I hear the point, “I only want a brand name,” loud and clear when speaking to potential franchisees on our initial discovery calls. For years when I heard that statement, I would think to myself, “you could be missing out on a great concept.” So now I asked my client two questions.
My first question is, “why is that so important?” I will typically hear the answer, “name recognition.” While I appreciate the response, there can be negatives with “name recognition.”
My next question is, “without using Google, how many franchise opportunities you can list in 30 minutes?” What I have found is most clients can identify 25-50 franchise concepts, which is a tiny percentage to the whole of over 3000 + concepts in franchising today.
To become a “name brand,” it takes years of growth and doing everything right. The vast majority of franchises out there never get over 100 units and are phenomenal concepts. With that said, there are great franchises that, unlike “name brands,” offer many advantages.
The main advantages are the opportunity in the market for scale and owner dominance to reach the goals they wish to have rather than being land-locked with no room for future growth. Instead of focusing on “name recognition,” I encourage my clients to focus on the “parent” of the concept; founders, executives, their systems, and the existing franchisees. With the knowledge gained from this information, clients can make an informed and intelligent decision if the concept will be the right fit.
Remember, it is you, the franchisee who determines the success as you drive the business to the scale you desire. The franchisor will provide you the tools to succeed; the rest is up to you.
If business ownership is something you wish to explore, perhaps we should chat. I have been helping people make a change to create a lifestyle that is financially and personally rewarding for over 25 years. Are you ready to make a change? Let’s set up an initial call to learn more about working together.
