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The Importance of Consumer Confidence in Franchising
Consumer confidence is an important economic factor for franchise owners to consider. Find out what franchise expert Derek Cafferata says about consumer confidence and what it means for franchising. What is Consumer Confidence? Consumer confidence is the data measured and described as the Consumer Confidence Index (CCI). It is an important economic indicator that economists and business owners consider carefully. In fact, about half of small and medium business owners would consider the CCI as one of the most valuable economic indicators to consider. Consumer confidence identifies the general perception and outlook of consumers in the marketplace, how they feel about current and future economic conditions. If consumer confidence is high, consumers feel confident about the economy and are more willing to spend money. If consumer confidence is low, consumers feel uneasy about the current and future economic climate, leading them to spend less. Importance of Consumer Confidence for Franchising...
Read MoreFranchising in Business – May 2021
What does franchising and business look like for business owners a year after COVID-19? We ask franchise expert Derek Cafferata to share his thoughts on the topic. The COVID-19 pandemic took the entire world by surprise. Governments, economies and societies had not predicted and were not prepared for what was about to spread throughout the globe. Our way of life has changed, for who knows how long. How we socialise, how we do business, how we travel, how we educate, how we provide healthcare, all these everyday tasks have changed for us, at least for the foreseeable future. So, what does that mean for everyday business? Franchise expert Derek Cafferata, CEO and President of All State Franchise Finders, shares three key points that the COVID-19 pandemic has highlighted throughout the business world. Commit to Your Mission When normality is stripped away, complacency has no place to hide when it comes...
Read MoreInflation in Franchising – The Perils and Advantages!
Inflation is predicted to rise over the next 5 years at more than 2% per year. For some, this could be concerning. For others, like those in the world of franchising, it could be an opportunity. What is Inflation? Inflation occurs when the price of goods and services increase over a sustained period of time. When this happens, the purchasing power of a country’s currency is reduced. So, in simple terms, inflation is when the value of the dollar falls while the price of everyday items rise. Inflation is described as a percentage, which is the rate at which this purchasing power and price increase occur. While many people view inflation as a negative, there are some advantages to inflation. In fact, a steady inflation rate over time is actually good for an economy to grow. Traditionally, the United States, and other stable countries around the world, have experienced...
Read MoreFranchising in Business – April 2021
Identifying the strength and stability of one franchise business from another can be tricky. Franchise expert Derek Cafferata shares 3 points to consider when comparing franchises. You want to be your own boss, have your own business and stretch your entrepreneurial wings. You’ve looked into various ways of starting your own business and have decided that franchising is the best option. You’ve even decided on the type of industry you want to buy into and you have the initial financing sorted. Now you just need to choose which franchise to buy into. So, how does one choose which franchise is best? Gloria Jean’s or Biggby’s, Papa John’s or Taco Bell, Century 21 or RE/MAX? According to franchise expert Derek Cafferata, there are three main points to consider when looking at which franchise to buy. Brand Strength One of the greatest advantages of the franchise business model is that each franchise...
Read MoreInternational Women’s Day – The Importance of Women in Franchising
With the recent celebration of International Women’s Day, we take a look at female entrepreneurs and the importance they play in franchising. International Women’s Day, which was celebrated recently on March 8, is a day where the social, economic, political and cultural achievements of women are acknowledged around the globe. An important aspect of the women’s rights movement, International Women’s Day (IWD) brings to attention various issues women face, including violence against women, reproductive rights and gender equality. This year saw IWD highlighting various issues, including celebrating tech women and innovation and building inclusive workplaces for women to thrive. Franchising the Appealing Choice to Many Women When it comes to women in business, franchising continues to prove that it is an appealing and very tangible option for many female entrepreneurs. Franchising allows a business owner to be in business for themselves, but not by themselves. Much research has gone into...
Read MoreFranchising in Business – March 2021
We’re one year into COVID-19. While the business has struggled, there is a positive outlook for 2021 & beyond from many business owners, experts & economists & international franchising is coming into focus. Franchising on a Global Scale When a company has successfully managed to franchise on a local, regional and national level, the next step logical step is to consider franchising on an international scale. Taking a business globally is a strategic way to expand brand name, reach new markets and reduce dependence on the American market. Countries like China, Russia and India offer huge market potential, with millions of people eager for Western products and brands. These countries have, for many years, been closed off to outside brands. But that is all changing. When done with thorough research and planning, taking a company to international markets offers greater financial reward than it does risk. “Seek the right advice...
Read MoreGameStop – The Franchise, The Short Squeeze!
GameStop, the world’s largest gaming franchise, went sky-high recently with one of the most surprizing short squeezes in trading history. Here’s the short story on GameStop’s short squeeze. GameStop the Franchise GameStop is the world’s largest gaming franchise. Selling video games, gaming merchandise and some consumer electronic products, GameStop has more than 5,500 gaming stores around the globe. Established in 1984, GameStop has had to fight against the competition of online gaming stores for the past decade or so now. The early 2000s until approximately 2015 saw GameStop grow significantly, with a number of acquisitions that included EB Games, Rhino Video Games, Micromania and Free Record Shop to name just a few. These acquisitions firmly planted GameStop as the number one game store, not just in the United States, but around the world. Two thousand sixteen to 2020 saw GameStop struggle with a drop in retail sales, the release of...
Read MoreFranchising in Business – February 2021
Franchises embracing digital technology are best positioned to bounce back in 2021, says franchise expert Derek Cafferata. Here’s how digital technology can help franchises. Personalize Customer Connection Through Technology Every marketer will agree that personalizing your customers buying experience will increase sales. And every expert will also tell you that the best way to do this is through the use of technology. “Those franchises who are introducing new ways to connect with their customers through the use of technology are clearly leading their competition,” says Derek Cafferata, CEO and President of franchise experts All State Franchise Finders. “We see these franchises quickly gaining market share, expanding with increasing units and developing a strong brand name.” The first step is to monitor buyer behaviour by encouraging your customers to create profiles within your platform. Personal profiles will enable you to monitor your buyers shopping habits. Research shows that 60 percent of...
