Giving Thanks for Franchising

Posted on November 17, 2011 by Ben Baggett

As the fall holiday of Thanksgiving approaches there is good reason to give thanks for franchising.  Many entrepreneurs have greatly benefited from their relationships with their franchisors.  If you review some of the large franchisors who have been in business for last the few decades, you will see a trail of franchisee millionaires in their wake.  Some of the older franchise systems have literally created thousands of millionaires who were lucky enough to "get in early" in their development curves; certainly we assume these lucky franchisees are giving thanks this month. 

There are many statistics on the success rate of franchises.  While they vary slightly depending on the source, there is plenty of concrete data clearly illustrating the high success rate of franchise systems.  Franchisees have a far better success rate having joined forces with experienced franchisors compared with the average independent business that forged their entrepreneurial path on their own.

It makes common sense…if a qualified individual brings work ethic, a matching skill set, strong personnel, passion and a financial injection into a strong franchise system with marketing strategies, detailed training, comprehensive support systems, ongoing research and development, industry experience and solid vendor relations wouldn't the sum of their combined attributes be a winning combination!?

While some of the more established, older franchise systems may not have territories remaining or have prohibitive waiting lists there are many strong franchise systems that have begun in the last five or ten years and are viable franchise brands with open territory who are currently looking for strong franchise partners.

So if you are a franchise prospect currently looking for a franchise partner, start with something you have a true passion for and then evaluate if you have the skill set required to be successful in that type of franchise company.  If the answers look promising continue with your due diligence until you find the best match and you might be sitting at Thanksgiving dinner next year giving thanks for Franchising! 

Article By Upside Group

For the past decade, Upside Group has been helping franchisees develop their business plans and marketing strategies with an aim to increase sales and to ensure long term success. Comprised of an experienced and professional team, Upside Group understands every aspect of the franchise model and how to execute the most effective strategies for a number of different business goals.