We recently discussed some key state and federal websites and agencies that are readily accessible to NY franchisors and franchisees. Today, we will explore some of the organizations, associations, news outlets and research groups you can join or consult to better establish your presence and stay updated on trends that impact your franchise business.
Franchise Associations and Organizations
There are organizations – for-profit and not-for-profit – that service nearly every type of industry or profession. Franchising has several key associations and franchise stakeholders should embrace the ones that reflect their interests. Memberships can be at the national or state level. Because New York is a hub of economic activity, these organizations may even have local chapters in New York City, Long Island, upstate and Westchester.
International. One of the most popular professional franchising groups is the International Franchise Association (IFA), which touts itself as the world’s largest membership organization for franchisors, franchisees and franchise suppliers. Like many global organizations, the IFA hosts industry-leading events, advocacy, education and growth opportunities for the franchise community. Franchise.org
North America. The North American Securities Administrators Association (NASAA) began its second century of service in 2019. The inception of NASAA antedates that of the Securities and Exchange Commission, and as per its site, prides itself on advocating for the protection of investors, “especially those who lack the expertise, experience and resources to protect their own interests.” For franchisors in particular, it can be useful to be familiar with this organization because though NY franchisors register their franchise offerings with the NY Department of Law, those filings can now be made electronically through the NASAA Franchise Electronic Filing Depository (FRED). NASAA.org
United States. The American Association of Franchisees & Dealers (AAFD) is a national non-profit trade association representing the rights and interests of franchisees and independent dealers throughout the U.S. The AAFD also encourages franchisees to launch their own local chapters to align with the national association in an effort to level the playing field in a franchise system by joining franchisee voices in common causes. AAFD.org
Benefits of Engagement
In addition to the networking potential, joining a professional group or association has many benefits, such as volunteerism, education, certifications and advocacy. When it comes to education, I am also referring to the publications these groups produce, which include handbooks, guides, texts and magazines. All of these can be extremely handy and are often readily available.
Engagement can be remote as well – most associations welcome content contributions in the way of articles, educational sessions and webinars, in an effort to keep the membership informed by their peers. All these activities will broaden your presence and elevate your professional profile. My own experience in associations has been positive. I have received huge returns by getting engaged; what you put into an organization is often reciprocated tenfold.
News, Trends and Data
There is so much content out there that it becomes difficult to distinguish news and real insights from the noise. You can always check the aforementioned websites for content but you should also be looking for unbiased, professionally-produced information.
You might have seen some of our firm’s LinkedIn posts linking articles from FranchiseTimes.com, which always has insightful news reporting. This publication also issues the prestigious Legal Eagle awards.
Franchising.com is published by a media company that is dedicated to covering our sector. The company also produces conferences. It also features a matchmaking directory that can be useful for transactions and seeing market values.
For unfiltered market data, IBISWorld.com is a surefire resource. You can search for nearly any type of company or industry and find top-quality research and data points that will help you make sound business decisions. Access to its market reports requires a subscription or fee, but the information is quite substantive and the subscription may even be tax deductible, since it is being used for business purposes.
Finally, in the search for practical tips on operations, strategy, supply chain issues and other challenges, check out the blogs of well-known franchisors and franchisees. Your peers might offer eye-opening ideas and insights you might not have otherwise considered.
Contact Lusthaus Law
In addition to all the links listed above, remember that Lusthaus Law’s website is a resource for New York franchisors and franchisees. We have published two downloadable and complimentary e-books and our Insights blog is regularly updated to reflect industry trends and recent achievements in client representation.
Lusthaus Law has extensive experience representing franchisors and franchisees. We can help you avoid mistakes and protect your interests.