So, what's the hottest franchise out there right now?
That's the most popular question that I get almost every day. You know what the reality is? Each one of us has our opinion of which one is the hottest - for all different reasons. If someone told you 40 years ago that Subway was the next biggest thing - would you have believed them? It grew over time & made smart decision each step of the way....but a risky bet in 1974.
Here is a well used quote in franchising that I discuss with clients: "If you've heard of it, it is either very expensive, very difficult to get into or there is almost no territory left." So how do you find the next Subway?
There are lots of awesome opportunities out there! Of the more than 4,000 franchise opportunities out there, there are hundreds and hundreds and hundreds that are absolutely great! I have absolutely no doubt about that and I see them every single day. I see people having tremendous success. I see people improving their lives by going into a business that works really well for them. But you know what the crazy thing is? It's not always that it was a hot franchise.
The thing that was so darn hot about it is the fact that it was a perfect fit for that person. I owned a franchise in the service industry a number of years ago. Guess what. There were many other franchise opportunities in that exact same industry, in that exact same sector that looked awesome on paper (or on the computer screen). In fact, some appeared to be better, some worse. There were some that were growing faster. There were some that had people making tons and tons of money - and some of those people were at each company. There were some getting attention in national business magazines.
You know what made mine so hot for me? It was the way I was able to interact with the people at the corporate office of that franchise company. It was the way the team made it an easy business model to follow backed by their support of a family atmosphere. It was seeing a pattern of good decisions to help the franchise grow.
In the last decade, I've seen a lot of people do great with franchised businesses and I've seen the opposite, too. There are even MdDonald's franchisees that fail! The common denominator in the ones that don't do well is that the franchisees stopped following the system - even from a successful proven business model.
The reality of business ownership is that there are going to be bumps in the road. There are going to be bad days sprinkled among the awesome ones. When two parties that are interdependent and intertwined run into issues or bumps in the road, they are able to ride right over them much more easily when they actually respect each other. The opposite is also true. Almost any little bump in the road can seem like a jarring, horrifically huge pothole when your business partner is someone you don't particularly like, on a personal level. Being able to trust and rely on your partner means a whole heck of a lot. The franchisor needs to be able to trust and rely on the franchisee. And, the franchisee needs to be able to trust and rely on the franchisor.
So, what’s the hottest franchise? The beauty is that it might be any number of the opportunities that are out there. All of the research on the numbers, trends, markets, industry, and legal documents has always been and will always be of paramount importance. So is the potential for a solid relationship.
If you are interested to learn more about what will really make a franchise “hot” for you, reach out and lets start a conversation: