Why Franchises Are Failing (And What To Do Instead)

In the old days, when you thought about a franchise, you probably thought about McDonald’s - the prototypical franchise model. Someone who wanted to be an entrepreneur, create wealth for themselves and have some freedom, but who really didn’t want to take the risk of starting from scratch with their own ideas (that might not work) would invest in a famous franchise like this one. When people invested in a franchise, they would get a reputable brand, massive advertising, precise information about the equipment they should buy, training on how to make the product, how to sell it, and how to store everything. They would receive instructions about the whole process. A franchise wasn’t necessarily drawing the highest profit margin, but you could get revenue consistently. It was a predictable money machine. But the modern franchise is different. And it is failing. Right now, modern franchises don’t have the attributes that they need to be successful in the long run. But luckily, there are three things that franchises can implement in order to survive and serve their franchisees better. In this episode, Chris Cooper shares these actionable items with you so you can improve your business (even if you don’t have a franchise.)   “The modern franchise doesn’t have the attributes that it needs to survive in a modern information-based economy.” – Chris Cooper In This Episode:- Franchises in the past- Franchises in the present- Importance of tracking metrics- Learning from metrics taken - Incentives propel evolution - What to do for your businessAnd more!Connect with Chris Cooper:- www.businessisgood.com