Not all franchise models are great. Some are outright bad. How can you tell the difference? The best franchise business models have these 10 characteristics.
A Winning Reputation
Whether a franchise has five locations or 500, it’s important to align yourself with a brand that is positively regarded both locally and across public opinion. A good reputation can go a long way toward providing built-in business when you first open your doors.
A great franchise business model leverages its name to attract customers and give franchisees the opportunity to build upon the brand’s positive regard and established position in the market.
Adaptability & Innovation
As consumer needs and cultural trends shift and evolve, a strong franchise business model anticipates these changes and adapts accordingly to stay ahead of the competition and provide the best products and services on the market.
The personal waxing industry has seen trends come and go since its inception, but a brand like Uni K Wax has been at the forefront of the field since its founding in 1993, when Noemi Grupenmager revolutionized the industry by opening the first ever natural unisex waxing studio. Today, Uni K studios offer over 160 different waxing services to accommodate a range of clients’ needs.
As the waxing industry landscape continues to adjust to a changing world, franchises that are prepared to adapt to the needs of their customers and franchisees are well-equipped to maintain and grow their business.
If you are buying a franchise, you want to invest in a franchise business model that will be equally invested in you and be both professionally and personally fulfilling. When a brand has proven successful with multiple franchises, it greatly increases the chances of success for new franchisees. Franchises with a less proven history may still turn out to be winners, but they’re a riskier prospect for curious investors.
At the same time, a savvy franchisor is positioned in a market that is primed for opportunity and growth for years to come. A hot and happening concept may be great in the short-term, but franchisors with long-term focus and growth potential will provide you with a richer business experience.
Recessions are almost impossible to predict with perfect accuracy, but certain businesses stand a stronger chance of weathering an impending storm. Industries that trade in big-ticket items like automobiles most commonly face greater challenges during times of economic downturn, when consumers are watching their spending more carefully.
Healthcare, home improvement, and food and beverage are all considered recession-resistant industries, providing fundamental goods and services that are in demand regardless of the state of the economy. More and more, industries that can be considered self-care, such as spa, salon, and waxing, are being treated as necessary personal maintenance and even grow their business during challenging times.
Regardless of the industry and a new franchisee’s background, comprehensive training is a key contributor to ongoing success. The best franchisors employ experts whose sole job it is to hand down their experience within an industry, providing franchisees with organizational knowledge to give them a competitive edge over other businesses.
A great franchise business is built upon the opportunity to learn and improve, how franchisors communicate those learnings across the system, and how they ensure that everyone is given the opportunity to leverage the shared learnings. Great franchisors take the individual learnings of established franchisees, consolidate them, and convert them into best practices from which all new franchisees can learn. Franchisees should expect initial and ongoing training to help them build their business. Lack of a well-documented training program or poor reviews from current franchisees are a red flag that a company does not have a well-developed training program.
Winning Marketing Strategies
Marketing support is an essential benefit to partnering with a franchise. A well-honed approach is what keeps clients walking through the doors and business booming. As you evaluate franchise opportunities, keep an eye on how different franchisors support their franchisees on acquiring and retaining customers. Best practices in marketing and advertising are constantly changing, and it is important to understand the effectiveness of the campaigns franchisors are executing.
Strong franchises offer a high level of transparency regarding expense controls. Businesses have various types of expenses from payroll, facilities, and maintenance to utilities, supplies, and more. Great franchisors leverage their scale and buying power to reduce expenses for their franchisees.
Flexible Franchising Options
Whether it’s single-unit, multi-unit, or semi-absentee ownership, a franchisor that presents various options to eager and qualified investors to build their business presents a strong business model that sets itself apart from the competition by allowing franchisees to choose their level of commitment.
Leadership To Believe In
A great franchise is founded on the strength of a powerful leadership team. Each member will possess experience that drives the brand forward in certain areas (marketing, operations) so they can provide strong guidance within the franchise system. A strong franchise is built on the trust the franchisees have in their leadership.
Perhaps one of the most important determining factors of a successful franchise business model is the satisfaction of its franchisees. If the majority of franchise owners are meeting and exceeding their business and personal goals, that’s a good indicator of the overall success of the system. Franchisors that place a high premium on the happiness of their franchisees when they collaborate, listen, and deal with any challenges effectively.
Franchisors who support their franchisees throughout the business relationship build a lasting impression that doesn’t just positively affect individuals, it builds up the brand as a whole.
Franchise With Uni K Wax
Uni K Wax sets the industry standard for excellence in franchising. With 25 years of franchising experience, Uni K Wax offers prospective franchisees the opportunity to join a brand that prioritizes quality products, customer service, cutting-edge studio design, and franchisee growth.
To learn more about franchising opportunities with Uni K Wax, request information.