3 Secrets Of A Mega Successful Franchise

A good friend of mine (who is a very well established business owner based out of Toronto), and I were sitting on a bar and we started chatting about the successful franchise businesses around the world and tried to figure out what made them really successful?

We basically came to 3 conclusions and it pretty damn fits all the successful franchise businesses out there!

Whether your business is new (like 1 to 3 years old) or and established business ( >3 years ), you need to have these three things completely mastered for you to convert your business in a franchise! There is no way you can make your business into a franchise if it simply does not have these elements.

SECRET #1: Successful franchise businesses are teachable

No matter what type of business you have, it MUST be teachable to your prospective franchisees. This is the most important key to any successful franchise!

Sometimes the business is booming, but if we look closely, the business is highly dependent on your Skill, Community and Personality! These skills are not easily transferrable and hence its going to be very hard for your franchisees to be successful.

If your franchisees are not successful, then you can pretty much assume a complete collapse of your business empire!

Secret #1
The business is teachable

So, sit down and write down specifically and define if your business is teachable or not? Are your skills transferrable easily or with difficulty?

SECRET #2: Top franchise businesses are profitable and attractive to people / investors

Let’s be honest, the people will only be interested in your business if its making money. No one wants to buy a lemon business and make it into a sour lemonade and drink that kool-aid all day long … putting some humour 🙂

The business is profitable 
Secret 2

People will only buy your business if they see their “dreams” and “desires” being fulfilled and also they envision their return on investment is great! Typically business owners want their money back within 2-3 years.

Now, if you have not figured out the details of your Revenue, Sales, Expenses and other stuff that are vital for franchisees, its going to be a very hard sell!

Work out a plan to cut the fluff in business and make it into a lean machine! A great book that I recommend every business owner must read is as below: (click the link)

This book will help you organize and clean the fluff in your business and make it into a profitable business if you are not right now.

So, work on this principle if you really want to have a successful franchise and grow your business at mega speed!

SECRET #3: There is demand for such businesses in the near future

Now, no matter what type of business you own currently, if there is no future trend of such business, then your franchise model will not last.

The highest risk is for businesses that are based on high-tech. If their high-tech will change rapidly in future, then their business model should do something about it!

There is demand for the business
Secret 3

If there is demand, then you can pretty much sell anything to the market. If there is no demand, there is no client and your franchisees will not be successful. The good tool to see is google trends. Have a look at it and see how your business stands in the next 10 years.

Now, if you keep an eye on these 3 things, I can promise you that your business is on the right footing and ready to fly! You just need a good Franchise Development consultant to help you make that leap.