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CATEGORIES: Business, Franchising
If there's a way for you to get a competitive edge in franchising, wouldn't you take it? In this episode, we delve into the pivotal role of data-driven research from FRANdata.
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FRANdata works with clients on their most challenging performance issues, investing significant time and effort in developing and renewing a knowledge base that offers unique perspectives and insights and creates long-term strategic direction for their clients.
Edith Wiseman, a 24-year veteran of FRANdata, shares valuable insights into how FRANdata empowers franchisees and franchisors to make informed decisions. She has played a pivotal leadership role in the strategic growth of FRANdata’s Capital Access and Franchise Business Intelligence suite of solutions. As President of FRANdata, Edith is responsible for sales, product development, and market strategy.
Erik and Edith explore how FRANdata's extensive research and market analysis provide a competitive edge in the complex world of franchising. From identifying lucrative opportunities to optimizing existing operations, the data-driven approach proves to be a game-changer.
Discover how leveraging FRANdata can be your strategic advantage, helping you navigate the franchise landscape, minimize risks, and maximize success. Don't miss this enlightening discussion on the power of data in achieving your franchise goals.
“The success of the franchisors is a different conversation than the success of franchisees. The success of franchisees is 100% dependent upon the system. We have franchise systems where there's a 100% success rate, and I've looked at franchise systems where there's a 20% success rate.” - Edith Wiseman
In This Episode:
- A brief background on Edith Wiseman
- What goes into the creation of the IFA Report?
- What does the data say about raising your prices?
- Takeaways from the Franchise Springboard event
- How does a brand grow fast and smart and retain trust?
- How do data collectors get access to information?
- How does FRANdata help franchise buyers in making decisions?
- What to look for when buying a brand
- How franchisees and franchisors can take advantage of FRANdata
- How inflation impacts the franchise industry (another takeaway from the Franchise Springboard)
- The cost of initial investment (Item 7 in the FDD)
- What the data says about points of failure
Resources:
🌐 Consult with Erik: https://form.jotform.com/222685728939070
🌐 Want to buy a franchise? Connect with Erik here - https://forms.gle/n4JedEuU5p7asE617
🌐 Want to franchise your business? Connect with Erik here - https://forms.gle/n4JedEuU5p7asE617
🌐 Franchisees and franchisors find proven tactics and strategies to scale YOUR businesses https://scalablefranchise.com/
🌐 2023 Franchising Economic Outlook: https://www.franchise.org/franchise-information/franchise-business-outlook/2023-franchising-economic-outlook
🌐 IFA/FRANdata Franchise Inflation Study: https://www.frandata.com/ifa-frandata-franchise-inflation-study/?return=8020&source=IFA%2FFRANdata%20Franchise%20Inflation%20Study
Connect with Edith Wiseman:
🌐 Website
Connect with Erik Van Horn:
🎥 YouTube
Ⓜ️ Medium
Erik Van Horn is a franchising specialist, and expert in multi-unit, semi-absentee franchise business ownership. From entrepreneur to regional developer, and investor to consultant, Erik has worn many hats over the last two decades, which has provided him unique insight into complex aspects of the industry. If you're a franchisee, a franchisor, or one aspiring to be, subscribe to the Franchise Secrets channel and visit www.FranchiseSecrets.com for even more tactical and practical tools to help you buy, grow, and sell franchises like an expert.
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