Best Franchise Opportunities Have These 6 Qualities

Good businesspeople like you know it’s important to hire the right person for a job. In the same vein, as you look for a way to get into franchising, it’s important to find the right franchise for you. The best franchise opportunity for you will align with your passions, your skills, your goals, and your desired lifestyle. This means that you shouldn’t take the first franchise you come across; this is a choice that needs careful consideration, evaluation, and a bit of legwork to get all the info you need.

No. 1: An Experienced Franchisor

One of the most important qualities for a good franchise is having an experienced franchisor. This means not only should the brand itself have some time under its metaphorical belt, but the leadership team should have a good amount of time operating in the industry. The franchising attorneys of the Internicola Law Firm recommend looking for franchises that have at least one to three years of successful operation as a business before branching out into franchising. Having a track record of success shows that the franchisor leadership took the time to work the bulk of the kinks out of their business model and have a viable operation.

While up to three years may be sufficient for most brands (depending on the industry), it’s also important the franchisor’s leadership has experience as well. You should make sure the leadership has good training, has worked in the industry long enough to have a general understanding of the duties that come with each position in a franchise location, what franchise locations need to operate successfully, and how a franchisor can either provide these things or instruct a franchisee in how to get them. This leads to the next important quality of the best franchise opportunities.

No. 2: Good Support and Training

A good franchisor provides both training and support services to their franchisees. Former attorney and franchise founder Fiona Simpson said in an October 2022 article in Forbes that signing on with a franchise “marks the start of the franchisee's learning journey, as they should now receive all of the training, guidance and support in order to get their new business venture off the ground and to run it successfully and profitably.”

Initial training and onboarding should be comprehensive, including (but not limited to) the brand’s business model, day-to-day operations, the duties and responsibilities of the franchisee, staff positions and what each one does, and any preferred vendors for supplies not provided by the franchisor itself. Make sure to review a franchisor’s training program before buying, and make sure that continued training is also provided to keep you up to date with the industry’s best practices.

Training isn’t the only thing a franchisor should provide you with. Support services such as administrative assistance, large-scale marketing and advertising, and purchasing power are not only vital services for franchisees, they’re also indicative of how much the franchisor is invested in the long-term success of its franchisees. The best franchise opportunities include a franchisor who will help you focus on providing your customers with the best possible goods and/or services and will help you achieve and maintain the work-life balance you want by helping relieve you of a good portion of the administrative burden.

No. 3: Listening and Open Communication

A good working relationship is built around honesty, trust, and cooperation, which is why the best franchise opportunities come with franchisor leadership that will keep you in the loop, stay in regular touch with you, and listen to what you have to say and answer any questions you have.

It’s important to talk to existing and, if available, former franchisees to find out what it’s like to work with a franchisor you’re considering. Ask them about their experience with the franchisor, how well the leadership keeps in touch with their franchisees, how open they are to questions, concerns, suggestions, or even criticism. Make sure to ask about transparency between the franchisor leadership and the franchisees, since you want to be kept aware of how the brand is doing with its large-scale goals and mission.

No. 4: A Good Reputation

Make sure to look into a brand’s reputation not only with its franchisees, but with its customers. The best franchise opportunities provide their franchisees with the greatest possible chance for success, and a good reputation with customers is a key component. Brand recognition is one of the primary differences between franchises and independent businesses; that reputation helps you stand out from the local competition and carries a sense of trust and expectation. Brand-loyal customers will also tend to seek you out if you’re the nearest provider of the goods and/or services they prefer.

No. 5: A Scalable Business Model

Passion and ambition are important qualities in a franchisee, and so a franchisor should be ready and able to facilitate that. A scalable business model will allow you to start at whatever number of locations you want to begin with, and then add to that if you feel like you can take on multiple locations to expand your profits and market presence. It also helps if multiple revenue streams are available to help you withstand difficult economic conditions and provide you with the largest possible customer base. The more customers you have, the larger your franchise can grow.

No. 6: Affordability

Finally, you want to make sure the franchise you buy is within your budget. The best price you can get will vary depending on a few factors, such as the industry you’re joining, whether you need a physical location, and staffing size, but you want to be sure you can afford the initial costs or loan payments if you need to borrow money to get started. On top of that, you should find out what the average monthly expenses are for any franchise you consider purchasing, and make sure there will be enough of a profit margin afterward to satisfy you to satisfy you and allow for future growth.

The right franchise for you may take time and effort to find. But it’s a search that’s worth the effort, because owning and operating a franchise should be more than just a job. It should be something for which you have dedication and interest, something that you’re willing to weather the tough times to keep going, to build into a noticeable presence in your industry, and to use to make a positive impact as a pillar of the communities you serve.

Find a Franchising Opportunity in Altitude

We’re pleased to offer you an opportunity to join our franchising team. We’re a preeminent indoor trampoline park franchise looking for enthusiastic, energetic, and ambitious franchisees who want to bring to their local market(s) a franchise that supports an active, healthy lifestyle. Whether you want to open one location or start a multi-unit franchise, we’ve got you covered. Submit a franchise form today and learn more about franchising with Altitude.

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