Empowering Entrepreneurs

Frannet Of The Heartland Provides Support System To Franchisees

has been a pretty consistent problem in the Midwest,” Martin explained. “Now, brands and concepts have been designed and launched that require few, if any, staff to grow and scale territories.”

More recently, Martin described the industry’s response to the pandemic as “commendable.”

“The majority of franchisors swung into action quickly, devising new operating procedures that allowed their franchisees to adapt and weather the storm,” he said. “Many paused royalty payments but increased their spend on marketing and advertising. As for the after-effects, franchise brands have increasingly invested in innovative digital platforms and online services designed to streamline operations and build closer networks among their franchisees.”

Bankers have taken notice.

“I’ve seen many lenders who now look more favorably on funding for prospective owners, even in an atmosphere where we’re dealing with considerably higher interest rates,” Martin added.

He also said it’s safe to say that franchising has “leveled the playing field,” promoting opportunities across a wide swath of formerly underrepresented groups.

“Entrepreneurs come from all age groups, income levels and demographics, and the industry has responded by developing even more concepts that appeal to semi-absentee or semi-passive owners,” Martin said. “This aspect has generated a lot of attention and capital from a new class of investor-owners who see franchise ownership as a means to diversify their business portfolios.”

In fact, Martin said the first franchise system ever was female-owned: Harper Method Shops. Reportedly, the Buffalo, New York-born salons were started in 1891 by a former servant, Martha Matilda Harper.

In his firsthand experience over 20 years as a franchise consultant, Martin said he has found a certain mindset is well-equipped to succeed as an entrepreneurial business owner.

“There are three distinct qualities you should nurture and develop if you’re considering an entrepreneurial future; these include resilience, optimism and curiosity, or ‘ROC’ for short,” he remarked. “If you can set your mind to developing these qualities and you live by these ideals, I believe you have a much better-than-average chance of success in achieving your goals.”