During this week’s edition of the Proven Match blog, we’re going to look at some of the hidden secrets that drive the success of popular franchise brands. What is it that they’ve found out and how might we implement a similar path? Written in a “Business Commandments” style and in no particular order, we offer these strategic insights:
Thou Shalt Offer Multiple Location Settings
When we think of franchises, we tend to think of some form of a brick and mortar retail location. No doubt they make up a wide proportion of the over 3,000 different franchise concepts on the market. But what the really successful franchises have done is make the location setting an exercise in flexibility. For example, you might see a Subway franchise in your nearest shopping center, but there’s also one inside the airport terminal. Or, you could go to an Enterprise Rent A Car location at the airport terminus, but it’s also highly likely they’ve got a satellite office in an accredited auto body repair shop. These successful franchises have made it a point to reach customers at the highest point of convenience.
Thou Shalt Be Well-Known
One of the main reasons franchisees want a franchise of their own is the powerhouse label they’re buying into. It’s one of the highest selling points we have. And many of the high profile franchise brands have achieved this awareness through years of quality marketing and advertising outreach. Franchise brands doing some of the best work today have begun including high profile social media campaigns to attract their next generation of owners. Why now? Because statistical data proved that in 2016, more eyeballs were on smartphones than desktops.
Thou Shalt Offer Superior Financial Assistance
People who ultimately buy a franchise must come up with the start-up costs to launch the business of their dreams. Some come to the table with a nest egg of money earned over time, earmarked for such a transition. But many others do not. This, however, may not make them any less of an attractive candidate. Franchise brands who offer multiple paths of financing close more deals. Top brands have established relationships with various funding sources and initiatives to guarantee that the most qualified candidates don’t get away.
Thou Shalt Create a Superior Culture
Top franchise brands take recruitment to the next level. That’s because they need to know if their prospective franchisee is going to fit within the confines of a carefully crafted corporate culture (say that three times fast!). The most successful franchise brands are constantly looking for the next blue chip prospect—ones that can both make a difference and exist comfortably within the business model. Many of these top brands pride themselves on attracting certain entrepreneurs who will be solely dedicated to success as a business owner. Prosperous franchise brands should want a corporate culture in which their franchisees can easily exist in business for themselves, but never by themselves.
Thou Shalt Think Big
There is an obvious shift to multi-unit franchise growth. People are beginning to take notice of looking at the big---or should we say bigger---picture when it comes to franchising. If a business plan charts the growth of a single franchise location which later becomes successful, that success can triple if the candidate buys a three-pack. Think big, be big is an old adage on the new motto: Go big or go home.
You could scour the Internet and find numerous articles on what makes successful franchise brands that much better than their competition. We’re guessing you’ll still find the leading brand names out there, such as Jimmy Johns, Dunkin’ Donuts, The UPS Store, etc. There’s a reason these guys are repeatedly at the top of Entrepreneur’s Franchise-500 rankings. They have a quality product or service at a good price. And a tremendously successful franchise operations group behind the scenes.
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As a franchisor, you’ll want to know which existing and potential franchisees best fit your business concept. Proven Match is the proven solution in determining those factors. Through our proven behavioral assessment techniques, predictive analysis becomes a predictive success for your franchise concept. If you’re ready to show your leadership by getting started, give us a call and we’ll put you on the path to a more productive year in 2017.