Investing in any franchise is a risk, but you count on franchisors for guidance, other franchisees for support and investing a lot of money to build a business. In many cases, the benefits of investing in an emerging franchise usually outweigh the risks. These opportunities allow you to have a close relationship with the corporate team behind the concept and have your ideas taken seriously.
Other reasons to join a franchise include:
Making a difference
When a franchise starts, they rely heavily on new franchisees because they need to develop and perfect their model. This is when franchisors seek advice and look for solutions, so it’s a great time for you to voice your opinion. If you are a strong franchisee, you might see your ideas pass on to other franchisees. Voicing your opinions is crucial when you’re investing in a new franchise.
If you find a franchise concept that you believe in, the reward will outweigh the risk. Investing early means you are an integral part of the growth throughout the franchise’s lifetime. When new franchisees come on board, you are an essential part of explaining your daily operations and validation through your success.
Opportunities for expansion
Emerging franchises will have territories mapped out, but they might not be filled. If you begin as part of their first new franchisees, you’ll have room to grow and expand your territory. Showing your strengths and capabilities means you could earn surrounding territories.
Importance in the team
In a franchise, franchisors guide a team of individuals with similar mindsets who believe in the concept. When you start in an emerging franchise, you’re among few franchisees, allowing you to develop close relationships. This means you’ll feel comfortable talking with someone you’ve known throughout the experience of developing the franchise.