Ask a simple question, and, if it’s directed at a franchise operator, you’ll probably get about six thousands answers, not one of which actually addresses the question. Like, “How much can I make operating one of your franchises?” Until now, you’d probably here a lot of double-talk along the lines of, “I’d love to tell you exactly, but the FTC prohibits me from doing do.” Actually, the FTC specifically permits a franchisor to disclose information about the actual or potential financial performance of its franchised outlets. There is also an item on all franchise disclosure documents called the Financial Performance Representations, where franchisors are allowed to provide detailed information. Many franchisors still choose to leave this space blank, but some, like Great Clips, are providing realistic projections of sales, expenses and profits. It’s time for more franchisors to follow suit.
7-Eleven gets wired. We all know that 7-Eleven is the go-to place for every junk food item under the sun. Now, it’s launched a new website that promises to deliver all things franchise, including a map of available store locations, information about converting an existing business to a 7-Eleven store, and investment costs and royalty agreements. The marketing mavens at 7-Eleven say their goal is to ensure everyone knows that 7-Eleven is proactively franchising. No word yet on in-store Wi-Fi or a company Twitter feed, but at least 7-Eleven has finally discovered the Internet.
Longest 7-Eleven franchisee. When Dick Newmark signed on with 7-Eleven, the Internet hadn’t even been invented yet. (Shh, the folks at 7-Eleven are just waking up from their digital slumber.) For that matter, neither had the Slurpee. Newmark opened his first 7-Eleven in Santa Clara, California in 1962. Being the first franchisee is not his only claim to fame. He’s also the man responsible for convincing the chain to start selling ready-to-eat hot dogs. (We’re not sure who started the microwave Burrito, but that guy deserves a medal.) This tell-all article highlights the amazing career of Mr. Newmark.
Franchise employee of the week. Mark Heuer of Wisconsin gained national attention when he publicized his quest for employment by leasing a billboard overlooking a busy highway. He got plenty of job offers, but mostly from network marketers who wanted him to sell super blue green algae and acai berry extract. Instead, he accepted a more promising position with a local franchisee of Home Instead Senior Care. If things go well, he says he may even buy his own. Who says it doesn’t pay to advertise?