- 11 Dec
7 Qualities that Make a Franchise Successful
So you’ve decided that you want to open and run your very own franchise. Now you’re probably wondering what makes a good franchise system and what qualities you should look for in a company. After all, the success of the overall system is vital to whether your own franchise location will be profitable. Here are a few traits you should look for in your search:
Good Track Record. A successful franchise has a history that speaks for itself. When you’re looking into a potential franchise for yourself, check out their history. How long have they been established? How quickly have they grown? What struggles have they experienced when they expanded into new markets?
Product Flexibility. Another must have quality in your franchise is flexibility. Every market in the country has a slightly different audience. Therefore, the product or service needs to be able to meet wide needs and be flexible to the needs of any market. At OpenWorks, we offer a valuable service that is adapted to the specific needs of every client we serve with ease.
Product Adaptability. Flexibility is the ability of a business to adapt to the market, but adaptability is the ability of a business to adapt in the future. Is the franchise able to adapt to new technologies and a changing external environment? That will clue you in to potential growth in the future. For example, at OpenWorks we are keeping on top of technology and green cleaning so that we are always ready and waiting to innovate and be better.
Good Brand Image. One of the advantages of opening a franchise is the ability to have brand awareness from the start. Therefore, a good brand image and reputation is vital to your success. To get an idea of the quality of their brand image check out customer reviews as well as franchisee stories.
Affordable Entry Cost and Fees. As a franchisee you will be expected to pay certain costs to the franchisor to get your business started as well as maintain it. These costs will impact your business. Evaluate your own financial situation against these costs to determine your likelihood of success. At OpenWorks, we have low start-up costs and a high customer retention rate for great ROI in your business.
Unique Offering. A franchise’s status in the marketplace is extremely important. Every good business needs to stand apart from the competition. Does the franchise provide a unique product or service? Can they maintain that unique aspect in the future? Both of these are vital to success. At OpenWorks, we strive to not just maintain our client’s facilities but improve them over time with an emphasis on client relationships, that’s what sets us apart today and in the future.
Good Franchisee-Franchisor Relationship. In a successful franchise, you need a mutual partnership that is focused on growing the franchisor and the franchisee simultaneously. These partnerships listen to its franchisees and supports the franchise network for mutual growth. For example, at OpenWorks we do the selling leaving our franchisees to focus on their clients and their needs for maximum success on both ends of the partnership.
Are you ready to see what OpenWorks can do for you?