October has been quite a month for the U.S. economy, with the stock market surging to all-time highs several times. Boosting the numbers appear to be a non-stop stream of good corporate earnings reports—many of which are directly tied to the franchise industry. In turn, the consumer confidence index—reported monthly—is also surging, reaching highs not seen since 2004 and topping out at a 101.1 rating, much higher than the expected range of the mid-90s. Let’s hope the good times keep rolling. In the meantime, here are some of the most important franchisor news you may have missed for the month that was October…
Zors on the Move
The Franchise Times Top-200+ is keeping tabs on some big movers up the chart this month. Planet Fitness has jumped 12 spots on the roster to number 67, following a huge increase in their system-wide sales efforts. Planet Fitness president and CFO Dorvin Lively believes three key points are behind the success. They include brand positioning, franchisee growth and attracting members. As quoted in a Franchise Times article, he states, “Our brand continues to resonate with the 80 percent of the population that doesn’t have a gym membership. We really cater to that first-time user.” Lively also believes that a great deal of credit for continuing growth is also directly due to the organization’s multi-unit franchisees. As it turns out, 90 percent of new Planet Fitness gyms recently opened were from existing owners. Score one for multi-packs!
Employee Attitude Shift
Mary Kennedy Thompson, COO of the Dwyer Group, put together some innovative talking points about the state of employees within franchised operations. And the fresh take may surprise you. She believes that franchise employee retention has a linear relationship with their own feelings of belonging. Following an informal survey on the topic with The Grounds Guys, one of 11 Dwyer franchise brands, she found that the employees’ main motivation isn’t about fitting in, but feeling that they’re making a difference in the day-to-day operations of the franchise. Being respected and part of a real team were of vital importance to their happiness on the job. In essence, it’s a pride factor, and one that franchisors should be paying attention to within their own operations.
While it’s still October, one franchise is making their unique marketing plan known in honor of military veterans, just ahead of the national Nov. 11 holiday. Office Pride Commercial Cleaning Service is giving away a complete franchise operation. The service-oriented franchisor is honoring those who have served their country with an initial franchise fee giveaway, waiving the $35,000 value, for up to as many as three qualified U.S. military veterans. The contest qualifications included any active service member or honorably discharged veteran from any part of the U.S. armed forces. The winner or winners will be announced on Saturday, Nov. 11. Two thumbs up for this innovative and meaningful idea!
Checking in with the good folks at Entrepreneur’s Franchise-500 List, here is a current look at the top five
1. 7-Eleven, Inc.
3. Dunkin’ Donuts
4. The UPS Store
5. Jimmie John’s
Well, tomorrow is Halloween—so be safe with all your little trick or treaters. Wednesday heralds the beginning of November and before you know it, the holiday rush will be here in spades. Are you really ready for Christmas Carols? Where has all the time gone in 2017?
As a franchisor, you’ll want to know which existing and potential franchisees best fit your business concept. Proven Match is the proven solution in determining those factors. Through our proven behavioral assessment techniques, predictive analysis becomes predictive success for your franchise concept. If you’re ready to show your leadership by getting started, give us a call and we’ll put you on the path to a more productive year in 2017.