Does the Franchise Industry need a Rebrand?
As a mature industry, being created in 1851 with the development of the Singer Sewing Machine sales program, Franchising has seen astronomical growth over the past 170 years developing into an economic juggernaut of more than $700 billion in annual sales employing over 8 million people in the United States. With anything that has been around for this amount of time, aging has its benefits along with potential drawbacks. Does the Franchise Industry need a Rebrand?
Let’s see what you think. One thing immediately to note about the diversity of the Franchise Industry and the need for successful organizations to grow and evolve is that fresh and effective ideas and systems are continually necessary to enhance these business models. Each generation enters and contributes in their own way towards the advancement of the industry. The two most recent adult age groups, Millennials and Gen Z’s, are contributing their own qualities and personalities into Franchising while satisfying their professional and personal needs through the benefits received from this mode of operation including cutting edge technology, labor saving automation, use of social media, flexibility and adaptability within particular markets, collaboration, and being socially conscious.
The thought of a franchise might seem stale and methodical to the outsider. The opposite is actually the case. Franchises must creatively adapt to stand up to the competition in their industry. Through collective networks of individual business owners, franchise brands are constantly collaborating while progressing and changing.
As Benjamin Franklin once stated, “Tell me and I forget, teach me and I may remember, involve me and I learn.” A successful franchise company is always learning and passing on this knowledge to each individual franchise through dedicated and lifelong training so that they continually improve each and every day in the course of their businesses.
Does your business need a Rebrand?
If you are looking to grow your business, there are a handful of ways to generate capital to multiple your locations. This includes generating cash through your internal business, borrowing money, capturing equity capital, or franchising.
By definition, a Franchise is a continuing professional relationship where a franchisor provides a licensing privilege to a franchisee to conduct business in a specific manner. The franchisor offers assistance and guidance in areas such as support, training, operations, and marketing for the franchisee. This mode of expansion is often the quickest and least burdensome toward achieving these growth goals.
Whatever route you choose to raise capital and expand your organization, you better make sure that your brand is effective and properly identifying what you do. A quality franchise consultant is going to help you determine if your brand is distinct and valuable before proceeding. Whether it is working, needs attention, or requires an overhaul, your brand must be humming in order for your business to multiply smoothly.
Education
It is not that the Franchising Industry needs to be rebranded, the fact of the matter is that this type of business expansion can be explained a little better to the general public and ultimately to those businesses that can benefit from it.
Allow Franchise Science to help you understand the franchise industry and show you how to effectively grow your business. Contact us today at 1-805-324-7001
