I'm back in the office after the International Franchise Association's annual conference and the buzz of franchise growth was abundant throughout the conference. The Wall St. Journal reports that the franchise industry is once again experiencing a resurgence after a few years of decline.
All segments in the franchise space (retail, business services, restaurants, lodging, etc) are expected to grow. Over the course of the conference, I heard about franchise chains experiencing new store growth and looking for smart ways to sell their franchise. Specific examples include Great Play, Appleton Learning Center, Smoothie King, and Christian Bros Automotive to name just a few.
The advice we give these franchise concepts is how to utilize analytics for smarter growth. Make sure you understand the right number of franchises to sell in any given territory to maximize results in a market. Assure your franchisees that you're pre-qualifying sites to ensure success by having a location surrounded by the right type of customers. Perform analysis to identify best new markets for growth.
Having that intelligence about your customer really is a big part of the equation to smarter growth.