• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Submissions
  • About Us
  • Contact Us
  • Jul 1, 2022
  • Startup
    • Creating a Plan
    • Funding a Startup
    • Franchise Center
    • Getting Your Office Ready
    • Making Your Business Official
    • Marketing Your New Business
    • Personal Readiness
  • Run & Grow
    • Customer Service
    • Human Resources
    • Innovation
    • Legal
    • Operations
    • Risk Management
  • Leadership
    • Best Practices
    • Communication
    • Green Initiatives
    • Open Culture
    • Strategic Planning
    • People Skills
  • Sales & Marketing
    • Advertising and Lead Generation
    • Marketing Innovations
    • Marketing Plans
    • Online Marketing
    • Relationships
    • Sales Activities
  • Finance
    • Budgeting and Personal Finance
    • Payments and Collections
    • Tax and Accounting
    • Pricing Strategy
    • Working with Investors
    • Working with Lenders
  • Tech
    • eCommerce
    • Hardware
    • Software
    • Security
    • Tech Reviews
    • Telecom
  • Shop

SmallBizClub

Helping You Succeed

Home / Startup / Franchise Center / How to Make Sure You’re Choosing an Adaptable Franchise Model
How to Make Sure You’re Choosing an Adaptable Franchise Model

How to Make Sure You’re Choosing an Adaptable Franchise Model

802 Views

Oct 23, 2020 By Bill Bradley

Now more than ever, entrepreneurs want a crystal ball to predict which franchises will continue to thrive in this “new normal.” Unfortunately, we can’t see the future, but our decades of experience have taught us one of the most crucial aspects of long-term franchise brand success is adaptability.

So, how do you make sure you’re choosing an adaptable franchise model? It all starts with asking the right questions about each franchise opportunity.

How Long Has the Brand Existed?

One way to determine if the franchise model you’re considering is adaptable is to find out the age of the brand. Not to say that newer concepts don’t have adaptability built into their systems, but brands that have already survived recessions, industry changes and years of customer experience are more prepared to weather any storm you might experience as a franchisee.

It’s also a good idea to ask your franchise development representative how long the brand has been franchising. Some older brands are newer to franchising, while other new concepts have already dived into the franchise world. Look for brands that have more experience scaling their model and enacting systemwide improvements. Simply put, when it comes to business and brand building, experience is a good indicator of an adaptable franchise model.

How Long Do Franchisees Stay with the System?

Another question to ask your franchise development rep also has to do with longevity. In addition to asking about the age of the overall brand, we encourage you to ask for information about how long franchisees stay with the brand. When it comes to adaptability, you are looking for brands that can support their franchise owners through different stages of life and for a long time.

To find out the information you need, you might have to ask your franchise development representative a few different questions: how long has your oldest franchise been open? How long is the term of a franchise agreement, and is that number standardized for each franchisee? What percentage of franchisees sign another agreement after their first is up? These questions will give you a good idea whether the franchise model you are considering can adapt to support franchisees on a longer-term basis.

Other Questions to Ask About Adaptable Franchise Models

As anyone experienced in business (or life!) knows, it’s nearly impossible to get everything right on the first try. So, a history of change can be a good thing to see in a franchise brand. It means that the corporate team is always dedicated to growth and improvement to meet changing customer needs.

Ask your franchise development representative about the changes the brand you’re considering has made over time and if they’ve made any recent systemwide changes. As long as the brand has remained consistent in its core values, a little change can be a good thing. Plus, there are very few businesses that haven’t needed to adapt to thrive in a post-COVID era; don’t hesitate to ask about it.

Filed Under: Franchise Center Tagged With: Franchise Business

Source: America's Best Franchises

Bill Bradley

Bill Bradley

Bill Bradley is founding member and CEO of America’s Best Franchises, LLC.  Bill founded three financial services firms, Ocean Shores Ventures, Denali International and William Bradley Enterprises. In addition, to launching America’s Best Franchises in 2005, Bill orchestrated approximately 20 private equity transactions in excess of $31 million, and launched five specific purpose private equity partnerships.

Related Posts

  • Here’s Why Food Truck Franchises Are So Popular
  • How to Make Your Franchise Thrive in 2022 and Beyond
  • Top 5 Benefits of Investing in a Franchise Business

Primary Sidebar

Random

Turning Support into a Strategic Resource for Your Business

Sep 29, 2016 By SmallBizClub

7 Important Research Takeaways to Know for Social Media Marketing

Oct 1, 2018 By Elaine Fogel

What You Share Online Can Be Your Biggest Security Threat

Aug 9, 2016 By SmallBizClub

The Importance of Audience Targeting in SEM Strategy

Dec 21, 2017 By SEER Interactive

Setting Goals for Your Employees

Aug 12, 2015 By Jerry Osteryoung

Footer

About Us

Small Biz Club is the premier destination for small business owners and entrepreneurs. To succeed in business, you have to constantly learn about new things, evaluate what you’re doing, and look for ways to improve—that’s what we’re here to help you do.

  • Facebook
  • LinkedIn
  • RSS
  • Twitter

Copyright © 2022 by Tarkenton Institute, Inc. All Rights Reserved | Terms | Privacy