BLOOMBERG’S “Your Money”: Entrepreneurs Find Their Future in Franchising
A recent Bloomberg TV “Your Money” segment features advice for prospective franchisees on the advantages of franchise business ownership. The segment showcases nearly a dozen franchise brands and addresses how many franchises offer less risk than typical start-ups, which attracts entrepreneurs, according to journalist Carol Biaggi. IFA staff helped to coordinate the segment by providing general franchising information and arranging for the many of the interviews during the IFA 2011 convention in Las Vegas.
The franchise model also delivers on name recognition. “When I mention Dunkin’ Donuts, it helps us get a start right away versus me starting, you know, Mitch’s Coffee Shop,” said Dunkin’ Donuts and Baskin-Robbins multi-unit franchisee Mitch Cohen.
The franchise disclosure document helps prospective franchisees during the investigation phase of their search to match their needs to a franchise company. “You want to look inside that resume, snapshot of that franchisor and find out do they really have a good experience or history in operating the system,” said Capital One Bankers President and CEO Reginald Heard in referring to the FDD.
For franchisors, Bloomberg’s video is a great resource to provide to prospective franchisees who may be considering investment in your system. IFA encourages franchise development professionals to utilize third-party resources such as this video to better educate and prepare aspiring franchisees and entrepreneurs about the benefits and considerations with franchise ownership. If you have a franchise development web site, please post the video and share via your social media channels.