Buying a franchise can be a life-changing decision. So, it’s not surprising that prospective franchisees look at a variety of criteria when evaluating their potential investment in a franchise business. As franchise marketing leader and Social Geek podcast host Jack Monson explains, “They are not just buying a job – they are buying their future.”
In a recent post, we touched on the ever-increasing competition for qualified franchisee candidates. According to data cited by the Franchise Performance Group, some 4,000 franchise brands are competing for just under 14,000 new franchisees entering the marketplace. This level of competition requires franchisors to differentiate and create value for franchisees across every aspect of the business.
Jun 06, 2014
Bell Telephone developed the first automatic switchboard in 1910 after projections indicated that by 1925 every adult woman in America would be needed to staff the manual switchboards that were in place. Do you think the new innovative automatic system was an immediate hit with telephone customers and the industry experts? Well, probably not with everyone:
“I’ve been in this business for 30 years, and I’ve never seen it like this.”
I can recall hearing that statement three times over the course of my adult working life. The first time I heard it was very early in my career. My boss at the time had been a part of the Texas oil field service industry for more than 30 years, and the mid-80s oil crash was taking its toll. What once had boomed was now busting, stripper wells that had been profitable were being plugged, and new drilling activity came to a virtual standstill. Prospects in the oil business were looking pretty dim.