Think you got the skills to own a franchise? That’s great! But the next question is, which franchise industry would you choose? Mind you, there are more than 300 different industries and business categories that are using the franchise business system to distribute goods and services, and that’s according to IFA (International Franchise Association).
That is A LOT. But hey, the best franchise investments are in the United States! With that number, you can easily buy a franchise and own a small (or big) business — and I mean REAL business here, guys.
So, I prepared the 10 best franchise industries that you should consider delving into:
1. Food and Restaurant
When did this industry even leave the number 1 spot? Never! This is the most popular franchise category, ever! From fast food, bar, clubs, to café’s, diners, etc. – this is one perfect choice as its opportunities come from many niches.
2. Business Opportunities
As the number two most searched franchise opportunity, this industry simply sells or lease any service, equipment, product etc. that can offer the purchaser a license to run his or her own business. Examples are ATM, check cashing, DVD & video rental, vending, and the likes.
3. Cleaning and Maintenance
Number three business franchise opportunity provides useful and handy services to its consumers. Most families would prefer hiring the services of an expert than doing it themselves because of their lack of time or simply because it’s easier to pay than to do it on their own. This business may include one or more of the following: carpet cleaning, commercial cleaning, concrete and flooring, dry cleaning, grout repair, handyman, home and outdoor lighting, home improvement, house cleaning & maid service, junk removal, lawn & landscaping, painting & design, storage & organizational, tool, and window blind franchises.
4. Low Investments
Many turn to franchising because many people want to become their own boss. Admit it; the reason you want to franchise is that you want to be your own boss too! A franchise investment usually requires low start-up capital and is a very good option for people who don’t have that buying power. Though most franchise businesses offer low investment, it doesn’t necessarily mean that returns are also low. Some buy large multiples of these low-cost investments.Read More
They say that the best way to grow big is to think small. Small may mean “local” and this is one way to run a successful franchise business. Marketing your franchise locally has become a very important tool in acquiring and retaining a customer. It may take a lot of precious time and effort, but there are specific steps which you could take to proactively promote your business and reach out to your customers effectively. Remember, you have to be noticed in small ways.
With a franchise business, it is quite impossible to find some sort of uniformity with branding and customer service with brands that have hundreds of locations. So you have to deal with variety. You may have the same franchise system, but have a different marketing scheme and this is what you want. This would be your edge. This is how you will grow.
Below are tips on how you can exponentially raise the success level of your franchise business through local marketing:
1. Get to know your community.
Research is very important. You have to know the people who will be your core target market. If you are familiar with the area, you will then have an idea about who are living nearby and who can be your potential customers. However, if the franchise is located somewhere you are not familiar with; you have to do your research very well. It is important to consider their age, their traits and/or their way of living. This will help you build a good profile of your customer base.
Do you know the secret to encourage repeat business? Communicating directly with your customers! It also encourages word of mouth. This way, you will be assured that your franchise business remains in the minds of your target audience. Communication is not only face-to-face interaction. You can get their email addresses and send out weekly newsletters so they won’t forget about your service or your product. It is also an excellent way for special offers, new products or services and to encourage click through a visit to your website.
3. Be seen. Be heard.
Local communities often have campaign drives that are open for scholarship or donations. Join them. Most of the time, they will reward your contribution by displaying your brand or your products and services especially your business name for promotion.Read More
One of the main agendas once you buy a company or a commercial business for sale is to know how you can be a responsible franchise owner. Purchasing a franchise or a small business can be quite challenging especially if it is your first time to do so. Being able to accept the responsibilities of your franchise will establish the strength of your business. That is why you have to set the goals and manage the ups and downs of your franchise business successfully.
Handle your finances well.
Understanding that you are an investor in your own business is the first function in your new endeavor. You don’t just pay the initial franchise fee but you also need to prepare yourself for other fees that would be very important to keep the business up and running. Check on your franchisor about ongoing royalty fees that you will have to pay. Handling your finances well, especially knowing where your profits go together with proper budgeting and financial analysis will go a long way.
Invest your time properly.
