What franchisees are looking for in a franchise
Post on 12-Jul-2015
What Franchisees are looking for in a Franchise!What do our visitors look for in a franchise? Investing in a franchise is a big footstep, and with so many franchise packages and brands to choose from, prospects want to make sure they've made the right decision. This is an important topic, especially for franchisors who want to expand their networks. A franchisor that wants good quality candidates enquiring about joining their franchise system needs to also ensure their existing franchisees are satisfied with their decision to join their franchise.
Keeping that in mind, we have conducted a study where respondents are asked to rank common aspects of franchise packages in order to determine what is important to them.
A Good Brand Name is number one attraction and highly regarded trait of a franchise program among potential franchisees. Many investors are reluctant to take the risk of joining a new concept or brand that is newly formed due to little or no track record of business that can be examined. However, many potential franchisees would consider new and innovative concepts that are in their early years if they believe in the potential of the business and its franchisor. To be safe, a brand should have credible business growth capability operating for a minimum of 3 to 5 years.
Another aspect of a good franchise is its Potential Earning on Investment. The sole reason why anyone wants to get into business is money and that should be reflected on the franchisees return on investment. However, we should not assume that because we are in business, everything is about the money. Franchises should not forget that franchisees are people with emotions and feelings and not contracts or numbers. We might not like to admit it but its a fact that most human behavior is influenced by emotions not by logic.
While return on investment is one of the key drivers of franchisee satisfaction, we have discover that there are other issues such as Feeling cared for, Optimism for the future, Confidence in Top Leadership and having Positive Business Relationships with other people in the franchise system that are also important. Nevertheless, a good organized and robust franchise system with Training & Support Program in place, Marketing Support and Life Cycle of the Franchise are equally inevitable in order to attract more investors and gain franchisees advocacy.
In summary, while a profitable franchise is no doubt more likely to make a happier franchisee, franchisors should not underestimate the power of relationships and good old fashioned courtesy and respect in building a prosperous, happy and vibrant franchise system.
ABOUT FRANCORP MIDDLE EAST: Francorp Middle East is the largest Franchise Consulting firm in the MENA region. Being a renowned franchise company established in the US, Francorp Middle East provides franchise opportunities to companies with their comprehensive franchising resources including but not limited to Franchise Program Development, Strategic Planning, Legal Services, Franchise Operations Manual, Franchise Marketing and Sales Training through the seamless and coordinated efforts of an in-house team of expert Franchise Consultants. Over the years, Francorp has assisted more than 14,000 companies plan for expansion and to open new franchise through franchise business concept and have developed more than 4000 full franchise program including coffee shop franchise in Dubai and the UAE.
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Francorp Middle East706, Single Business TowerSheikh Zayed Road, Dubai, United Arab EmiratesTel : +971 4 346 5000Fax : +971 4 346 5005Website: www.francorpme.com