Create a Storybook Ending for Your Brand The...
A franchise in the early stages of development presents exciting pros and some considerable downsides. Before you decide whether to join an emerging franchise, consider the following benefits and drawbacks of such a move.
An Opportunity to Make a Difference
The odds of you having direct contact with the man or woman at the top of a large franchise when you have an idea or concern is pretty slim. However, emerging franchises rely more heavily on the ideas of their franchisees, and this gives you a larger voice in the organization. If you play your cards right and bring what the franchiser is looking for to the table, you might become a crucial part of their team at an early stage.
Lower Brand Awareness
An established franchise is already known to the consumer, and your new location with benefit from that familiarity. A newer franchise will be less known to the public, so you'll have to work harder on the ground to get your name out there and rely on the franchiser doing their part as well.
More Growth Options
With an emerging franchise, there are usually more choices for expansion and location than with an established brand that already has several locations. You'll have more of a chance to grow when you want to and where you want to with a newer franchise.
A new franchise won't have a solidly established, time-tested training and administration system in place. This aspect of emerging franchises works as a pro and con because although you'll have more control over your operation, you'll also have smaller support and administrative systems that aren't as tweaked as they could be. You need to seriously consider how much time you want to put into your franchise and how much help you believe you'll need from the franchiser when you're evaluating emerging franchises.
As with any franchise opportunity, carry out thorough research before you select an emerging business. Be sure to keep the pros and cons of going with a young brand as they apply to your personal circumstances and your preferences in your mind. By weighing all the angles, you'll have a much better chance of picking the right business for you, whether it's young or old.