This article on how 5 Successful Owners Tell How They Spot and Run a Successful Franchise is from Australia but just because it is from “Down Under” doesn’t mean the words of wisdom aren’t applicable in the United States. One of the better ideas I took from this article is the importance of local engagement. I think a lot of times franchisees are attracted to a franchise because it may be a regional or national brand, which is understandable, but ultimate success is still determined on how well you connect your franchise business to the local community. As one of the experts quoted states:
“The most successful franchises often demonstrate the highest commitment to engaging with local communities both online and offline, creating value for existing and new customers through sharing customer stories/experiences, value-add promotions and retention campaigns – which may need to differ depending on the local catchment.”
Another point to strongly consider is the franchisor’s unique selling point. You need to know your competitors and the nature of the LOCAL market. What works in San Diego may or may not work in Des Moines, Iowa.
Hat tip to Joel Libava a/k/a The Franchise King for posting this article. Be sure to check out his Franchise Business University online.