franchise partner begins to disengage or distance themselves during the recruitment process, the recruitment team should have an open and honest conversation about why. If the lead is making the choice to step away from the opportunity, valuable insight can be gained as to why and how it can be avoided in the future.

 

No matter if your franchise brand is well established or still actively growing their network, the recruitment process is a vital part of any brands success. Having an in-depth understanding of the process and the tools to effectively qualify and nurture leads will make all the different in the networks ability to source and secure quality franchise partners.

This new post Effective Franchise Recruitment was first published here:
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Supporting Women in Franchising

Franchising in Australia has been a historically male dominated industry, with many more men involved on both the franchisor and franchisee side. However, as the years go on there are more opportunities for women in franchising, even if they must create them themselves.

The conversation of female representation in the franchise industry is more important than ever, as statistics show the impact that Coronavirus has had on women at work. Globally, despite making up only 39% of employment, women represented 54% of overall job losses as a result of the pandemic.

In fact, in Australia women lost their jobs at a faster rate, likely due to the fact that more females work in jobs that can’t be performed from home. Women account for a higher percentage of informal and casual work, meaning that when economic pressures hit small business owners it is these sorts of roles that are most vulnerable to reduced hours and termination. Within the franchise industry this is particularly relevant with a high number of businesses operating in service industries such as hospitality, health and fitness.

So, how can we work together to support women in franchising, both for the short-term as the nation recovers from the pandemic and in the long-term. It all begins with ensuring that opportunities within franchise networks are made equally available to both men and women. Statistics show that in general women are disproportionately clustered in lower-level support roles, with the numbers thinning at executive levels.

This is due to several factors, but research has shown that it is both the biases of those in hiring positions and the female applicants themselves that can impact their likelihood of promotion. Men are often employed or promoted based upon their potential, whereas women are done so based upon their proven experience. Further, it was found that females are less likely to put themselves forward for a promotion unless they meet 100% of the criteria, unlike men who will do so at 60%.

This indicates that women should be given more assurance that they are equal applicants for opportunities in the workplace, giving them the same confidence to apply for roles as their male counterparts hold. This can be achieved through a range of workplace and industry initiatives.

Considering the franchisor side of the industry, within Australia the Franchise Council of Australia is leading this mission through their Women in Franchising Committee. Their goals are to help create genuine opportunities for women to contribute, network and develop their professional careers within the franchise industry and broader business community. Their representatives across Australia focus on informing policy makers on key issues relating to women in franchising, addressing matters including flexible working arrangements and increasing the appeal of franchising to females.

Whereas on the franchisee side of things, franchise ownership represents an excellent prospect for women who are seeking more flexibility in their working arrangements outside of the typical 9-5. It is also appealing to those who are eager to start their own business and take more control over their employment, removing barriers they may face elsewhere. Typically, women are seen as more risk-adverse, creating the belief that franchising would be an excellent fit over starting a business from scratch.

However, research has found that women are actually more willing to take on risks and embrace innovation in business. In fact, franchising as a model holds appeal for women of all risk-taking propensities; from those who want the security of a tried and testing model, through to those who are willing to pioneer unfamiliar industries with the backing of their own knowledge and skills. Understanding that the factors pulling women into the franchising industry are varied and unique will help franchisors better market and recruit female franchisees in the long-term.

Whether it is as part of the franchisor team or as a franchise owner, women in franchising need to be recognized and supported. We hope to see female representation in the industry increase and applaud the work of groups such as the FCA’s Women in Franchising for committing to making this happen.

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Everything You Need To Know About Franchise Loans

Franchise Funding Options

There are a wide range of funding options available to prospective franchisees looking to open a new location, and existing franchise partners who are undertaking refurbishment or equipment upgrades. Broadly, these funding options can be categorized as either debt or equity finance.

Equity finance describes a situation in where funds are exchanged for a share of ownership in the franchise business. This can be owner’s equity (the money put forward by the franchisee) or funds from equity partners. Equity partners may be entrepreneurs looking for an investment, family and friends, or even multiple people in the form of crowdsourcing.

