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Though factors such as the number of franchise locations and overall profit growth are major determining factors for success for franchisers, they are only a piece of the puzzle in terms of running a truly great franchise company. Highly successful franchise consultants agree that the qualities of a great franchise involve much more than achieving a ranking on Entrepreneur's Franchise 500, a list that is compiled from objective data. Franchisers and potential franchisees can benefit from keeping the following qualities in mind when working together to create a top-notch company that stands above its competitors.
1. Brand recognition
A great franchise company is one whose logo, products and business philosophy are easily identifiable and appealing to consumers. Customers feel a sense of familiarity with the franchise and are confident that the integrity of the brand will be upheld.
2. Savvy franchisers
These people have the keen instincts needed to differentiate strong franchisee candidates from weak ones before opening a new franchise, thereby increasing the likelihood of continued company success.
3. A strong business concept
Because consumer sales drive the success of a franchise operation, great franchisers know to invest in a product or service that is in high demand.
4. Success-driven franchisers and franchisees
Both should have the strong focus and determination necessary to bring in new business and continually meet company goals.
5. A comprehensive franchisee training program
Franchisers who make the effort to provide franchisees with excellent training and ongoing business support help to foster a great working environment.
6. The use of smart investment strategies
Franchisers who are committed to running a financially profitable business venture employ tactics such as investing in new equipment and technology, working with franchisees to keep start-up costs low and helping franchisees to lower their business expenses.
7. Open communication between franchisers and franchisees
A strong business relationship between both parties allows for productive discussions, quick resolutions to problems and a healthy exchange of ideas.
When you strive to implement the qualities of a successful franchise within the running of your own business, you can enjoy all of the perks and benefits of operating a lucrative franchise.
