There are several things that are imperative to franchise success. When you are deciding to take the leap and become a franchisee, include these important factors in your list of must-haves for your new business:
- A great product or service: The franchise should have something that consumers need or want. This can include products, like tasty coffee drinks for your morning routine, healthy smoothies for the new health craze or greetings cards for any occasion. Services that are in high demand, such as maid service for time-strapped individuals, home repair services and website design services for small businesses are also valuable. Basically, you need to make sure the franchise is offering something that people will buy.
- A workable concept: The business concept for the franchise should be one that is proven to work. If you have a concept that can be marketed well, it can even make up for a lesser product. Make sure the concept is clear and already developed, and ready to be implemented by new franchisees that will follow the model. Does the business concept care about its franchisees' success? Make sure you can answer 'yes' to that question.
- Enthusiastic, qualified people: Ask yourself if the product and concept excite you. If you're not excited about the prospect of running your own business with the product and concept, then you won't be very successful in joining that particular franchise. Any good franchise will have exceptional people working for them -- those that are willing to put in hard work and believe in what the company is selling and doing.
- Location, location, location: When determining where to place a franchise, it's important to consider several factors. First, you will need good neighbors. This will strongly depend on what product or service you're offering, but make sure you think about when people would frequent your business, and what other products or services might prompt them to pay you a visit. Second, it is important to be visible. When someone is driving or walking past your location, make sure the signage and storefront are visible without any strain. If the business is inconvenient to find, people won't be apt to think of it. Thirdly, consider access to your business. You should be able to get to the business without having to go through too much trouble. Access includes easily being able to reach the entrance, ample parking space and an easy exit. The fourth consideration is figuring out what kind of business you are to consumers -- a place to run errands, an impulse buy or a destination. If you are just a stop along a person's daily errand route, you will want to be located near other places a person may run errands (e.g. a dry cleaners near the food market). If you are an impulse buy, you will want multiple ways to get to your business, so people can easily pull in and visit your business. If you are a destination, you can have less visibility and still get business.
These four basic principles are important to a good franchise. Any of the four can prove to be successful, but when you put all four points together, you're in for an even more spectacular business!