Debt finance describes funds that come from an outside source and are intended to be paid back over time with interest. Traditionally this comes from financiers such as banks and alternative lenders but can also come from family and friends.

Often franchisees will end up utilizing a balance of both debt and equity finance, putting forward a sum of their own funds whilst also obtaining funds from a financier. Whilst banks are often the first thing that comes to mind when thinking about debt finance, there are also a wealth of alternative lenders that offer specialized funding solutions for small businesses.

If you are hoping to use debt finance to fund your franchise business, it is important to explore your options and find a lender who offers funding that fits your unique circumstances, as debt finance is not a once size fits all solution.

 

Barriers to Accessing Finance

There are a range of potential barriers that franchisees may face in accessing debt finance. Small businesses often have varied and unique needs, that are not always met by the funding options offered by traditional lenders. Non-bank lenders have strived to bridge this gap by offering more flexible terms that can cater to the diverse circumstances of franchisees, often willing to take on more risk than traditional lenders. This is backed by data from Medici which found that alternative lenders have an approval rate of 55-60%, which is double that of banks, indicating that non-traditional providers are stepping in where the big banks won’t.

Further, the complex application process and collateral requirements of traditional lenders can act as a barrier. A tumultuous property market means that many Australian’s are left with less equity to source when trying to secure finance, resulting in a spike in demand for finance options which do not take property as security. In fat, 91% of those surveyed in a recent SME Growth Index said they would compromise and take a higher rate to avoid risking their home as collateral.

Property-based security can be deeply unfavorable for small business owners, meaning that demand for asset-based security solutions is high among this sector. Thankfully, smaller non-bank lenders are working to fill this demand by offering more solutions along these lines in order to capitalize on the strong growth projections among the sector.

 

The Application Process

The application process for franchise loans can vary depending on what type of finance product you are accessing, and who you are applying through. Each lender has their own unique application process, however there are some standard requirements that all lenders will likely be looking for. In order to be application ready you should compile key information such as a valid form of ID (License, Passport or Medicare), a business plan, Asset & Liabilities Statement, Commitment Schedule and Financial Projections.

To put your best foot forward to is best to spend the time gathering all this information and ensuring that it is up to date and accurate. Not only will this shorten the application processing time by cutting down back and forth, but shows credibility and responsibility on behalf of the applicant.

Also, some franchise applicants may think that because they are part of an existing franchise network, they don’t need to present an in-depth business plan. Whilst the lender may be familiar with the franchise model, they still want to see a comprehensive plan of how you are going to approach your business and the aspects unique to your location and circumstances.

 

What Lenders Look For

When it comes to assessing franchise loans, lenders often following the principles outlined in the 5 C’s of Credit. These principles act as a guide to assess the borrower and their ability to service the loan. The first, Character, is an assessment of the borrower themselves and includes aspects such as reputation, credit reports, social media and online presence, and overall willingness to pay the debt. Capacity focuses on the financial ability of the borrower to repay the loan amount and examines income, expenses, and existing financial commitments. Capital is a consideration of the borrowers overall financial position including available assets and their liquidity. Collateral considers what security is available to talk alongside the loan – this may also come in the form of Director’s Guarantees or Personal Guarantees. Finally, Conditions encompass the terms of the financial contract such as interest rate, fees, term, and end of term options.

In addition to this assessment of the borrower and their business, lenders may also take into consideration current market conditions and industry trends. If there is a booming industry finance providers may have more appetite in this area, or if a sector is performing poorly this may also be taken into consideration.

 

Accreditation Programs

Within the franchise industry, lender accreditation programs play an important role in providing potential and existing franchise partners with streamlined access to finance. Accreditation programs assess the franchise network as a whole and based upon that assessment offer franchisees a pre-approved amount of finance with that lender. Under the accreditation applications are generally low-doc and may be assessed under a different credit matrix to make the entire process easier for the franchisee.

