Keeping It Fresh: How Compelling Is Your Concept Today?

Keeping It Fresh: How Compelling Is Your Concept Today?

Franchisors should continually ask themselves, “How attractive is my franchise opportunity now? Does it still deliver what it takes? In what ways do I stand out among competitive opportunities?”

As a reality check, review your franchise program every year to ensure it remains strong and provides the sizzle and power of an attractive, viable business concept. Does it continue to satisfy the goals and interests of your existing owners? Does your concept capture the attention of new buyers? Or is your opportunity growing stale, losing a little bit of steam? And then you must grab your mirror and ask yourself, “Is yesterday’s buyer still the owner I want today?”

Look at our roller-coaster marketplace. What works today may not work as well tomorrow. Business and consumer environments change, never remaining the same. It’s easy to lose sight of new and evolving competition, trends, and other influences that motivate franchise buying decisions today.

The competitive landscape for qualified franchise buyers has increased significantly. Industry growth has picked up after some years of retrenchment following the recession. Consequently, franchisors are working with prospects who are considering more opportunities than ever before.

In addition to a healthy new menu of franchise concepts, opportunity seekers can discover almost any franchise company in existence by surfing the web from their office, home, or, increasingly, their mobile device. This has given small companies the power to compete at a fraction of the cost that traditionally prohibited their national exposure. The playing field has definitely expanded. Established franchises certainly enjoy branding and credibility advantages, but the competitive gap isn’t as large as it has been in the past.

What’s your long-term strategy for staying ahead of the curve? Preparation and adaptation are what keep high-performance companies on top of their game. Take the lead and you’ll increase your opportunities for stronger system growth over the long haul.

Steve Olson is a 30-year franchise veteran specializing in development performance. This is adapted from his #1 Amazon best-seller, “Grow to Greatness: How To Build a World-Class Franchise System Faster,” available at www.growtogreatness.net. He can be reached at stevenolson@charter.net.

Published: December 1st, 2014

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