How to Find Top Franchise Opportunities
March 8, 2021
There are a host of reasons why individuals choose to become entrepreneurs, with many turning to franchising to mitigate the risk of building a business from scratch. While franchising is generally considered to be a less risky route to business ownership, the reality is, not all franchises are created equal. And with thousands of franchise opportunities available for purchase, it’s not always easy to separate the good from the bad. So, how can you identify the top franchise opportunities?
Here are five common traits that top franchise opportunities have in common!
Proven Business Model:
A proven business model means that the business plan created by a franchisor has been historically successful for their existing franchisees. With this in mind, the franchisor should be able to demonstrate consistent growth year-over-year to illustrate the earning potential of a new franchisee. Consider it a serious red flag is the franchisor is reluctant to share financial reports from previous years as you progress through the discovery process!
Franchise Industry Accolades:
Franchise market research firms and their annual reports, such as Franchise Business Review’s annual Top 200 Franchises and Entrepreneur’s Franchise 500, can help you to identify the top franchise opportunities based on franchisee satisfaction, earnings potential, and more. Franchise brands that are consistently recognized by these firms demonstrate strength in critical areas of their franchise systems, including training and support, operations, franchisor/franchisee relations, and financial opportunity. Consider these reports a litmus test for strong franchising opportunities!
Access to Support:
The franchisor’s HQ team provides training on everything critical to the business, from the technology used to execute to billing and financial reporting to operational procedures. Franchisors want their franchisees to be successful, so ongoing support and one-on-one business coaching should be easily available at every stage of the business. After all, a main benefit of franchising is tapping into the system’s collective experience with a proven business model!
Effective marketing is at the core of every successful franchise. Strong franchise systems offer national advertising campaigns, as well as access to marketing resources and technologies to help with local marketing efforts. Avoid franchise opportunities that lack a centralized marketing strategy and leave all of the responsibilities to the individual franchisees – you’ll end up spending too much time on your marketing and won’t have enough left for the other critical areas of your business.
Strong Franchisor/Franchisee Relations:
Especially true for first time business owners or individuals with limited entrepreneurial experience, the relationship between the franchisor and franchisee is one of the most critical factors of success. Ongoing communication and access to educational resources can greatly improve business performance. Be sure to include questions around franchisee/franchisor communication when validating a franchise opportunity during the discovery process!
British Swim School: A Top Franchise Opportunity for Purpose-Driven Entrepreneurs
Founded in 1981, British Swim School has been a recognized leader in the swim school and franchise industries for several decades. Our system of franchise owners comes from a variety of backgrounds, but they all have one thing in common: a passion to make a lasting impact on their communities! In addition to exhibiting all of the traits discussed above, British Swim School provides an opportunity for purpose-driven entrepreneurs to grow their bottom line while supporting a great cause in a fulfilling industry.
Browse our website to learn more about the many benefits of franchising with British Swim School:
- Business with a purpose
- Low initial investment
- Easily scalable business model
- Reputable aquatics program
- Full training and support
Contact A Franchise Professional to Get Started!
Ready to get started or interested in learning more about the British Swim School franchise opportunity? Visit our get started page and provide your contact information so one of our franchise professionals can get in touch with you soon!