Following the top franchise blogs to keep on top of what’s happening in the franchise industry and to get useful tips and advice on how to run your franchise, whether as a franchiser or franchisee is very important. However, while blogs are invaluable as a source of information, you need to make sure that you don’t overlook other equally useful sources of information, such as national statistics and company websites.
Image Credit: ADP National Franchise Report July 2013
Company Websites as Sources of Information
If you are a franchisee, staying in touch with what’s going on with the franchiser’s company is key. If you’ve picked a good company though, chances are you’re already getting regular updates and even have access to inside information. However, there are still company news that might not be released to franchisees since they are not directly related to the franchising aspect of the business that would be good for you to know about. Company decisions seemingly unrelated to your business are still bound to affect you indirectly.
In addition to this, it would also be a smart move to keep track of your competitors’ website as well as news about them. This way you can better assess how well you are really doing compared to those in your specific industry, so you won’t have to rely on your own company for data. This is especially important because we know how businesses like to paint things all rosy for their franchisees to keep you from dropping them and going for another investment opportunity. It should also help you reassess your strategy and make necessary changes.
National Data and Statistics
The ADP National Employment Report is one of the best sources for reliable statistics in the US franchise industry. The report “is published monthly by the ADP Research Institute® in close collaboration with Moody’s Analytics”, giving up to date information and not stale yearly data. More important, they have a special National Franchise Report (also published monthly) allowing you to compare the performance of the different sectors within the franchising industry, as well as the franchising industry’s month over month performance itself. The changes in employment per sector gives you a peek at possible opportunities in sectors other than yours, and brace yourself for upcoming (and current) difficulties in your own.
So don’t go about making decisions blindly or relying solely on information from well-meaning franchise bloggers. Instead, take a more active role in arming yourself with information and follow not just the best franchise blogs, every other source of information that can give you data relevant to your business.
Andrew Ewing is a professional blogger that shares tips and advice about franchising topics. He writes for FranchiseExpo.com, a leading franchise directory.