Both traditional lenders and non-bank lenders offer accreditation programs, however there are some distinctions between the two. Often banks are only willing to accredit larger national networks with over 50 locations, however alternative lenders can be more flexible in extending the program to smaller, less-established networks. Franchise networks can secure accreditation with multiple lenders in order to provide more options to those within their networks, making it a valuable asset in their recruitment and retention toolkit.

This post called Everything You Need To Know About Franchise Loans was originally published on:
The Franchise Finance Australia website

The Most Useful Tools for Franchise SEO

Google Search Console

Google Search Console is a free tool designed to help you evaluate and monitor your website’s presence among Google Search results. By registering with Search Console, Google can crawl your site and identify indexing problems that exist and may be impacting your rankings. Further, it can provide insightful data about how often your site spears in search results, what queries people are using when your site shows, and how often people click on your listing. It also lets you know what other websites link back to yours, an indicator of the quality of your sites content.

This is a useful SEO tool that can be used in the background to monitor issues on your website, thanks to its notification features. However, it can also be used for an in-depth analysis every once in a while, in combination with other tools such as Google Analytics, Google Ads and Google Trends.

 

HubSpot’s Website Grader

If you are looking for a top-level overview of how your website performs, HubSpot’s free grading tool is a great place to start. Giving you a rank on performance, SEO, mobile and security and compiling it into an overall grade out of 100 it lets you identify your websites strengths and weaknesses.

Delving further into the tool you can get metrics on things such as page speed, meta descriptions, responsiveness, and HTTPS security, among others. Not only does it let you know whether your performance is good or bad, it also provides recommendations on how to fix each issue. If you’re keen to learn even more, there is a free course you can take on website optimisation, designed to give you the basic tools to improve your grade.

 

SEMrush

SEMrush describes itself as the ultimate 20-in-1 SEO tool. Their comprehensive platform is designed to provide every SEO tool you could want and is available on a subscription basis. This is for those who are really invested is creating a killer website and fine tuning their SEO.

Providing users with in-depth traffic analytics, keyword research tools, backlinking strategies, and the ability to track search ranking, SEMrush is a one-stop-shop. Further, the company has a wealth of free online resources available if you want to see what it is all about before committing to a subscription.

 

Moz Pro

Moz Pro is designed to empower users to make data driven decisions. Promising to help website owners understand their visitors through keyword analytics, ranking tracking and an excellent website crawler that can give an audit report of all the existing issues on your website.

In addition to this, the Moz Pro tools give advice on how to optimise your individual website pages, with tips on content suggestions to improve your rankings. If you are looking for specific data, you also have the ability to build out custom reports so you can track the metrics that are most important to you.

 

Google My Business

Google My Business is a free tool linked to Google Maps results, that allows business owners to create a profile for their business. These profiles include contact information such as phone, website and email, as well as sharing key information such as opening hours and menus.

Business owners can set these profiles up online in minutes to help their customers find them with ease. They can also ask customers to leave reviews, share photos of their offering and give directions. Such tools can be managed at a corporate level or by individual franchisees depending on the networks approach to marketing.

 

GrowthBar

GrowthBar is a paid service that is designed to help marketers with their SEO efforts. With a focus on keyword tracking the platform provides information such as how competitive specific keywords are, suggestions for similar keywords, reports on how your website is ranking for various keywords and other advice on how to create domain authority and build organic traffic through SEO.

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12 Do’s and Don’ts for a Successful Cafe Franchise

Do – make sure that your location is an ideal fit for your café model

Scouting out the right location for your business is crucial, and this is something franchisors can help with. For cafés it is important to take into consideration the franchise model and what store format will be the best choice. Some brands operate well within shopping centres as a kiosk style shopfront, whereas other perform best in stand-alone locations. Either way, a key consideration is the level of foot traffic, as this can help build up a mix of regular and one-time customers.

 

Don’t try to be everything to everyone

As in any business, it is important to acknowledge your strengths and weaknesses. When it comes down to it, it is better to be great at one thing, instead of being just average at a lot of things. For cafés this is especially true, as those who try to fit the needs of every customer often end up missing the mark. Often your franchise brand will have a focus, whether that be great coffee, atmosphere and customer service, or stellar menu – as a franchisee you should embrace this focus as this is what customers will expect when they visit your café.

