Brand Development and Newer Franchises
What makes a person choose an established franchise system over a new franchise system? Maybe it’s brand recognition or the number of franchisees, but older does not always mean better. Newer franchise systems are not bad investments just because they do not have hundreds of franchisees. They are just new, and new systems need two things: time and eager franchisees.
What made all these established franchises so successful? Time. When a company has been franchising for a decade or more, it will obviously be bigger than a company that has been franchising for two years. So what is a lesser-known company to do? Well, it needs franchisees who are willing to work alongside the franchisor to create a strong brand. Brand development is crucial for new companies. Once a brand standard is created, people will start to recognize and value the brand., which can increase business, both in terms of franchising and customer bases for each franchisee.
Potential franchisees should evaluate their industry of choice and all franchises in that industry. If the industry is saturated with big brands, it might be a better option to go with a newer brand, which will be able to give franchisees better and bigger territories and more specialized support.
If you are looking for a franchise opportunity, Executive Care might be right for you. With ten years of experience, we know what works and what doesn’t. If you are eager and willing to help us build our brand, click here to learn more.