You have decided to buy a franchise. But which one will you choose? According to FRANdata, there are more than 3,800 franchise concepts to choose from. Not all franchises are created equal. Not every concept will lead to franchises success. There are several key indicators to help you evaluate whether a franchise opportunity will thrive.
Difficult to Copy
A franchise concept should be difficult to copy in order to stave off competitors who could oversaturate the market, potentially driving down price and erasing margins. When it comes to comparable business, the franchise you choose should offer their target market something unique and therefore more valuable. This will help the franchise set itself apart from the competition.
A business concept that cannot be easily replicated will see more franchise success. A business with an extensive history such as American Family Care (AFC) is one example of a franchise that’s difficult to copy. Among medical franchise opportunities, our unique urgent care concept has more than 35 years of staying power and growth in the healthcare sector – one that no other business has been able to replicate.
AFC is constantly evolving to provide its franchise owners with differentiators. When the coronavirus pandemic first started, the franchise was the first healthcare provider in the country to offer COVID-19 testing at its urgent care clinics.
One indicator of franchise success is brand awareness. Compared to a startup, the name recognition of an established franchise equates trust among customers. This translates into a loyal customer base – one that leads to business growth.
Independent business owners must constantly work at brand awareness. The collective power of a franchise allows for fresh and far-reaching marketing opportunities that are not necessarily in reach or in budget for a fledgling business.
Proven Business Process/Strong Sales Record
One major benefit of a franchise is that it comes with a business model that has been tried and tested. You get a proven system, which is extremely valuable to any new business owner. This saves a significant amount of time, effort, and money. You want a business model that drives profits. A good sign the franchise business model works is proven sales success of existing franchise owners.
Proper Support and Training
In order to boost the chances of success, franchisors provide comprehensive training programs to help owners start and run the franchise. The modules should include operations, sales and marketing strategies, financial management, and employee development techniques. You want a franchise that offers ongoing support of these training programs and is responsive to your questions and concerns whether you’re a brand-new franchise owner or a veteran of the brand.
A franchisor will spend a considerable amount of time working out which territories will work best. Demographics and geography are taken into consideration to ensure the territory is occupied by the franchise’s typical customer base, which can lead to franchise success. With AFC, you will be assigned a designated franchise representative who will work one-on-one with you to select the best territory, one that is exclusive and protected. This representative will also oversee the development and build of your urgent care location.
If the franchise model at the top of your consideration list does not possess these features, it could lead to a weak competitive brand position and a plateau in growth.
We would love to tell you more about the franchise opportunities with American Family Care, one of the nation’s most established and largest provider of urgent care and accessible primary care. Apply now to get the conversation started.