3 Hallmarks of a Great Franchise

We are surrounded by franchise businesses. Whether you’re looking for a quick lunch at a drive-thru or need to get your pipes flushed, you might be utilizing the products and services of a franchise. The reason that franchise businesses are so successful is that they’ve built up a brand that can be trusted. Consumers don’t ever want to feel like they’re wasting money. That is why they prefer a company they’ve done business with before. A great franchise is a benefit for the customer and for the franchise owner.

Ongoing Support

A franchise business is attractive to investors because of the ongoing support they provide. A franchise that is already up and running is a genuine, turnkey business. You can take over ownership and keep the business going without the need for any significant changes. If you were to invest in a new franchise location, then the parent company will provide all the logistical support you need to build out that business. They will also provide the necessary training that you need to run the operation.

Once the establishment is open for business, you will continue to receive support from the parent company. Most franchises provide a designated representative for the new owners to provide answers to any questions or concerns. That would be hard to find with a startup.

Experience

A franchise operates from the foundation of a proven business model. This is where longevity comes into play. Because of the years of experience, a franchise will have already worked out the problems with the business. One list of the top 10 concepts showed that they had an average of 20 years of experience. That experience provides them with a deep understanding of exactly who their customer base is and how to please them.

That experience also helps with selecting the location of a business. A lot of research goes into determining the best spot for a franchise. As the owner of that franchise, you’ll benefit from all the company’s previous research and development.

Marketing

When McDonald’s does a movie tie-in, they will launch an ad campaign across multiple platforms all geared towards generating more business for each individual franchise. This kind of national marketing of a franchise business is ongoing and reliable. Every television spot can have a positive impact on your business. The cost for this marketing comes from your franchise fees. When the business is a success, everyone wins.

When the business has proven to be a success, it can lead to opportunities for additional franchise investments. It is rare to find a successful franchise owner with just one business.

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About the Author Miha Matlievski

Breaking taboo called FAILURE by talking openly about it, sharing my fail stories and lessons that I learned on my way back from hell. I had four successful companies that at one time all went bankrupt. You could say that I went from hero to zero. But I managed to survive! Down that road I became Fail Coach not by degree but by failing personally and professionally, learning from my failures and growing. If you are looking for a coach try not to find one with shiny diploma hanging on his wall but one that has personally gone to hell and back.

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