Here's What These Longstanding Franchising Brands Have in Common
As you're making a recipe for success, you might not always realize what you've got. From growth rates, to repeat customers, to a mantra that draws folks in, it often takes months, even years, to realize you've "made it." This is true of most franchising brands; it took them time to hone their business model, and eventually, start taking on franchisees.
Coming in as that franchisee, however, leaves you well ahead of the game. Your brand already created what works. They ironed out the kinks, multiplied what worked, and they let you in on the secrets. That's true of most multiple-location businesses, it's what allows them to be successful to this day.
But what are all these secret sauces? What's the ingredient that must be kept hush hush?! Knowing what works vs. what doesn't, after all, will help you focus on areas that will help your business thrive. Therefore, it's a good idea to learn these insider views, even before you open your franchise.
To determine these factors, we take a look at longstanding companies. What do they have in common? What have they changed? What have they swept under the rug?
They're Consistent – First and foremost, growing franchises remain consistent. Whether you go into a location in California, Texas, or Ohio, you pretty much know what to expect. They're clean, employees are friendly, and they have a set menu/product list/services. At least, those are the main points of the longest and biggest running brands.
Locations that aren't kept up often receive bad reviews or aren't as trusted as their counterparts.
In addition, locations can have extras that aren't offered across the board, in fact, they might be known for them. (Think Subways with raspberry cheesecake cookies, for example; they're a rare find! They also draw in eaters from miles away.)
All-in-all, the franchising brand does what's expected of them, and customers walk away satisfied. Anything extra is just a bonus! This is true of top-performing names.
They Have Seasons
When you've been around long enough, you know what works and when it works. Ever wonder why so many companies go through seasonal products or gimmicks? Because they work! Customers come to know and love these limited offerings; they will come in just for said item or sale. Franchises can also boost profits during an otherwise slow time of year by creating discounts, etc.
Perhaps the best example of this is Starbucks' pumpkin spice latte. Within just a few years the drink has become a worldwide phenomenon, even sparking the flavor with other foods. Think how many sales the brand has racked up just because the drink is 1) seasonal 2) trendy and 3) limited. The same goes for any industry; successful franchises sway times of the year in their favor.
They Vet Their Franchisees
You should take a rigorous franchising process as a compliment. After all, you don't want a brand who will take on anyone with money to spare. You want to know they do their homework and only bring in those who will run a good business, follow the rules, and put out a good name for the entire brand. Getting through that approval process not only means you're an ideal fit for the job, it means your fellow franchisees have all been equally vetted. Therefore, all involved will keep a consistent reputation.
Did you know Chic-fil-A owners can test and train for more than a year before receiving a store? This is brand standard and proves only the cream of the crop get through. Though it might sound excessive, it's hard to argue with their results! Other top franchising companies are known for similar processes.
They Don't Cut Off Communication
Once you open your doors, your relationship with your franchising brand should continue to grow, not dwindle. Companies who have been around for the long haul keep their owners involved in training sessions, they communicate with them regularly, ensure they are thriving, and more. You all have the same goal, so why not work together in order to get there?
Companies who stay involved with their franchisees (without micro-managing them) have shown higher levels of success from the very beginning. It's a great trait to look for in a future brand, and one that thriving operations will already have in place.
When setting out to franchise, there are main attributes to look for in a company. Check to make sure they follow these simple steps for more knowledge about who you're dealing with, and for better security as a long-term operation.