The journey of getting your franchise to be among the successful franchises is long and arduous; It includes many stages that must be passed and steps that must be taken; To join the Bone Sect.
The truth is that joining successful franchises may require knowing the experience of some of these franchises, and learning lessons from them, but it is also important to stress that each brand has its own experience, and success conditions, which differ from all successful franchises.
Successful Business Advantages
“Entrepreneurship” magazine tries to derive some lessons or general features from all successful commercial advantages and the things they have in common, as follows:
Passion
This is a foregone conclusion. Passion is a condition for success in anything, and therefore it is a common trait shared by successful business franchises, and this is not something new, nor is it a publicly held secret.
But what we have to say, if we know that passion is a common trait of all successful franchises, it is important to work on choosing a field of business (franchise) that you are passionate about before entering this stage.
In addition, you should focus on the areas that you love. For example, if you love pets, you are more likely to work in this field; This will give you the opportunity or willingness to put in more effort without getting slack.
Societal Need
It is not right to launch a product that people do not need, but it is right to do the opposite; For example, McDonald’s, which is a leading brand in the field of restaurant franchises, does not decide to launch a new branch unless it is confirmed that there is a need to launch this branch and that it will be launched in a place where it is not or close to other branches of this brand.
And if a societal need is a common feature among all successful franchises, it means that all of these leading brands put a lot of effort into market research; To determine the need for this or that product.
Accordingly, if you want to launch a brand and be among the successful commercial franchises, it is important to ensure that there is a need for it and to ensure that the product is appropriate to the needs of the customers you target.
Adequate Capital
All successful franchises have enough money, this is true, but we do not focus in our conversation on the stage at which these brands achieved success and profits, but rather on the beginning from which all these franchises took off.
It can be said that obtaining sufficient capital is a prerequisite for the success of any brand; You must make sure that you get enough money to spend on the project for about six months, especially since the project is not expected to generate income in the first stage, and it is also not logical to abandon the project because it did not make enough profit during the first six months. but to withstand and cross this stage; To reach the stage where the project is profitable.
Efficient Work Team
This is a question that needs no explanation or reference; All successful business franchises make sure to hire sufficiently competent and qualified people.
This is the basic starting point on which the entire brand will be built; Through competent employees, the brand will be able to achieve success and profits and even acquire new customers and dominate competitors.
You will also need an experienced and trustworthy manager, especially if you plan to be an absentee or semi-absentee owner; As your time does not allow you to be permanently present at the project work site.
Advertising and Marketing
There is no room to talk about successful franchises without addressing the importance of advertising and marketing; What’s the point of a good enough product that people don’t know about?!
You will need, especially if your project is in the first stage, to prepare the budget for advertising and marketing, and, in addition, to be sure to develop the correct marketing strategy that ensures that your product or service obtains a good standing among competitors in the market.
Reflecting on and investigating franchise projects that have been successful globally has two benefits. The first: Learn lessons from it and its experience and how these leading brands deal with the obstacles and challenges that undoubtedly have crossed their path.
The second benefit is that it is an example and a verse. If a brand has already succeeded and gone global, achieved significant profits and a great international reputation, why not other emerging brands?
This is exactly the idea that we seek from talking about franchise projects that have succeeded globally. Rather, we will try to point out, albeit almost fundamentally, that some of these big brands are dealing with a crisis the size of the Corona pandemic; For brands to draw lessons and lessons from them.
Moreover , Enterpership Magazine lists the most important franchise projects that have succeeded globally, as follows:
7-Eleven
7-Eleven is a globally successful franchise chain built on a franchise model that now boasts more than 71,100 stores worldwide.
It was a global success, quickly adapted to COVID-19, and said it would rent on a large scale.
The chain has also invested heavily in safety and hygiene since the start of the pandemic to keep customers and employees safe.
This brand is one of the globally successful franchise projects partnering with third-party delivery services; To make sure their products can be delivered to people who are socially distanced.
And the company went so well in 2020 that it paid $21 billion in cash to buy the Speedway gas station chain.
Taco Bell
Its beginning was in 1964, with a total of about 7,136 branches. During the past two years, it achieved significant growth; Due to the increasing demand for fast food; Its sales grew by 6%, and fast food sales reached $11 million in 2018, in short, you are in front of a promising industry.
Not to mention that Taco Bell, as a globally successful franchise enterprise, has built its operating system, and the number of franchisees is increasing day by day; This means that this brand has a solid footing in the market and a solid reputation, and achieves high penetration rates.
McDonald’s
McDonald’s fills 10 orders every one second; This means that this brand, which was founded in 1955 and has 38,108 branches around the world, is in great demand, and therefore it has been repeated in many of the lists of the best franchise projects.
McDonald’s, the world’s most successful franchise venture, generates revenues of $21 billion annually.
Ace Hardware
As many people are spending more time at home due to the Corona pandemic, the interest in the products offered by this brand has increased; Where people work on long-term projects around their homes and apartments.
Ace Hardware, which has more than 5,000 stores worldwide, followed this trend and saw its business grow through 2020 while many other types of businesses were hit.
The company recorded record revenues for the first quarter of 2020 of $1.4 billion, an increase of 4% compared to the first quarter of 2019.
JAN-PRO
JAN-PRO is a commercial and residential cleaning company that started offering franchise opportunities in 1992, JAN-PRO offers some different franchise opportunities; Including home privileges, and they began to spread, especially after the outbreak of the Corona pandemic; Which made her one of the winners of this crisis.
Sonic Drive-In
A famous brand that has existed since 1959, and it is one of the most prominent franchise projects that have succeeded globally, with some 3600 branches, focusing mainly on the future; Therefore, their listings and prices are constantly changing but based on your analysis and predictions of what the market will be like in the future.
In 2018 acquired by Inspire Brands for $2.3 billion; This made it into the same family as Arby’s and Buffalo Wild Wings.
For a brand that has existed for more than 60 years and is trying to invest in the future and stay ahead of events, there is no doubt that it is one of the ideal options for those who want to work in the franchise system.
