Michelle Rowan

speaker

294 appearances 1 recordings 1 series first heard Nov 2014 last heard Nov 2014

Michelle Rowan’s voice in public audio — every appearance, attributed to the second.

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Franchise Today · Satisfaction & Validation - Key Components to Franchise Success · 12 Nov 2014 podcast

Yeah.

think that's kind of the best time to also start thinking about it.

Oh,

Absolutely.

You know, what we see in our data, it's normal for your franchisees that have been with you a year or so to just be loving you and raving about you because they are leaning on you so heavily for that support.

And with emerging brands,

you have the opportunity to be very responsive to your franchisees, to really handhold them as they're growing because you don't have a lot of franchisees.

But I think it's important up front to tell them, you know, as we grow, you're not going to get responses quickly as you're used to and kind of prep them for that year two through five when you start growing more and there's more people to support and you're still running lean and mean.

So I think the one piece of advice I would give to emerging brands is,

Be very clear about what your plan is to scale as you grow.

And as you grow, making sure that you have a good contact list for all your franchisees of this is who you call for this issue, and this is the expected time that you should hear back from us.

Because if you can outline that up front,

they won't keep going to the CEO because they know the CEO because that's a hard transition for founders, I think, and CEOs to make is that I am the support staff for the first five franchisees and then I have other people to do that, but how do I push my franchisees in a polite way to the right person to get them help?

Yeah, well, the communication and the marketing are very commonly lower sections across franchising, so that's not unique to emerging.

The financial performance, I think, will have a lot to do with expectations that were set going in.

It's hard when you're a newer franchise brand or you have less experience

franchisees to have a solid item 19, a solid item 7, really good FDD information that will help set those expectations.

And as a franchisor, you can't really get into financial promises.

So I think

Being really clear, if you have company financials that are reported in your FDD and you can share those, but making sure that franchisees connect with other franchisees and understand what does it really take time-wise to get out of the red or what kind of money do I really need to have set aside to make sure that I can make it through the startup.

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