The top franchises for sale these days have several things in common.
I’m going to list what 5 of these things are, so you’ll know what to look for as you search for a franchise to own. (You may want to write them down.)
1. Uniformity
I want you to think like a consumer for a moment. Ready?
When you think of “franchising,” what crosses your mind? Let me take a stab at it.
Some of the things you thought of were:
- All the businesses look the same-they have the same colors, signage etc.
- If it’s a food franchise, the menus are practically the same anywhere you go
- The employees all have uniforms-the same uniforms
Am I right?
In a nutshell, all the things above contribute to a franchise system’s uniformity.
And uniformity is a crucial part of franchising-and a franchise’s success.
2. Great franchisee training programs
Part of what you’re paying for when you invest in a franchise business opportunity is training. The formal training you participate in after you officially become a franchisee.
But franchisee training programs aren’t created equal. Some are average, some are good, and some are great. The top franchises around have great training. When you’re doing your research into the franchise you’re interested in, make sure you ask existing franchisees how good the training they received from headquarters was. They will tell you! It’s a good thing you can find out ahead of time just how good the training is.
3. Highly profitable franchisees
All the top franchises have highly profitable franchisees. The number of them will vary from franchise to franchise, but extremely successful franchise owners shouldn’t be hard to find if you’re looking at any of the top franchise systems.
To repeat, it’s a good thing you can find out (ahead of time) who the highly profitable franchise owners are.
Again, all you have to do is ask the franchisees you talk to during your research. They’ll know who the heavy-hitters are.
4. Constant innovation
Today’s best franchisors cannot afford to stand still. They always have to be innovating.
The reason: Competition.
Think about all the new things (products/services) we’re introduced to on a daily, weekly, or monthly basis.
I’m not saying that franchisors have to bring new things to market all the time. But they do have to stay ahead of the curve.
Tip: Ask your sales rep-and the executives at headquarters-when you can, about their long-term strategy. Find out if they have new products/services in the pipeline. The answers you get should give you a good idea of how innovative they are.
5. A big social media presence
If the franchise opportunity you’re interested in doesn’t at least have a dedicated Facebook Page, you need to run to the hills.
Social media has become one of the best ways for brands to reach their customer bases. And big or small, all franchisors need to have an active Facebook Page, a LinkedIn Company Page, and a Twitter account.
All the top franchises have big followings on their social media pages. In addition, they usually have local Facebook Pages setup for their franchisees-or at least a way for them to do it.
When you’re researching the top franchises, ask franchisees what they’re doing on social media for their businesses. Also ask them how much help they get from corporate when it comes to social media marketing.
The bottom line: Today’s top franchises must excel in lots of things. I just presented 5 of them.
The Franchise King®, Joel Libava, is a top franchise expert. He’s written over 2,000 different articles on franchise ownership and personally consults with people who are looking to buy a profitable franchise. Go here to find out how The Franchise King® can help you become your own boss.