Who Made It to the Top?
Franchise Direct has summed up the Top 100 Global Franchises in the US. We will now make a run-down of who made it to the Top 10. This, of course, can help you choose the franchise category in which you could invest in.
#10 – SUBWAY
Industry: Sandwich & Bagel Franchises
Estimated Total Franchise Cost: $89,550 – $329,700
The Subway brand was started by Fred Deluca and Dr. Peter Buck more than 50 years ago. It was by 1974 when both Deluca and Buck owned and operated 16 sandwich shops all over Connecticut. Today, Subway is considered to be the top choice for healthy and quick meals and sandwiches for the whole family with an estimated 44,610 franchise units.
#9 – INTERCONTINENTAL HOTELS & RESORTS
Estimated Total Franchise Cost: $70,463,315 – $102,938,610
The Intercontinental Hotels & Resorts started its franchising in 1956. Situated in Atlanta, Georgia, this hotel now has over 195 franchising units all across its brands. It’s franchisor is Holiday Hospitality Franchising LLC with Intercontinental Hotels Group PLC as its corporate parent.
#8 – DUNKIN’ DONUTS
Industry: Bakery & Donut Franchise
Estimated Total Franchise Cost: $97,500 – $1,717,103
Dunkin’ Donuts franchising started in 1955 a year after when their business began. It’s situated in Canton, Massachusetts. They offer their signature donuts, coffee, bagels, muffins and sandwiches. It’s estimated number of franchise units to date is 12,540.
#7 – RE/MAX
Industry: Real Estate Franchises
Estimated Total Franchise Cost: $40,500 – $284,500
WIth an estimate number of 7,930 franchise units, this company is engaged in real estate brokerage throughout the US, Canada and other parts of the world. Situated in Denver, Colorado, it’s franchising began in 1975 after two years of starting its business.
#6 – MARRIOTT INTERNATIONAL
Industry: Hotel Franchises
Estimated Total Franchise Cost: $67,354,090 – $105,312,590
As a worldwide operator and franchisor of hotels, Marriott International started both its business and franchising in 1967. Its primary service is to offer world-class accommodation to business and leisure travelers. It’s estimated number of franchise units to date is 6,520.
#5 – 7 ELEVEN
Industry: Convenience Store Franchise
Estimated Total Franchise Cost: $39,750 – $1,152,100
7 Eleven offers two types of franchise investment: Traditional Individual 7-Eleven Store and Business Conversion Program.Read More
Investing in a franchise business is highly rewarding. That is why you need to invest in the right employees to staff it. Aside from your capital investment, it is best that you invest in the best employees as this ensures the success of your franchise business. Having employees that are engaging, committed and productive can be a challenge to some but when you are able to develop your hiring techniques and implement smart strategies, you can find the best and most qualified employees for every role.
Below is a guide that we prepared to help you improve your franchise hiring strategies:
1. Create a Hiring Plan – your plan must include well thought-out questions and ideas of the qualities that you are looking for in a staff member. These qualities will help you assess the skills and traits that you will need for each position. That is why it is very important that you have a strategy in place before you decide to hire.
2. Conduct Thorough Research – once you were able to meet all the candidates, check the references of all the ones that you have already interviewed. Some companies conduct Google or Facebook searches to screen most of their candidates. You can do it too. Find and use every piece of information that you can to find the right employee for your franchise business.
3. Do Rounds of Interview – one good quality that you can extract from the right candidate is patience. If he/she is patient enough to do at least two to three rounds of interview, it is one way to gauge their personality and attitude. Give yourself time to make a good decision in picking the best candidate for the position. Don’t be too eager to hire.
4. Look for Related Skills – the best candidate for the position is someone who has had experience and skills that would be beneficial for the company. He/she needs not to have a lot of experience, what’s important is that these experiences and skills are relevant to the position that the candidate is applying for. An example of a strong candidate is someone who has a broad range of experience from customer service to inventory management.
5. Use the Latest Hiring Trends – modern technology has provided a lot of hiring techniques to save time and effort both for the company and the candidate.Read More
The whole point of your franchise investment is for your business to be successful. In order for your business to grow, you must have the tools that you need to execute your plan accordingly. However, for your plan to be executed successfully, you must have a good and consistent bookkeeping to help your franchise business.
