Do your homework on the franchise that interests you. Then move forward with confidence.
Thinking big is a catalyst for better decisions and outcomes. Here's why.
High costs and increased regulation threaten to shrink the franchise footprint in some states. During the pandemic, FRANdata noted the 13 registration states suffered more unit losses, dropping 3.2 percent compared to 2.4 percent in non-registration states in 2020 compared to 2019.
To be a successful franchisee, avoid disconnects between your initial good intentions and business ownership reality.
Get to "no" quickly on bad-fit concepts, so you can say "yes" to the right franchise opportunity.
Make sure the franchise you buy, and their marketing system, are worthy of your time and investment.
Franchising is a powerful and highly successful entrepreneurial model. But it's not as turnkey or foolproof as some franchise salespeople would like you to believe.
A bell curve of unit-level performance exists in every franchise system. Adding locations will of course boost system revenue, but there is also potential to grow simply by lifting the performance of existing units.
Sustainable franchise system growth is rooted in franchisee satisfaction. But how much franchisee profitability is “enough” to attract your ideal franchisee and grow your brand? What return on investment? What lifestyle? Should you reverse-engineer your model to ensure maximum franchisee satisfaction?
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