What are the “Best” Franchise OpportunitiesApril 23, 2022
UPDATED VIDEO HERE https://youtu.be/-MMP9kx60FY There are over 10,000 searches on Google every month from franchise researchers looking for the “best franchise opportunities” and I put those words in quotes because the notion of one franchise being the absolute best over all others is ridiculous.
Yes, we have major organizations and companies that release these “top franchise” lists every year. And each one uses a different criteria to arrive at what franchise should be ranked higher over another. Some of these criteria are franchisee satisfaction, number of years in business, number of locations, how fast their franchise is expanding and a number of other factors.
But in every one of these lists the single most important factor is left out. You. And let me explain why every one of these lists is pretty much useless.
Lets say you see ABC submarines at the top of the list. Voted best franchise of 2019. You go, speak to the franchise they tell you all the positive things you want to hear and in 4 weeks you drop a check for $400,000 and in 12 weeks your franchise location is open for business. And in 1 year you close your doors and declare bankruptcy.
How is it possible that the voted “best franchise opportunity” went out of business? How can this happen?
Well there are a number of reasons this can and does happen all the time. And we see it pretty much daily. Lets first look at why that franchise may have won the best franchise award. Is it because they have lot of locations? Well what does that actually mean to you as a franchisee? Sure you have a popular brand but more importantly you also have competition. Probably one block away. And the same for fastest growing franchises – is that really a positive for you? It may be solid from a business growth perspective but is it from an individual franchisee perspective?
Another major factor is your individual location. Say you bought a top performing frozen yogurt franchise in Alaska – do you think your numbers will be on par with Florida?
And the single most important factor is you. Your business skills, your background, your work ethic. Are you able to effectively manage employees. Can you work the hours and perform the duties specifically required by this franchise. Some are more lenient than others. Each business model is different so is this particular model right for you?
So as we dig deeper from an individual perspective we can see how lists can potentially draw us away from franchises that may not be as popular, but may have been a better fit for us specifically.
Here at Franchise City we like to work with emerging brands that have demonstrated good ROI and strong management, and match those franchise opportunities with individuals whose background, skills and geographic location match the franchise.
Franchise city works with over 600 of the Nations top franchises and we can help you find your perfect franchise.