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Franchise Industry Offers Ideas & Insight For Entrepreneurs

The IFA brings together franchising’s finest to discuss how to bring out the best in business. With projected year-end revenues of nearly $740 billion and 7.8 million American employees, the franchise industry is filled with success stories and expertise of all kinds.  AllBusiness.com’s Franchise Blog made some surprising discoveries that could benefit entrepreneurs in every industry.

The following franchise industry insight also applies to the business community:

  1. Everyone is an entrepreneur – While some say that an entrepreneur is the person who started the business, most franchisors and franchisees consider themselves entrepreneurs because they’re in control of the business every day and know what works best for their business.
  2. Keep innovating – “You must remain current and meet the changing needs of consumers,” said IFA Chair Jack Earle, a McDonald’s franchisee whose legendary franchise encourages innovation.
  3. Develop a servant mentality – One of the most successful franchises, 7-Eleven, encourages a concept called “servant leadership” based on leading with influence rather than power. According to this framework, customers are elevated to the top of the pyramid and the CEOs who occupy the bottom serve their needs.
  4. Always be prepared – No matter what your position or industry, always have a Plan B and C ready for every situation.
  5. Money is still tight – Almost everyone agrees that credit is hard to come by today, but they realize we’re all facing the challenging economy together and are focused on a better future
  6. Optimism is on the rise – Franchising expanded in 2010, after a reduction in 2009, which has the franchise industry feeling hopeful and positive.

 

Entrepreneurs share many of the same goals as the franchise industry, which is why sharing ideas and information can lead to growth for both.

Read the article.

MDG Advertising is a full-service South Florida advertising agency, with offices in Florida and New York, that specializes in developing targeted franchise marketing solutions, exceptional online executions, and solid branding and media buying strategies that give franchises a real competitive advantage. MDG Advertising handles creative, media, and interactive marketing for Coverall, one of the world’s leading commercial-cleaning franchising companies, with a global network of more than 90 support centers and 9,000 franchisees.

Our core capabilities include advertising, branding, creative, digital marketing, media planning and buying, public relations, Web design and development, email marketing, social media marketing and SEO.  To view MDG’s portfolio, click here. For more information, email MDG, call 561-338-7797 or log on to www.mdgadvertising.com.

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