In a franchise business, you don’t just invest money. You also invest time. As a franchise owner, you must be hands-on so you will be able to see what is currently happening in your business and to foresee the circumstances ahead. Your franchisor usually offers training and ongoing support. Spending extra time learning the ins and outs of the franchise system will help you in the long run.
Take the initiative.
As the franchisee, you need to be able and willing to follow the standard system of your franchisor. Being proactive is one of the most important skills that you need to acquire especially in a franchise investment. You need to take the initiative to assume the leadership role and learn new and different skills for your business. Fulfilling the responsibilities in your franchise agreement will result in the success of the overall franchise system. Coming up with good and trendy ideas that will help the business flow smoothly is one way of being proactive and taking the initiative to make your business a success.
When you own a business or purchase a franchise for investment, you have to expect that you will most likely deal with customers on a daily basis – including addressing and resolving customer complaints.Read More
In the franchising world, you don’t just buy a company or a business for sale cross your fingers for success. You don’t just hire people and hope they will represent your brand correctly. You must also train your hires to provide the best possible service that your customers deserve. Before we go to the importance of this subject in your franchise investment, what exactly is Customer Service?
Customer Service is the heart of your business model. This is your relationship with your customers; this is what you offer before, during and after a service or a purchase. According to Investopedia, “Customer Service can take the form of a phone call, email, in-person interaction, self-service systems, or by other means.” This is not only for existing clients but also for potential new customers. Once your customers leave your store satisfied, they will be encouraged and inspired to come back and buy from your business again. Customer Service is your ticket to customer satisfaction to help your business grow potentially.
Now that you have a brief description of what customer service is, let me tell you how important it is to your business.
- Good customer service equals CUSTOMER LOYALTY. Do you want loyal customers? But of course! How do you get them? Easy. Just make sure that you got everything they need that’s relevant to your business once they enter your store. Remember, making your customers stay is way less expensive than acquiring new ones. Don’t risk losing a customer. Showing them your commitment and how you love doing business with them is the first step in gaining loyal customers.
- Good customer service equals a POSITIVE REPUTATION. The public perception of your franchise business will improve greatly once you are able to ensure your customers with high-quality service. The strength of your brand will depend on the quality of service that you provide your clients. If you make excellent customer service your top priority, this will result in positive reviews and will eventually be transmitted through word-of-mouth. This is the kind of advertising that no amount of money could buy. Isn’t it more reliable to heed a friend’s advice than to listen to online reviews or advertisements?
- Good customer service equals NEW PARTNERSHIPS. When other businesses see how well you take care of your customers, chances are they would gladly partner with you because you know very well how to handle your existing clients.
How should a franchise owner like you use the power of Social Media in this digital age?
More and more people are now “digitally inclined” and of course, as a franchisee, you do not want to be left behind. Though most of the businesses for sale in the United States use digital strategies to promote their products and services, it is never too late to think of your own ways on how to build an audience for your business to flourish. As your franchise business creates a great path to your financial independence, it is very important that your franchise stands out while ensuring the consistency of the brand that you purchased.
Here below are some of the techniques that you should learn and do to boost your marketing efforts for your franchise business:
- Create a website the modern way!
If your franchise contract allows you to have an independent website to promote the business, then go ahead and be creative! To make it consistent with the brand, use the same template but make sure that the content for every page is distinct. The contents must be engaging, allowing users to have a smooth experience while browsing your page. You would like to make your website user-friendly and entertaining at the same time, giving your audience the appetite to browse your website for more.
- Increase your Social Media presence!
Aside from Facebook, Twitter, Youtube and Instagram, where else can you promote your products? There are so many social media platforms to choose from and all you need to do is sign up. In today’s generation, social media is one of the best forms of advertising for your brand. This is where you build trust and encourage relationship with the brand that you promote. Do you know that you can promote your page and endorse your brand on Facebook depending on your budget? You’re welcome!
- Use content marketing for your blog!
According to Entrepreneur.com, “90% of organizations use Content Marketing and 82% of consumers feel more positive about a company after reading custom content”. With this study, you know very well that you could never go without content marketing.Read More