What does it take to be a successful franchise? Franchising is a fairly flexible business. Naturally it combines real ownership with a solid, proven, and well branded business opportunity. Franchising can be a fast way to grow because much of the work and planning has already been documented. Most opportunities will include detailed instructions. Generally speaking, guides to start up the business are provided. Of course, the brand has to be consistent. Thus the majority of the marketing collateral will already be established and available.
- A good franchise will have good management and leadership, along with a proven concept. This means that it’s track record has been successful. Their brand is reliable and trustworthy. Customers rely on franchises to deliver a consistent experience. Good franchises will ensure franchise owners follow brand guideline. Franchises with highly developed systems will detail policies and procedures. This is to continue the success of the franchise. Owners will strictly adhere to the brand requirements. As this will continue to promote the same credibility and trust for customers to continue to return to.
- Franchises need to be easily teachable. Franchises that require specific knowledge, or advanced training will be difficult for average entrepreneurs. All things considered, the start up curve will be steep, and the training may be arduous. Simple and easy to follow steps that can be repeated are the best types of franchises. Not to mention key messages that are easy to remember. This ensures that it will be easy for employees to learn, and repeat. Any difficulty in transferring knowledge to the owner will ensure frustration. Dissatisfaction and problems with the business will certainly follow.
- A franchise concept needs to produce revenue. The sheer number of locations of a franchise globally should give you an idea of whether or not the franchise is profitable. If the demand for the franchise is higher, it may mean that there is more demand for the type of product. Similarly, that the brand has good market reach. Either way, revenue is a good indicator of the management and handling of the franchise. This will determine when you will achieve a return on investment.
There are numerous issues that can affect a new business. Growth, area development, and staffing and support.
Having adequate support from a motivated franchisor will ensure you have a successful franchise, especially at start up, and should you run into any issues.
If a business meets this criteria, then it may be a good business opportunity.
At FRESH Restaurants, we understand that your success is our success. That’s why we have both a solid plan for your successful business, and incredible support for our franchises.