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Franchises That Have It All

Franchises That Have It All

By FranchiseKing, Guest Blogger
Published: January 19, 2016 Updated: January 19, 2016

When looking for a franchise to buy, it’s important to find one that has it all. But, what does it mean to “have it all.” I’ll show you.

The Franchise Model

Franchising has been called the greatest business model ever invented, and with good reason.

It’s a wonderful way for people who’ve always wanted to be their own boss to do to so by leveraging someone else’s proven (hopefully) business system.

A lot of things go into a business system; especially one that is replicable by hundreds and sometimes even thousands of others. Let’s look at a few of them.

Great Products/Services

It all starts with quality. If the franchise you’re interested in offers a high-quality product or service, it’s much easier to get customers in the door. It’s also a lot easier to keep them coming back for more.

Product or service consistency is also important. It’s a big part of what makes franchising so successful.

A franchise that consistently offers a great product/service is a franchise I’d want to look into.

Strong Branding

All of the locations of the franchise you’re investigating should have the same look and feel. It goes into branding, and it’s what makes the business itself so replicable.

Good franchise research needs to include in-person visits with existing franchisees of the concept you’re interested in, so you can find out for yourself if the same look and feel exists. It’s a great way to see the franchise operation in action-one you could eventually own and operate. It’s also a wonderful way to check out the franchisors’ branding. You’ll be able to see first-hand if it’s consistent, which is another advantage franchising offers.

Strong System Technology

Today’s franchisors need to have robust technology in place to help them with things like:

  • Internal communication
  • Online training
  • System-wide sales tracking
  • Franchise development
  • Online marketing initiatives

Franchisors also need to make sure that their system technology is secure at headquarters and in each franchisees’ place of business.

When you’re out visiting franchisees ask them what they think about the technology that’s in place. After all, it’s part of what they’re paying for, and what you’ll be paying for if you become an owner.

Smart Executive Team

Travelling to franchise headquarters is a great way to see things in action; most franchisors require prospective franchisees to visit in-person as part of the franchisee approval process.

Formally called a “Discovery Day,” this day-long visit with the executive team at headquarters is a crucial part of the investigative process. It’s really where the rubber meets the road. There’s usually time for prospective franchisees to sit down with members of team-including the CEO. It’s a great time for you to ask about the state of their company and their vision for the future. You’ll quickly find out how smart* they are if you listen closely.

Having It All

No franchise operation is perfect. No franchise really has it all. Just find the best all-around one that fits what you want in a business.

As you look around at the different franchise opportunities that are available, try to find out (through research) how good they are in different areas.

Do they offer a great product or service?

Do they have a powerful brand-or are they at least well on their way to doing so?

Are franchisees satisfied with the technology they have access to?

Are the franchise executives smart? Innovative?

Does the company seem to be a well-oiled machine?

The best way to take advantage of franchising-as a business model, is to choose a franchise opportunity that excels in a significant amount of the things needed to run a successful franchise operation today.

If you can find one like that, maybe you can have it all. 

About the Author:

FranchiseKing
Joel Libava

Guest Blogger

The Franchise King®, Joel Libava, is the author of Become a Franchise Owner! and recently launched Franchise Business University.