Becoming a Franchisee: How to know when it’s a good thing

Posted by in Business Strategy, Franchising, Motivational, Uncategorized, Up Close and Personal | 0 comments

LinkedInFacebookTwitterStumbleUponShare

If you’re reading this blog, chances are you’re already a franchisee or you’re considering becoming one. Either way, you’re most likely interested in knowing when something is worth investing in – a hair salon business, for example – or when it’s best to look elsewhere. 

I came across this headline recently: 10 Signs of a Great Franchise Opportunity. It was an article posted on AllBusiness.com, which is one of my favorite online publications for news about starting or buying a business or franchise. (Full disclosure: I like AllBusiness because it’s smart, thorough and insightful, and not because they recently named Great Clips as a top 10 franchise company for 2012 – as I said, they are smart, thorough and insightful!) 

The author says that a good franchise opportunity has these vital signs: 

  1. Industry growth
  2. Unit growth
  3. Strong support from the franchisor
  4. Good management
  5. Marketing and advertising support
  6. Satisfied franchisees
  7. Adequate earnings
  8. Sound financial statements
  9. Honesty
  10. A good fit 

I have both professional and personal reactions to each of the 10 signs, so I’m going to use the list as a blog-topic generator in the coming months. I’ll be as objective as I can about how these relate to the entire franchise industry, and I’ll also share my “inside-baseball” perspective about how these top 10 signs relate to Great Clips.

 Which of these signs stand out to you? If you’re already a franchisee, which ones have had the most impact on your business? If you’re considering becoming a franchisee, which ones do you care about most when considering joining a franchise?

 I’d love to hear your ideas. Please add your comments below or send me an email directly: rob.goggins@greatclips.com

Rob Goggins

Rob Goggins

SVP of Real Estate & Development - Rob joined Great Clips in July 2007 as Vice President of Franchise Development. Prior to Great Clips, Rob was Vice President of Franchise Development for Service Brands International. In that position, Rob helped grow franchise sales for all four of the Service Brands franchise concepts.

More Posts - Website