Franchising News

what’s new!

HEYDAY cLoses $20 miLLion series B rounD LeD BY LeVeL 5 caPiTaL ParTners (L5)

Heyday, the fast-growing company making expert skincare accessible, announced a $20 million Series B round of funding led by Level 5 Capital Partners (L5) with participation from existing investors Lerer Hippeau and Fifth Wall Ventures.

The fundraise will allow Heyday to further scale and cement its position as the trusted brand in skincare, with expansion through franchise of its high-touch physical experience and innovation in delivering personalized skincare. “This strategic funding will enable us to accelerate our growth and deliver on our vision of delivering highly personalized skincare solutions,’’ says Adam Ross, CEO & Co-founder of Heyday. “We are proud of the industry leading in-store facial experience we have built and excited to expand across the U.S. while innovating digital experiences to meet consumers’ daily skincare needs in a differentiated, expert way.”

Heyday’s expansion will meet the consumer both on and offline and will be inclusive of physical store expansion through a new franchise system while simultaneously digitizing its experiences and services.

“By expanding Heyday’s physical footprint to hundreds of stores in the next five years, paired with unique expert-led services available virtually, Heyday is poised to become the most trusted company in skincare,” says Chris Kenny, managing partner of Level 5 Capital Partners (L5).

https://www.heydayskincare.com/pages/ franchise

financiaL PrePareDness for franchisees: from PPP Loans To The unKnoWn

Reflecting on the past year in which one in five small businesses permanently closed, financial preparedness was a key factor in what helped keep many brands afloat.

Specifically, for franchisors like Subway, Senior Helpers, and Meineke, securing millions of dollars in PPP loans for hundreds of franchisees as quickly as possible provided the foundation for recovery.

Behind that execution was a pre-existing partnership with BoeFly, a premier online marketplace for franchise growth solutions. Mike Rozman, founder of BoeFly, shares that trusted partnerships empowered franchises to successfully navigate the unexpected twists that typically accompany financial opportunities like the PPP loan application process. “When it came to securing a PPP loan, speed and positioning were essential. As an outsourced partner, BoeFly helped guide franchisors in assisting their franchisees to rapidly access PPP funds and keep their businesses running. I encourage franchisors to have financing partners in place rather than wait for the next curveball to be thrown our way,” said Rozman. Outsourcing has been a trend on the rise, seeing as it can preserve resources, streamline operations, and reduce spending by up to 60% when it matters most. Bernie Fitzgerald, a franchisee of Senior Helpers in Florida said: “We received a six figure PPP installment and used it for payroll and rent. We were able to use the funds for payroll and keep the staff doing the terrific job they do for the most vulnerable of our citizens.”

As recovery continues, outsourcing facilities management will continue its estimated incline, reaching $1.9 trillion as an industry by 2024.

onLine LifeLine –CLOTHES MENTOR Launches game changing ecommerce siTe

Clothes Mentor, the nation’s fastest growing women’s resale clothing franchise, launched an eCommerce site in 2020 to combat decreased in-store sales due to the pandemic. It proved to be an immediate lifesaver for their franchise owners, increased new business from out-of-town online shoppers and enabled the stores to avoid employee layoffs.

The introduction of the online store has also been a hit for Clothes Mentor’s customers. Women can shop for more than 200,000 items of gently worn clothing, shoes and accessories from 82 stores nationwide, with the profits going back to the local store owner. Customers can now shop local from other company stores throughout the country on the website. People can also bring their like-new items into their nearest Clothes Mentor store to sell and receive cash or store credit on the spot. “When our stores shut down, we had to scramble and launch our online website to keep our franchisees profitable and answer this growing demand for secondhand fashion,” says Chad Olson, COO of Clothes Mentor. “Our new website is a win-win for women looking for high quality, gently worn clothes at a great price. Resale is here to stay and now it’s more accessible than ever with our online site that updates fashion daily.” The online store continued a trend in which the resale fashion market is growing 25 times faster than the overall retail market. It not only gave franchisees a much-needed lifeline, but it came at a perfect time when more people were avoiding stores and shopping online during the pandemic.

EDIBLE is coming uP fresh WiTh PLans To oPen 40 neW sTores in 2021

Franchise industry predicts record-high growth in 2021. Edible®, the world’s most beloved leading gifts and treats destination, had a monumental 2020 amid the COVID-19 pandemic due to the release of innovative products, impressive sales numbers as well as the introduction of a new and creative prototype. According to an article featured on Entrepreneur.com, 2021 is predicted to be the best year for franchise growth in a decade, and Edible® is no exception to this encouraging statistic.

The brand has a solid expansion strategy in place with a goal to sign 160 franchise agreements and open 40 new stores this year. This aggressive growth goal follows its 141 signed franchise agreements in 2020 and 46 of its stores reaching million-dollar status. Along with this, the brand had its most successful Valentine’s Day to date in 2021 with a 26% rise in sales from last year. In addition to these impressive numbers, Edible® is also looking to grow internationally in emerging markets such as Canada, China, Europe, Pakistan, India, the Middle East and Mexico. Along with the essential launch of Fruit & Vegetable Produce Boxes at the beginning of the COVID-19 pandemic, other additions to Edible’s® diverse product offerings include its introduction into the floral space with FruitFlowers® and new treats in the Edible Bakeshop™. Edible Music™ has also launched with albums from Grammy- and Tony-Award winner Leslie Odom Jr. Offering all of these innovative products, the brand’s new prototype creates a more interactive and theatre-like experience for customers.

With an exciting pipeline in place, Edible® is looking towards a prosperous 2021 and continues to be a trailblazer in the franchise industry.