The Pillars as We See Them

by Elizabeth Denham

How it Started

Pillars of Franchising was started as a labor of love by our fearless founder, Fred McMurray. He is a champion of social media for B2B companies, Co-host and Executive Producer of Pillars of Franchising, CEO of Linked Local Network – a source for content to help professionals achieve worklife balance and CEO of Westvyne, a marketing company in Shell Beach, California with a global clientele.

In 2013, Inc. magazine listed McMurray as one of 54 social influencers. His mission is to provide a digital platform for online communities to connect via social media networks to the local, offline community – leading to new relationships, increased support systems and shared resources. Inc. magazine listed McMurray as a Twitter Social Media Influencer for 2013-2019.

Fred is an entrepreneur, speaker and platform blogger on social media topics for small business. He has co-developed the Digital Dominance Index Methodology for measuring the growth of a digital/social media presence. In addition, he was an early adopter of LinkedIn in 2003 and has worked on developing models for the development and growth of social media groups.

In 2010, he co-founded the Linked Local Network which is a co-creator content network to help professionals achieve worklife balance. The network develops creative Community Voices and interesting internet radio show content to the Linked Local Network audience.

McMurray continues to research the development of co-creator or syndication peer networks for individual, small to mid-sized business and nonprofits. Equally at home designing software solutions, trouble-shooting computer networks or building online community networks, McMurray understands the technology needs of small to medium-sized organizations.

In February 2018, Fred teamed up with his client, Ray Pillar to launch the Pillars of Franchising internet radio show. Pillars of Franchising is now a live multi-channel virtual event broadcast every Thursday at 4:00 pm central time. Listeners can chat live at the Pillars of Franchising website or call 323-5805755 to listen and ask questions.

How It’s Going

Pillars has launched from a podcast into a full-service consulting firm. We help you select and buy a franchise, grow it to profitability and make your dreams a reality. Our team of Million Dollar Franchisees helps you navigate the process and mentor you to reach your greatest potential. We support you with our leadership team as well as interviews with the top folks in their industries. Stay tuned, more is coming, and you don’t want to miss out on an opportunity to secure your financial future!

If you are a potential or current franchisee, we can help you with:

+Finding the right franchise • Navigating the purchase process • Finding a mentor • Building a network • Reaching your goals

If you are a franchisor, we can help you with:

• Attracting new franchisees • Marketing your business • Lead generation • Generating visibility • Reaching your goals

What are the Pillars of Franchising?

Pillar 1: Finding the Right Opportunity

Finding the right opportunity for business ownership is not as simple as looking at a catalog and picking one that looks like fun. There are a lot of factors to be considered:

• Cost of the franchise • Franchise fees • Royalties • Marketing fees • Your financial situation • Are you solvent enough to cover your living expenses while you are ramping up your new location? • Existing franchisee performance • Training, tools and mentorship provided by the franchisor • Culture of the franchise system • Competition • Available revenue streams • Market conditions • Opportunity for growth • Competition in industry • Your passion for the product/services • You skills/talents/interests • Resale value/opportunity • The right fit for you individually

Pillar 2: Training, Mentoring and Support

Training both in the initial stages of franchise ownership and continuing education throughout the life of your business is critical to your success. When looking for a franchise, it is important to evaluate:

• Onboarding training • Skill-based training • Training in operations and systems • Leadership training • Marketing training • Technology training • Continuing education throughout the evolution of the business

Pillar 3: Growing a Profitable Business

Franchising is a great way to start your path in business ownership. When you buy a franchise, there is a proven business model, a system for running that particular business in place and the support you need from the franchisor for problem-solving and growth. When you buy a franchise, it is important to:

• Follow the business plan. • Understand the operations manual inside and out – and follow it. • Stay true to the brand in marketing, process, quality and customer service. Don’t reinvent the wheel. • Stay in touch with your franchisor/corporate office and develop that relationship to help you in times of uncertainty or crisis. • Ask for help when you need it. • Network with other franchisees.

Pillar 4: Working to Build Community

In a franchise system, the best news is that you are not alone. As the franchise community loves to say, you are in business for yourself, but not by yourself. They love to say it because it is true! Take advantage of your franchise community and bend the ears of those who have been around longer. Once you do that, look outward and get involved in your local community. The more entrenched you are, the more your participate (sponsor teams, do fundraisers, sponsor events) the more the community will support you.

Pillar 5: Improving the Brand

Keeping true to your franchise brand is critical to your success. If people come to expect one thing from a brand and get another, it is a BIG turnoff. Here are some examples of ways you can improve the brand and do your part for the franchise:

• Ensure your team understands why consistency is important. Get them to buy-in to the brand. This builds customer loyalty. • Understand the brand assets from the logo to the color scheme to the messaging. Use them consistently and appropriately. • Start small and scale your business. You cannot start where you want to end. As you become more proficient and more accomplished, you can build at a pace that you can ensure consistency. Don’t go for too much too fast. • Evaluate the performance at each of your locations. Knowing where you are will help you know where you need to be. Results: Success and Transitioning

Once you understand and implement the Pillars of Franchising, you are ready to enjoy your success and prepare for the future. Prepare an exit strategy whether you have future generations coming into the business or you want to sell. Here are some tips:

• Understand that most franchises do not survive the retirement of the original owner without a succession plan. This is a non-negotiable necessity for your success. • Create a trusted team of advisors. • Understand the value of our business and prepare supporting documents. • Get your documentation in order. • Identify a successor. • Vet a successor. • Create an appropriate legal and financial team to help you through the process.

We can help you with any of the Pillars of Franchising through our consulting, mentorship and resources. Contact us today for more information.

YourFuture@PillarsOfFranchising.com www.PillarsOffranchising.com