Joel Libava
Some of the people that have met with me for franchise selection advice have insisted on investing in an opportunity that has a recognizable name. Why is that?….
The discussion that I always make sure I have with prospective franchise owners includes a discussion of brands, and how it relates to their risk level.
I have found that most of my candidates feel that if they invest in a franchise of their own that has a great brand, like an AAMCO, a Dairy Queen, or even something like Subway, that they are entering the world of franchising in a way that really lowers their risk. That is not necessarily the case.
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Just because one invests in an extremely well branded franchise like Subway, does not mean that their investment equals what will amount to guaranteed financial success. What if:
- They have no food service experience
- They have never managed a group of hourly workers
- They did not do their research, correctly
- They didn’t have enough capital
Do any of those possible errors in franchise selection negate any positive impact of a recognized brand?
Another thing to think about as it relates to brand, is how does a franchise’s brand impact the availability of a great location for a prospective franchise owner?
If you are just starting your franchise selection process, you are probably thinking about where you would like to put your franchise? {If the franchise you are looking at requires a leased space} It is only natural to start thinking about where you would want to put your new business. it helps you visualize things better.
If you are looking into investing in a franchise that has a great brand, be prepared to be very flexible about your location choices. After all, if the franchise concept is branded, the choice locations may already be spoken for.
I have outlined a few things you may want to think about, when choosing a suitable franchise. Yes, the brand is important, and if you happen to have a strong brand, it will help you set yourself apart from the mom and pop operators in your geographic location.
In the future, I will discuss investing in franchise opportunities that may not be well branded. But, maybe it doesn’t have to be, for you to be successful….
This month’s Poll Question has to do with this article.
You’ll find it just to the right. Please vote on this important question…
“Is a franchise concept’s brand an important part of your franchise buying decision?”
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About the Author
Joel Libava is The Franchise King® — an independent franchise advisor with 25+ years in the industry, two published books on franchising, and his writing has been featured in The New York Times, Forbes, CNBC, Entrepreneur® Magazine and others. In addition, he wrote exclusively for the U.S. Small Business Administration blog for eight years. He doesn't sell franchises. Instead, Joel helps you figure out if franchise ownership is actually right for you — and if it is, teaches you his powerful, proven-to-work franchise research techniques, so you can make a smart, informed decision on a franchise to own and be your own boss.
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