Scotty Milas' All Things Considered Franchising Podcast w/ Edith Wiseman of FRANdata

Edith Weisman is the President of FranData, a company that provides research and information to the franchising industry. She has been involved in the franchising industry for 25 years, and she and Scotty, the host of the "All Things Considered Franchising" podcast, had a chance to reconnect recently to discuss the industry.

During their conversation, they discussed the importance of data in the franchising industry and how it can help companies make better decisions. Edith explained her role at FranData, which is to provide data-driven analysis and insights that can guide companies in their decision-making process. She also discussed the different types of brands and the various levels of investments that can be made. Finally, Scotty reminded listeners that numbers don't lie, and that data can be a powerful tool when it comes to making decisions.

Scotty and Edith discussed the role of data in franchising. Edith explained that data and information can be meaningless unless it is put into context. They help companies grow in franchising by understanding the business model, which consists of 30 industry categories and 300 sub-sectors. Scotty was impressed with the amount of detail that goes into franchising. Edith also mentioned that some industries are newer to the franchising model, while others like food service have been around for a long time. To illustrate the value of data for franchising, Edith gave an example of looking into financials to see if a franchise is profitable, and if the profits are reinvested or given to shareholders.

The conversation between Scotty and Edith focused on how franchising has evolved beyond just food service-based businesses. Edith highlighted how franchisors can use their services to better execute onboarding training and improve franchisee success in the first 18 months of operation. They discussed the importance of the first stage of entering into the franchise system to ensure profitability and sustainability. Scotty and Edith also shared their experiences in the industry, noting how far it has come in the last 15-20 years.

This conversation is about the success of franchising and how it helps people get into business ownership. Edith explains that there are many new franchise brands coming to market, with food being the largest category. Franchising is an effective model for building wealth and getting into business ownership as it is de-risked. Edith shares the story of one franchisee who had to spend all of their money to get started but now has five locations. They both emphasize that franchising is not easy and requires hard work and grit. They also mention that the IFA conference had 4,000 attendees and there are close to 4,000 types of franchises and over 700,000 businesses that operate in the US that are franchise businesses. The industry is growing!

Scotty can be reached at scott@scottmilasfranchisecoach.com and at (860)751-9126.
Edith Weisman can be reached at eweisman@frandata.com.

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