 

Do remember to utilise your franchisor team

Whilst delving into the world of business ownership can be exciting, it can also be daunting. At first it can be tempting to want to manage every aspect of the business on your own, and at times franchisees believe that asking for help may give the perception they are struggling. However, the franchisor team is there to support you, especially while you are finding your feet in the early stages. So if you are unsure, want some advice, or even just the reassurance that you are going in the right direction, don’t hesitate to reach out.

 

Don’t ignore the back-of-house business

Front-of-house operations can become the focus of any café, as this is where all the activity and customer interactions happen. Although, it is important not to overlook the impact of back-of-house tasks on the overall success of the business. Things such as administration, financial planning and stock management are all vital to the everyday running of a café and the situation can become detrimental if these responsibilities are ignored. Keeping abreast of your businesses position financially not only ensures that you can pre-empt any cash flow problems, but can allow you to better plan for seasonal dips, expansion or refurbishments which may be required under your franchise agreement.

 

Do engage in local area marketing

Some franchisees feel that they can rely solely on the brand equity that is attached to their franchises branding, however it would be naive to think you business will boom using that alone. Local area marketing is an essential element of any franchise business and can aid in growing a loyal local customer base, expanding your potential reach, and creating a community around your café. Many franchise brands ask franchisees to contribute towards a national marketing fund which runs large-scale campaigns to promote the brand, however this should be done in conjunction with smaller-scale geographically targeted marketing. A great place to start with local area marketing is social media, it is a low-cost platform that allows you to showcase your café in your own way.

 

Don’t be afraid to share your ideas

Franchisor teams likely employ a mix of different people who focus on creative marketing ideas, sourcing lower cost suppliers and streamlining operations – but some of the best ideas can come from the people working in the business every day. While your franchise model is tried and tested for success, it doesn’t mean that the brand isn’t open to change. If you have a great idea that is working in your café and you think it could work in others, be sure to share it with your field manager so that it can be communicated with the broader network.

 

Do invest time in building and training your team

Behind every great hospitality business is a great team. Customer loyalty is often built because of excellent customer service, not just the quality of the product. Having the barista remember your regular order or knowing that you are going to get the same perfectly poached eggs every morning are the types of details that make you go back to a café again and again. Investing time in finding and nurturing your team will make all the difference, and if your staff feel valued they will be more likely to stick around.

 

Don’t forget to listen to your customers

Customer feedback is gold to any business owner, and in the hospitality industry it can help alert franchisees to problems they may not even have known were happening. The hustle and bustle of café ownership can mean that the business owner themselves may not be able to monitor every aspect of the day-to-day operation. As a result, if things are going wrong on in the kitchen, on the floor or at the counter you could be none the wiser. Feedback might not always be constructive criticism and may come in the form of suggestions or ideas. If you are finding that a lot of customers are making a similar request, it may be an indication that you need to make a change or implement something new.

 

Do invest in good equipment

There can be a lot of significant expenses when you are opening a café franchise, and it may seem tempting to opt for the cheaper option when it comes to things like equipment and fitout. However, in the long-run investing in high quality equipment and fitout will cost you less in the long run with lower maintenance costs and a longer lifespan. Your franchisor will likely have preferred suppliers who provide the required equipment for each new franchise location, and often they may be able to secure the goods at a discounted price. Do your research, read reviews, and talk to fellow franchisees about what is worth the money and what isn’t when it comes to your café equipment.

 

Don’t drain your working capital

Working capital is the lifeblood of any business and leaving yourself with no funds in the bank can put you in a risky position. Whilst there is no doubt you will have to invest some of your working capital to get your business up and running, you should balance this with debt finance to ensure that you keep some cash reserves. Utilising external funding to purchase tangible assets such as kitchen equipment, point-of-sale systems and signage means that you can retain some of your funds. Also, asset funding often uses the goods themselves as security, meaning you don’t have to risk your home or personal savings as collateral.

