The best place to find franchise ideas is in researching which businesses do well in any economic climate. Some of the most successful franchised businesses have common characteristics:
(a) A mixed model of revenue streams (i.e. diversify how the franchisee and franchisor make money)
(b) Stringent franchisee profiling and recruitment (only bring on the best)
(c) Consistent brand management and promotion
(d) Consumer demand for the service/product is continuous and on an upward trend
(e) Adapt to market/consumer trends
A ‘great’ idea is a far way from a profitable business, and in most cases a profitable business is a far way from a long term success story.
Modern business should take a page out of historical business practice…don’t tell the customer what he wants and how he wants it….but instead…listen, take heed and hasten to deliver what the customer says he wants and how he wants it. Therein lies the secret to customer loyalty and business longevity. Quite simple to keep to, but most stubborn business owners feel differently.