We’re sure that you remember the Blockbuster franchise from back in its day. And while during its time it was a profitable franchise, the days of Blockbuster are long gone due to changes in technology. But that’s not true for all franchises by any means. While some franchises have come and gone, there are many exceptionally profitable franchises out there that are still growing strong. Take, for example, Chick-fil-a in the food industry. What started as a single store in the South has not grown to a national chain of franchises providing fast and delicious chicken to the masses. So what makes one particular franchise better and more profitable than another? It’s hard to say, but previously on the blog, we covered five things that all profitable franchises have in common, and today we’re going to cover six more common traits that can help you find just the right franchise to invest in.
A Great Plan
If you’ve ever looked over a business plan, you probably have an idea of what a good plan looks like and what a not-so-good plan looks like. Franchises not only have to have an original business plan, but they also have to have a plan that can be applied to many different locations. This can often be hard to accomplish. When you’re looking to invest in a franchise, you want to be able to see a great plan from the franchise headquarters in order to get a clear picture of what the market looks like and how your franchise location will be able to implement an effective business plan. If a franchise business plan is too strict or too vague, the odds of having a profitable franchise location will be greatly reduced.
Business owners and franchisees don’t start their business with the mindset that it’s going to fail. In fact, at the beginning, they’re probably pretty jazzed about how much success will be coming their way after some hard work. However, if things don’t go perfectly smooth or there are dips in revenue along the way, it can be hard to maintain a positive attitude. But remember, not matter what your attitude, it’s going to be contagious. Would you rather have staff that greets customers with a smile and goes above and beyond to help someone out, or would you rather have a staff member that only does the bare minimum and always complains? These attitude changes can be caused by overall company atmosphere, and positivity can go a lot further than a negative attitude.
Superior Customer Service
It doesn’t matter if you’re providing a service, trying to sell a product, or both, customer service will make or break any business. The way you treat your customers will influence both your rate of returning customers and your overall community reputation. More often than not, a word of mouth recommendation from a friend will turn into a sale more often than anything else. Superior customer service will grow both your customer base, your returning customer rate, and your overall reputation in the community, all of which are directly related to your success.
Fill a Need
We mentioned Blockbuster above as a franchise that hasn’t survived the test of time. A great way to identify if the franchise you’re considering investing in is going to stand the test of time is by looking at the industry and if they fill a need for individuals. Family entertainment franchises are growing at a rapid rate because, previously, there weren’t many options for unique, active fun. Anytime you went out with your family, it was probably to the movies or to go play mini-golf. There was a really need in the industry to diversify the activities available. Rebounderz trampoline park franchises help to fill this very specific need, and there will not be a technological replacement for simply getting active with family anytime soon.
Pro-Active Franchisee Support
The reason many businesses fail is because they try to do everything on their own from scratch. That’s not how it works when you opt to work with a great franchise. You may own your own location, however, you have the support of a wide group of business owners and the support of corporate headquarters to help keep your franchise location on track. You get a wide array of help, ranging from facility set-up to regular trainings and marketing materials. This pro-active support goes a long way in improving the viability of a business.
Just like we’ve regularly talked about how important marketing is to the success of any business, the same can be said of branding. Having a strong brand can go a long way towards improving your overall conversion rates and your return rate. Clear colors, logo choices, and overall consistency can remind customers of your brand, no matter where they are, and keep you at the forefront of their thoughts.
If you’re looking for a profitable franchise to invest in, talk with a franchise specialist at Rebounderz Franchise and Development to see what your options are. Contact us today!