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Now turning the Black Friday you're thinking about that right my next guest says expect to see many restaurants and hotels expanding their hours.
Offering discounts and rolling out new products this year.
-- -- -- -- Is the president and CEO of the international franchise association -- thanks for joining us.
I would assume that Black Friday is every bit as important to franchisees as it is to any other retailer business operator in the country.
Well first thanks for having Terry and yes it is I mean as you know we've been going through small business community franchise business community in the biz media as a whole.
Has been going through a very challenging economic and public policy climate.
So the great thing about franchising.
Is that you're in business for yourself but not by yourself so the franchise or worked very closely with their franchisees.
To offer freebies or discounts on new and existing products that will help to drive traffic and sales especially during times around the holidays.
Well -- -- that there are some examples of that at exactly what you're talking about starting with chilies in TGI TGI Friday's what are they doing.
They're offering discounts.
You have Intercontinental.
Discounts through Twitter you have -- at hotels offering significant discounts.
They're Caribbean hotels relative to resort credits.
Room upgrades discounted rooms you have -- -- that through their website about that dot com.
They're offering discounts to their partners both at the local level I think there's about twenty deals locally for folks in 200 national deals.
So they're really focused on driving traffic and sales and are still very sluggish economy are.
Well yeah I think it's interesting that you mentioned how.
Franchisees are really small business operators they may have the brand name of the big national company like McDonald's or whatever.
But they're really small -- small operators trying to make -- go -- it.
And they create some eighteen million jobs in this economy.
They're responsible for two point one trillion and sales.
In the economy every year I mean that's that's really astonishing.
Because there's not might be thinking making a franchise is the right thing for me I'm I'm looking for a business idea what -- people need to consider if they're considering buying a.
Well first and foremost -- a huge part of the US economy we represent over 825000.
-- like anything else any business you might consider getting into do your research.
Do your due diligence check out the franchise or disclosure document if you're thinking about becoming a franchisee.
Look at the performance.
The record of the franchise.
There their track greater -- that history.
Pretty there history it's readily available -- -- -- -- franchise.
You can contact that brand directly and and there have been and they will provide it.
And of course I think what's really critically important -- -- speak speak to existing current.
Well -- they made a lot of sense are they making money what's working what's not.
But what I will tell you is that over the last decade -- Jerry franchising is around 40%.
And our biggest issue right now -- -- lack of credit.
And there's a 20% shortfall but yet we're still not grow maybe 22 and a half percent this year which is better than most industry.
-- yeah that's interesting because we hear that from all kinds of small business operators that they can't get the money they need.
Tell me if so could I always wonder if I'm gonna buy a franchise quickly how much you might get a pay what's the range of prices out there for franchise.
-- to go anywhere from 5000 to a million plus it depends it is there were what what the brand is is there real estate involved.
-- but what's great about franchising is -- something for everyone.
And what we know especially given this economy that more people are trying to take.
Control their own destiny and so -- so so being in franchising.
-- been appealing to Lotta people.
If we otherwise dry -- do the retail store you get all kinds of different things you've got -- -- we've got restaurant hotels we've got you know automotive services.
Personal business services we cover and again we're on virtually every mainstream America.
That's right and and good luck to you Steve thanks for coming on tonight appreciate your time.
You're welcome -- thank you happy Thanksgiving happy Thanksgiving to Easter.