6 Ways Being in a Franchise System Helped Me Survive Covid-19
Want to know one of the most difficult decisions I have ever made as a small business owner? Whether or not to become a franchisor and turn my brand into a franchise system. Turning Code Wiz into a franchise system came with many hard moments that challenged me as an entrepreneur. But becoming a franchise system has also rewarded me in ways I could have never even imagined. The other thing I could have never imagined? Living through a global pandemic as a business owner and leader.
But here I am. The proud owner of a franchise business and a survivor of 8-months of Covid-19 and the health and economic impacts it created. I am grateful every day – for both the health of my family and that I turned my business into a franchise. Because turning my business into a franchise system helped it survive Covid-19. Read more.
Are you thinking of going into business for yourself and learning how the choice of a franchise can “jump-start” the process and your earning potential? Learn how.
Acquiring A Franchise System Requires Due Diligence On The Survival Of The Franchise Model
For several years private equity and other investors have been well advised to put analysis of joint employer and employee misclassification risks on their due diligence list. Assessing the degree to which a franchise program is at risk for a joint employment finding includes reviewing arrangements like training of franchisees’ employees, assuming responsibility for management of units or requiring the use of employee-management software. This assessment has now become a normal area of investor inquiry. Read more.
Are you ready to franchise your business or put your recently franchised brand on the right track? Learn how.
About the Franchise News Podcast
Host Jack Monson reports every Wednesday on the latest news for franchises and small business owners including government relations issues, brands’ news, industry events, and franchise professionals’ moves. Check it out!
How franchise execs tackle mental health issues
A photo montage of producer and actress Reese Witherspoon is floating around, drawn from her TV and movie roles and purportedly showing her decline during the pandemic.
In January, she’s literally wearing rose-colored glasses, looking hopefully toward the sky. In March, she’s intensely talking on the phone but still perky and blonde. By September, her hair is a mess and her face haggard. Her comment on Twitter: “Yup.”
Franchise leaders can no doubt relate as the COVID-19 crisis drags on. And while the Witherspoon montage is silly, the subject of maintaining mental health, from the executive suite to the front lines, is serious. We asked franchise leaders what they’re doing after six months and counting of non-stop stress. Read more.
Evolving Worker Classification Standards and the Future of Franchising
From a ballot measure in California, to a court decision in Massachusetts, to federal regulations proposed by the Department of Labor, several recent developments could impact whether a franchisor’s independent franchisees are deemed to be “independent contractors” or “employees” of the franchisor. As such determinations strike at the heart of the traditional franchise model, all franchisors should remain up to date on these developments. Read more.
Tough Times Reveal Character
What would it mean, and to how many people, if you shut your doors today? In addition to your employees, those people would include your lenders, your landlords, your suppliers, even your accountant and attorney—as well as your community, from the local food bank to the Girl Scouts to No Kid Left Behind to… well, you get it.
As bad as you may feel you have it right now, there are a lot of people counting on you, and in so many ways… your young employees seeking career training and guidance or helping their families pay the bills, your management team and back room staff, even your franchisor. So it’s on you, as a leader, whether you like it or not, to lead. Read more.
Please remember that many small businesses and restaurants are franchises owned by a single person. So, please keep that in mind during the upcoming #SmallBusinessSaturday which is put on annually by American Express the day after Black Friday. And, if AMEX hasn’t allowed a particular franchise into the program (yes, there are still limitations for franchises in Small Business Saturday rules) please shop or dine there anyway. It’s important we support small business and franchising at all levels and everywhere as we continue to fight through the effects of COVID. Read about Small Business Saturday.