Working capital can be invested in marketing and promotion, which is vital in the early stages of your café opening. It is also a smart idea to have cash on hand in case of an emergency, or if you want to take advantage of any new opportunities.

 

Do think about future expansion

Even though thoughts of a second location may seem far off into the future, having an idea in mind of how you want to grow and expand your business is a smart idea. Having a long-term plan gives you goals to work towards and allows you to plan ahead in terms of scouting a location, securing funds and recruiting staff. Having a conversation with your franchisor about whether you aspire to be a multi-unit franchisee also allows them to keep you in mind when opportunities arise, such as exiting franchisees with a location in your area, or an opportunity for a new café.

 

Don’t give up when things get tough

Finally, it is important to remember that café ownership will be full of ups and downs. Whilst we trust that much of your franchisee experiencing will be positive, there will undoubtedly be times where you feel stressed or overwhelmed. In your franchising journey it is important to make sure that you have a strong support network to help you out when things get tough. This can be friends, family, fellow franchisees, and your franchisor team.

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7 Go-To Resources About Owning A Franchise

Whilst franchise systems strive to make the process of purchasing and owning a franchise business as simple as possible, there can still be challenges to overcome. There is a wealth of resources available for potential and existing franchisees through their ownership journey, and we have listed the best of the best below.

 

1. Franchise Council of Australia

The FCA is a leading industry body for Australia’s franchise industry and takes their role as a representative for franchisees, franchisors, and suppliers within the sector very seriously. Their mission is to create a compliant, sustainable, and profitable industry, and they do so by maintaining a calendar of informative and educational events. Their website also provides a catalogue of resources for franchisees and franchisors – accessible for both members and non-members.

Access this resource here: https://www.franchise.org.au/

 

2. FRANdata

FRANdata is a business intelligence agency that specializes in supplying credible information to help those within the franchise industry make informed decisions. For over 25 years FRANdata has been providing objective information about franchise brands and have recently launched their Franchise Rating System here in Australia. The five star rating can help prospective franchisees evaluate their business ownership options and choose the right franchise for them.

Access this resource here: http://www.frandata.com.au/

 

3. Fair Work Ombudsman

Australia’s Fair Work Ombudsman provides important information for business owners and employees about their rights and obligations within the workplace. This is essential for any business owner to ensure that they are operating in line with the Fair Work Act and provides advice and education in this space.

Access this resource here: https://www.fairwork.gov.au/

 

4. Franchise Relationships Institute

Franchise Relationships Institute (FRI) are experts in the psychology and franchising, providing services to help franchisors build strong and successful networks. Their focus on fostering healthy franchise relationships using strategies based on business psychology is backed by extensive research on franchise systems across the globe. FRI’s bootcamps, workshops and masterclasses provide attendees with an arsenal of tools to help them in their roles and are renowned within the industry.

Access this resource here: https://www.franchiserelationships.com/

 

5. Franchise Buyer

The Franchise Buyer website offers a wealth of digital resources on topics including sales & growth, marketing, finance and franchise recruitment. Whether you are considering purchasing a franchise, or an existing franchise owner, Franchise Buyer provides valuable insight into what is happening in the franchise sector.

Access this resource here: https://www.franchisebuyer.com.au/

 

6. Franchise Advisory Centre

The Franchise Advisory Centre (FAC) delivers practical education to franchisors about best practice within the franchise industry. With the largest calendar of franchise education events within Australia, the FAC is backed by the Franchise Council of Australia and has taught workshops to over 1200 franchise brands. Further, their newsletter provides the latest franchise news, advice, and tips.

Access this resource here: https://www.franchiseadvice.com.au/

 

7. Inside Franchise Business

Inside Franchise Business offers potential franchisees a directory of available franchise opportunities across Australia, broken down into industry and state to make the process easy for aspiring business owners. As well as their extensive directory, Inside Franchise Business provides news and advise on all things franchising and is a valuable information source for franchise owners.

Access this resource here: https://www.franchisebusiness.com.au/

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