Let’s face it, at some point in your life, change becomes necessary to keep your juices flowing. You’re proud of the fact that you’ve achieved some success in what turned out to be a long-term career. But it’s time to retire yourself from that position and find a new venture that will inspire you and even your family to even greater success. What exactly separates a successful franchise system from an also-ran?
You began the franchise validation process a few months ago and came to the conclusion that there is a lot to choose from. You even considered starting a new business vs. a franchise but in the end, given your age, a proven franchise model with a history of successful franchisees seems to fit your life cycle better. The franchise that you have decided to move forward with is known in its industry as one of the best franchises with more than 100 franchise units operating nationally. As they say in franchising, you’ve picked one of the top franchise brands. Your homework is done, your business is staffed and you are ready to rock and roll.
Ingredients for Your Successful Franchise Business
- Proven System: One thing you will want to do is find franchise opportunities with a system that has been proven over time and has been duplicated consistently in all environments. If you do what they did, you will also be successful. In franchising, outside of a first class entrepreneur to manage and operate your business, it is all about the franchisor.
- Support: A relationship between a franchisor and a franchisee should be viewed as a partnership. The ongoing success of a franchisor is in direct correlation to the success of a majority of the franchises in a system. Some things that are included in franchise support are superior training, ongoing mentoring from other franchisees that have been successful, operational management, staffing issues and assistance during tough times. Franchises that offer plenty of support turn out to be the best franchise systems.
- Advertising: New customers need to come from somewhere. Some of the top franchises have advertising campaigns that are robust and advertising is key to helping when it comes to helping you find and gain new customers into your franchise business.
- New Products and Services: The best franchises out there are tireless innovators that keep an open mind and respond to change. Franchisors will have some sort of track record that shows they have put money into the research and development that is needed for testing products and ideas that are new. This will better revenue streams on an ongoing basis that will set your franchise apart from others.
- Solid Reputation: You can never do enough due diligence to assure there are no surprises that may potentially affect your business. You should contact the Federal Trade Commission to see if any complaints have been filed about the franchisor. The best franchises have a repeated pattern of success, which translates into a successful franchise. If you have properly done your homework, you will have picked a franchise that has a reputation that solid.
- Large Franchise Base: Franchise systems that have a large franchise base tend to be less risky than a new franchise system. However, that doesn’t mean that a new franchise will not be successful. Keep in mind that new franchises will often have a new concept, idea or product that will turn a franchise market that is stale upside down. However, you may want to stay with an established franchise brand if the risk level is low enough.
- Friendliness: The best franchises that are out there are friendly to their franchisees, customers, suppliers and workers. Remember that you are going to be working with your franchisor every day for a long time, so you will want to find one you enjoy doing business with.
As you are looking around for the right franchise to buy or if you have already purchased one, keep these ingredients in mind to assist in your success and be sure to look to yourself to manage your franchise business efficiently.