Below are the reasons why you need a good bookkeeping system to run your franchise:
- So you can identify problems early
Problems with revenue or cash flow can be identified early if you have a dependable bookkeeping system for your franchise. Your bookkeeper can inform you ahead of time if there could be problems on the rise. As a franchisee, you must be able to stay on top of your books. Your bookkeeper must be able to reach out if they are having problems so it may save you from headaches or potential closure in the future.
- So you can communicate with your franchisor well
One way of creating a strong communication between you and your franchisor is that you are both on the same page talking the same language. That means you communicate with them using the same terminologies. Your franchisor needs to know how your business is doing so they must discuss their Profit and Loss Statement, depreciating assets and the likes without worrying that you do not understand what they are pointing out.
- So you can learn from other franchisees
Many franchise owners want more opportunities to meet and learn from other owners. When you have an updated bookkeeping system for your business, you can be assured that your franchisor is collecting the same information of each franchise location. Therefore, you help each other to share best practices and common processes to make your franchise business work.
- So you can be tax compliant
When your franchise business has a reliable bookkeeping system, you never have to worry when tax time comes. A good bookkeeper can save you from stress when it’s time for your franchisor to collect all financial documents and reporting obligations from you. Keep your books updated so you will meet every requirement your franchisor needs.
- So your franchise business has a higher chance to succeed
When you are able to follow the top 4 of this list, no wonder top 5 is the next best thing to happen to your business.
One thing that sets Franchising apart from a traditional business is that, resources are made readily available by the franchise company. Most of the information that the franchisee will need are to be given by the franchisor through a brochure or website. However, a franchisee still needs to prepare his own business plan before buying a franchise as some franchise companies ask for business plans before they approve a new franchise. This isn’t bad at all. This actually helps you to create your business plan so you may consider options and actions for your new business. It is also good that you ask questions during this process so you will have a clear understanding before making a final decision to go with your chosen franchise.
Business plans are also important as some banks and lenders require one especially for a start-up franchise investment. Writing one may prepare you for challenges, opportunities and risks ahead. It does not have to be complicated, too. What’s important is that, the plan is comprehensive enough to cover everything your franchisor needs to know about the franchise.
A typical business plan normally has 5 sections. Though there is no exact length or limit, no one wants to read a lengthy presentation. Here below are the common parts of a business plan:
a. Introduction Section – One of the most important parts of your business plan, this is where “first impressions last”. You need to be concise and informative in this part as you describe the business especially the products and services that you offer. Here you should also include the nature of the market for the business and your operational approach. Give the reader an overview of the entire plan and how you plan to take on the challenges and risk when you take your franchise business to the market.
b. Management Section – Here you should write the details of the management roles to let the reader know who will serve in the position that you stated. As your team is essential to the success of your franchise business, it is best that you also include their qualifications together with your management structure and philosophies.
c. Marketing Section – This section answers the question, “How are you going to attract potential customers to buy your product?”. Explain the marketing side of your business and showcase the advertising plans that you intend to execute.Read More
We all want to be our own boss. Most likely you would trade everything just to have the luxury of seeing your kids as much as you want or simply just having time for yourself while earning. Well, you could not do that in an 8-hr job. The time spent in your professional life outweighs the time you spend with your family and friends, you have to admit. You do not want to have the Battered Career Syndrome, do you?
Thankfully, when you choose the right franchise investment, achieving the balance between work and life is highly reasonable. Why? Because you will have your own time and you will be able to balance work and other important things that matter to you. Traditional working hours are controlled by employers or independent business owners. On the other hand, a franchise investment is here to help people meet the work-life balance that they desire. It’s like doing something you love so time is always well-spent.
Many people who understand the benefits of a franchise investment tend to make the switch from Employment to Empowerment. This is of course to gain better control of their careers and their sense of a work-life balance.
How do you do this, anyway?
Ask yourself what work-life balance means to you. We all have different views about what our ideal work-life balance is. Whatever it is, make sure that you establish what it really means to you. It may not always be just spending time with your family. To others, a work-life balance means not working on weekends, or simply hanging out with friends every Friday. When you decide what work-life balance means to you, it is now time to figure out how to get there with the franchise business that you choose.
Know that you are not alone in the business. Hey, you don’t have to do everything on your own. There is a tendency that when you run a franchise, you will have a hard time letting go of control. This is why you hired your employees. You have to be strategic in dividing and conquering how your franchise business will run. Proper delegation of tasks to your employees will save you time and money. Your trusted team will help you in this as you depend on them to run your franchise.