Time-Tested Franchise Business Plans That Everyone Gets Excited About

Quality franchise business plans are more important than ever today due to the tough times small businesses are facing and the instant credibility a well-managed franchise provides. As a franchisor, it's important to make your plans stand out to entrepreneurs who want to speed up their success. 

In the following article, we'll be discussing the 7 plans that are winners almost every time.

Possible Franchise Roadblocks

Before we begin, however, it's important to understand the roadblocks of selling your franchise that exist in every market. There are four basic areas to be mindful of, but the particulars will vary depending on location. Let's have a quick look!

Saturated Markets

Franchisors looking to pitch a pizza place might have an uphill climb without a thorough understanding of the market location they are considering. That's because pizza is everywhere. 

That said, companies like Marco's Pizza, Papa John's, and Domino's Pizza have continued to thrive. There is always room for one more, but you'll need a great product and clear brand differentiation to succeed. 

Lack of Demand in an Area

Some markets just aren't ready for your business idea, and that's okay. Maybe they will be one day, but you have to get the timing right, or else you'll wind up taking a bath. 

For example, rural markets in the Midwestern United States likely do not have the demand for a store that focuses heavily on handheld electronics. As nationwide networks become more reliable, that could change but the last thing a franchisee wants to do is jump in before the demand is there. 

Mass Demand Is Not There Yet

Similar to the lack of demand, there could be a situation where the product or service you're selling is viable but not quite ready for franchising. That's because the financials in other parts of the country don't really support it.

The way around this: more consumer education. That's something services like Uber and Lyft faced in their infancies, but they are slowly coming out of it. 

Pricing

Franchisors might face another uphill battle in selling their opportunities if the buy-in price is viewed as too high. On the one hand, it's a good mechanism for keeping out the tire-kickers. On the other, someone should be able to see the value you bring is worth it.

If no one is interested and you know the need is there, take a closer look at what competitors are charging and, more importantly, the terms and support they're offering. 

Which Business Plans Deliver the Best Results?

Now that you know the factors that might keep your franchise idea from selling, it's time to look at the specific business plans that are getting entrepreneurs excited. Business opportunities that meet one or more of the following criteria have a strong foot in the door.

1. Franchises That Add to Quality of Place

Any franchise business plan that makes a town or city a better place to live is going to attract the right types of investors. Look at "hot" industries and sub-industries, such as gourmet coffee, adventure parks, and other opportunities that give individuals and families places they can go for a quality experience where they live.

2. That Support the Economic Engine of the Area

As people consider franchise ownership, they will want to know how a business idea fits in with the area they live. Franchisors can get ahead of the game by doing targeted market research and connecting the dots for them. 

That means understanding what the primary industries are, community culture, demographics, etc. For example, a manufacturer like Whirlpool that makes household appliances and employs potentially thousands in a single area can create great opportunities for ancillary services or products.

3. Franchises That Make Lives More Convenient

A franchise brand like Uber that makes it possible to live anywhere and travel without having to own a car can be of great convenience. No more having to find or pay for parking spaces, no more parts failures or costly maintenance, and no need for car insurance! 

Before going to market, think heavily about where those convenience factors are missing or under-served. Resolve to fill the gaps. 

4. That Add to the Available Selection

Don't be discouraged by franchise development challenges if there are others already doing what you're doing. Just figure out a way to distinguish your brand. 

Almost every city or town has more than one Mexican restaurant, more than one pizza parlor, more than one grocery store. It's okay to be the same as long as you can show how you're different. People love having choices!

5. Franchises That Are Environmentally Responsible

Any franchise owner intent on success these days will be thinking about the environment. Generation Z expects businesses to be environmentally conscious. So do the communities with which you partner. 

6. That Offer Quality at a Cheaper Price

Walmart Neighborhood Market and Aldi are two standouts in the global grocery market that have made it tougher on traditional "Mom and Pop" grocery stores. The two companies have leveraged mass holdings to get the best prices that they are able to pass along to their customers.

Why wouldn't a customer buy a box of cereal for $2 cheaper at Aldi than they would the local grocery store? (Especially if it's convenient and the quality is as good or better!)

7. Franchises That Help Citizens Lead Healthier Lifestyles

More franchises are cropping up with an emphasis on health and wellness, and they exist in a number of industries. Herbalife has a number of healthier options for milkshakes and tea. Indoor adventure parks encourage children and families to lead more active lifestyles.

If Your Franchise Business Plans Deliver One or More of These, You Are Set



Clearly, your business doesn't have to hit every one of these areas to succeed. After all, a restaurant that gives you a dental exam before your meal doesn't make a lot of sense! 

That said, you should always be thinking about how your franchise can meet the needs of customers, employees, and the community with which it partners.

Think your franchise business plans fit into one of the seven exciting areas listed above? Contact us today to learn more about how to develop it for further expansion.