Read MoreThe Purpose of a Franchise Agreement
Find out why the franchise agreement is the most important document between franchisor and franchisee. Franchise expert Derek Cafferata gives insight into its purpose and benefit. What is a Franchise Agreement? A legally binding document outlining the terms and conditions that a franchisee must abide by when running a franchise, the franchise agreement is probably the most important document a franchisee will sign. As a franchisor, the franchise agreement protects intellectual property, ensures consistency in how each franchise unit is promoted and run and outlines the responsibilities the franchisor has to the franchisee. As a franchisee, the franchise agreement outlines the boundaries of what can and cannot be done in running the business, identifies the obligations the franchisee has to the franchisor, as well as identifying what he or she can expect from the franchisor. While a franchise agreement is legally binding and will usually last anywhere from 10 to...
Read MoreFranchising in Business – January 2021
Despite the uncertainty of 2020, the world of franchising is expected to flourish in 2021. Franchise expert Derek Cafferata shares his top 3 reasons why franchising is looking so promising for 2021. Having begun last year with the outbreak of COVID-19 and learning to live with a new kind of normal, and ending the year with a tumultuous presidential election, many people are hesitant for what this new year will bring. However, when looking at the business world, there is a positive outlook for the world of franchising. Franchising expert Derek Cafferata, CEO and President of All State Franchise Finders (ASFF), shares three reasons why franchising will flourish in 2021. Flexibility in the Way Business is Done We can thank 2020 for teaching so many of us that business can continue, just in a different way. Working from home, Zoom meetings with colleagues and customers, online ordering and the ease...
Read MoreThe Importance of Franchise Associations in Today’s Business World
Franchise expert Derek Cafferata shares 3 reasons why franchise associations are important in today’s franchising business world. Franchise associations are there to facilitate and build a stronger, more effective business relationship between franchisor and franchisee. Any good franchise business will understand the importance of having its franchisees being a part of a franchise association and encourage membership. And any franchisee looking at buying into a franchise should look for one that has a strong relationship with a franchise association. According to Derek Cafferata, CEO and President of franchising experts All State Franchise Finders (ASFF), there are three main benefits to aligning with a franchise association. A Collective Voice For a single franchisee, having any input or influence in any aspect of the franchise as a whole can be quite difficult, especially within larger national or international franchise businesses. “This is where a franchise association comes into play,” says Derek. “A...
Read MoreThe Franchisee-Franchisor Relationship and Why it is so Important
Establishing a strong, healthy franchisee-franchisor relationship is one of the most important keys to the success of both parties. Franchise Expert Derek Cafferata shares his thoughts on this key relationship. A franchise business, where the franchisor seeks out suitable people to help expand the brand by granting a franchisee the rights to open the business and establish in a new location, is one of the most common business models in the United States. Thousands of franchise opportunities are available, with the potential for financial and career reward. But they do not guarantee business success. Not all are a good buy and not all will be the right fit for you. Which is where franchising expert, Derek Cafferata, has been able to help a vast number of budding entrepreneurs make their dream of owning their own franchise a reality. As President and CEO of All State Franchise Finders, Derek brings with...
Read MoreTechnology and How it is Improving Franchising
Technology is streamlining systems, reducing costs and helping attract more customers for small businesses. And some of the best franchises are getting on board in a big way. Using technology in business is essential for business growth and development, keeping ahead of the competition and increasing profits. Some of the best franchise opportunities around have understood this in exactly the right way and their franchisees are reaping the rewards. So, how can technology be used to improve business and increase profits? Here are just three different ways. Personalizing Loyalty Programs We all know some businesses offer more attractive loyalty programs than others, but what is really on trend is utilizing technology, particularly artificial intelligence, to track individual buyer likes and dislikes, purchase types, as well as frequency and amount of purchases made. As this information is collected, smart loyalty programs can be tailored to suit individual customers, making for a...
Read MoreWhy Own a Franchise Business?
Franchise expert Derek Cafferata shares why owning a franchise business is the ideal way to be your own boss. The thought of being your own boss and running your own business is an attractive option for many people, especially in today’s economic climate. However, starting a business from scratch and financing, setting up, developing and managing every area of business is a daunting task. Which is why many entrepreneurs turn to franchising to make the dream of becoming a business owner a reality. So, what benefits are there to owning a franchise business over creating a start-up? According to Derek Cafferata, there are three major advantages to owning a franchise business. Strong Branding “A good franchise comes with a well-known and respected name,” says Derek Cafferata, CEO and President of franchising experts All State Franchise Finders. “Usually nation-wide, this type of brand recognition only comes with a huge amount of...
Read MoreDigital Advertising for a Successful Franchise Business
Whether you’re a small business reaching a local market or a large business trying for an international reach, digital advertising is here and it is the key to business success. Digital advertising has been around since the mid-1990s, albeit on a relatively small scale and only used by big business. With the introduction of Google Ads in the early 2000’s and Facebook in 2007, digital advertising was made accessible to small and medium businesses across the globe. While many businesses have taken a long time to pick up on the idea of digital advertising to develop a successful business, digital advertising in today’s market is an absolute necessity for any business within any industry. “Digital advertising has far too many advantages for any business owner to ignore,” says Derek Cafferata, CEO and President of franchising experts All State Franchise Finders. “If you are trying to sell something, no matter what...
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