Why Becoming a Part of a Young Franchise is Beneficial
Investing in any franchise is a risk. You’re counting on franchisors for guidance; other franchisees for support and you’re investing a ton of money to build your business. Now add the risk factor of investing in an emerging franchise, a franchise with only a few franchisees. Does it add risk? Maybe, but there are far more benefits of investing in an emerging franchise that the little added risk, is a fleeting concern. Your voice is not only heard by the franchisors, but it’s also helping to make positive changes for future franchisees. Take a extremely large franchise such as, McDonalds or Hilton. Can you imagine a franchisee picking up the phone to call the President of the company to share an idea they had on how to make franchisees daily operations more efficient? In an emerging franchise, you are able to have a close relationship with the corporate team behind the concept and your ideas will be taken seriously. They believe in you as much as you believe in them. Here are five more reasons to join an emerging franchise:
- Make the Difference. When a franchise is starting out, they rely heavily on their few franchisees because they are looking to perfect and develop their model. Franchisors seek advice and look for solutions during this time so it’s a fun opportunity to voice your opinion. If you continue to be a strong franchisee, you’ll see your ideas transpire to other franchisees. Consider stepping up to the challenge of voicing your opinions when you have an idea, and you’ll be rewarded as a crucial part of their team.
- Seeing the Growth. The risk-reward benefit is a balancing act when choosing to invest in an emerging franchise. Once you find a concept that you truly believe in, the reward will undoubtedly outweigh the risk. Investing early allows you to be an integral part of the growth throughout the lifetime of the franchise. When new franchisees come on board, you would be an essential part of explaining your daily operations and validation through your success. You don’t just see your business grow, but you proudly see the franchise’s network of similar minded entrepreneurs grow too.
- Expansion Opportunity. Emerging franchises should have territories mapped out, but they most likely will not be filled. If you start as part of their first few franchisees, you will have room to grow and expand your territory. Show your strengths and capabilities and you could earn your surrounding territories. Once the territories are taken, you will not have this opportunity.
- The Excitement. Rather than investing in a large, mundane franchise, an emerging franchise is new and exciting. Although brand recognition will be a work in progress, you get to do the gratifying part of educating consumers and seeing their reaction of how cool your business is. Having an emerging franchise allows you to be a true entrepreneur of owning your business, educating consumers and being the brand image. With an emerging franchise, you help to create and shape the brand.
- Importance in the Team. In a franchise, the franchisors are the coaches, the veteran franchisees are the captains and the others are the players. Franchises are a team that makes up a network of individuals with similar mindsets of believing in the franchise concept. With a cluster of 150+ franchises having a close franchisee to turn to, is hard. When you start with an emerging franchise, you will be among few franchisees enabling you to get close with the others. Your team will be a close-knit group. You’ll feel comfortable calling someone who you’ve known from the ground up and have had similar experiences. As a note, be kind and incorporate new franchisees in when the network gets large- they’ll appreciate it as much as you did!
While looking at potential franchise opportunities, consider these 5 benefits of joining an emerging franchise. Above all, ensure that you believe in the concept before investing to become a franchisee. Are you looking for an opportunity with an emerging franchise?