How to Succeed in Franchising Your Business
Franchising can sometimes seem like a game: Match the right concept with the right systems, growth plan and marketing strategy, and you’ll end up with a hit. But in reality, it rarely works that way.
Most of the 3,000 or so franchise systems in North America are ephemeral, with hundreds winking into and out of existence every year. Only a handful make it to the national or international big leagues.
For an industry that believes strongly in standardization and replication, you’d think someone would have developed a foolproof formula for franchise success. But even though the best franchises work with machine-like precision, getting all the pieces to come together is more akin to alchemy than business planning. It takes a great concept, effective leadership, capable franchisees, impeccable timing and the right consumer climate to build a franchise system with staying power.
Iconic brands like McDonald’s, Subway and Marriott clearly got the formula right. And
