Joel Libava
Of course you want to find a perfect franchise business opportunity. I do too!
After all, doing so would practically eliminate the inherent financial risks often associated with owning a business.
However, the notion of a flawless franchise business is more fantasy than reality. But you knew that.
In truth, the very concept of perfection in franchising is rather elusive.
One reason?
It’s a business model run by humans.
Heck, every business model…every business is run by humans. Even Amazon!
That said, the goal in your search for that perfect franchise opportunity should be to find one that has the best chance of succeeding with you at the helm. And one that’s exceptional in it’s sector of business.
So, what makes for a truly exceptional franchise?
Allow me to share my thoughts, so you can choose a terrific franchise business opportunity to own.
5 Things That Make A Franchise Business Opportunity Exceptional (But Not Perfect)
1. A Powerful Business System
At the heart of any successful franchise business lies a robust and extensively tested business system. A “proven” one if you will.
This system serves as the franchise business opportunity’s backbone, providing franchisees with a proven operational blueprint.
That said, without such a system, a franchise type business is little more than a rudderless ship, doomed to flounder in the treacherous waters of small business ownership.
So, when you’re evaluating a franchise opportunity, be sure to scrutinize the franchisor’s systems and processes. Inquire about their level of documentation, training, and ongoing support. Why?
Because in most cases, the more comprehensive and streamlined their systems are, the more likely the franchise is to thrive.
Learn how to evaluate any franchise.
2. Serious Brand Power
Most consumers today are drawn to recognizable brands, and a franchise business opportunity with a strong brand identity is no exception.
That’s because a well-established brand can confer numerous advantages, from increased customer trust to enhanced (group) pricing power.
However, the popularity of a franchise brand can also present challenges.
One such challenge is finding a prime location for your franchise business. At a price you can afford.
With that in mind, my take is that aspiring franchise business opportunity owners need to weigh the benefits of a strong brand against some of the potential hurdles (like real estate availability and affordability).
That means conducting thorough market research to assess the brand’s national presence, market saturation, and growth trajectory.
Note: you may want to use this free resource to do that.
In addition, you need to completely understand the franchisor’s strategy for maintaining and enhancing brand equity. And their plans for expansion in your area. Because you don’t want to be in an oversaturated market.
3. Innovative Vision
In our rapidly evolving small business landscape, innovation is the key to longevity.
That’s why the perfect…er…exceptional franchise needs to possess a forward-thinking corporate culture, one that’s continuously seeking to adapt and improve.
Tip: arrange a private meeting (during Discovery Day) with the CEO of the franchise business opportunity company. Doing so will give you a chance to ask about things that may be coming down the pike, product and/or technology wise. Plus you’ll get a feel if the CEO is innovative or not.
What is a Discovery Day in Franchising?
Finally, when it comes to franchising, brands that rest on their laurels are destined to fall behind, while those that embrace change are poised to thrive. So find one that’s forward-thinking!
4. Comprehensive Franchisee Training
Becoming a franchisee is a great thing. One reason? Training.
But only if the franchisor delivers on its promise of comprehensive training.
Wait. How can you find out how comprehensive the training is you’ll be receiving before you invest your hard-earned cash?
That’s easy.
Ask every franchisee you talk with and/or meet face-to-face how good their training was. Also ask them what it included. Make sense?
With that in mind, you really need to ensure that the training curriculum covers all facets of the business, leaving no stone unturned.
Because the more prepared you are to hit the ground running, the greater your chances of success.
5. Thriving Franchisee Community
The true measure of a franchise’s success and vitality lies in the performance of its franchisees.
That means seeking out franchise business opportunities where the existing franchisees are consistently profitable and satisfied with their investment.
I’ve talked about this before, but it bears repeating:
Franchisors that prioritize franchisee profitability tend to be super-successful. It’s the true definition of a win-win business arrangement.
In fact, by aligning the interests of company and the franchisees, these brands foster a sense of camaraderie and shared success.
Again…it’s because everybody wins! Heck, even the customers win, as their local experiences with local franchise owners ends up being positive. And as an added bonus, they become repeat customers and strong referral sources.
On Finding That Perfect Franchise Business Opportunity
In summary, finding a perfect/exceptional franchise business opportunity may require some time along with extensive research. But the payoff can be substantial. Especially if you embark on multi-unit franchise ownership or you buy an entire geographical area to develop.
Perfection in franchising may be an elusive goal, but with the right approach, you can find an opportunity that aligns closely with your aspirations, risk tolerance and lifestyle.
By focusing on these key criteria, you’ll be well on your way to securing a franchise that delivers both personal and financial fulfillment.
Just make sure you surround yourself with a community of thriving, profitable franchisees, and you’ll have a good opportunity to position yourself for greatness in franchising.
Just like the thousands of franchisees before you have done.
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