Belief in oneself is one of the most important bricks in building any successful venture. Lydia M. Child
Franchising is a driving contributor to the economy. In the U.S. alone, franchising had an economic output of approximately $790 billion in 2021. And more and more people recognize the power of franchising to help them achieve their dreams of home ownership. An estimated 790,000 franchise establishments opened in 2022.
While you can choose from many established names in franchising, many people also like the idea of getting in on the ground floor with a new franchising system. After all, even the biggest names started with one location before growing. There are risks with an emerging brand, but the rewards outweigh them — from lower franchising fees to more location options.
What to look for in an emerging franchise
Emerging franchise brands often bring new and innovative concepts to the market. This could be a unique product or service, a distinctive business model, or a novel approach to an existing industry. Even though these new brands, they’ve typically demonstrated some success in their initial locations. They may have a few pilot stores or units that have shown promising results and attracted the attention of potential franchisees.
Take note of how scalable the brand is. A successful franchise concept should be easily replicated across various locations with consistent success. The emerging brand should have a plan for expanding its footprint and reaching new markets that are adaptable. What works in one location may need to be adjusted for success in another, and the emerging franchise should be able to accommodate these variations.
An emerging franchise brand should have a well-defined and unique brand identity. This includes a recognizable logo, a consistent brand message, and a positive reputation that franchisees can leverage to attract customers. Finally, for a franchise system to thrive, there needs to be strong support from the franchisor to franchisees. This support may include training programs, marketing assistance, ongoing operational guidance, and other resources to help franchisees succeed.
Starting a franchise business
Starting a franchise business — an emerging brand or an established name — can be exciting and potentially lucrative. If you are considering starting your franchise in the New Year, here are some things to consider:
Investigate the Franchise:
Research the franchise thoroughly. Understand its business model, reputation, and financial health. Consider talking to existing franchisees to get their perspectives.
Financial Planning:
Understand the initial investment required, including franchise fees, equipment, inventory, and other startup costs. Also, consider ongoing operating expenses such as rent, utilities, employee salaries, and marketing. Create a comprehensive business plan to estimate your costs and revenues.
Seek Legal Advice:
Consult with a franchise attorney to ensure you understand all legal aspects, including the franchise agreement and your rights and responsibilities.
Training and Support:
Choose a franchise that offers comprehensive training and ongoing support. This can be crucial for your success, especially if you are new to the industry.
Location Selection:
Choose a location based on your target audience. Consider foot traffic, accessibility, and the demographics of the area. Negotiate favorable lease terms, considering the long-term sustainability of the business.
Marketing and Branding: Invest in local marketing to create awareness in your community. Customize promotional efforts to suit local preferences. Establish a strong online presence. Utilize social media and other digital platforms to connect with your target audience.
Brand to watch — Wallaby Window
Remodeling and home improvement have surged in the United States since the pandemic. In 2020, 76% of American homeowners did a home improvement project, while the industry earned $1.1 billion in 2021. Franchises that capitalize on this industry’s tremendous growth are experiencing strong returns. What better way to ensure your success and explore your goal of being your own boss than by investing in an emerging brand focused on home improvement?
Wallaby Windows & Doors is a sales and marketing franchise with a proven track record in exponential franchise growth and disrupting the home-service franchise category. The Wallaby Windows franchise model was designed with the semi-absentee franchise owner in mind and offers flexible ownership options. Other advantages include quickly ramping up a franchise location and a moderate investment, thanks to no need for a brick-and-mortar location.
Franchises benefit from the need for minimal staff and equipment to get a Wallaby Windows & Doors up and running. The brand also boasts sales software technology that gives customers an invoice the same day as the estimate. Franchisees run the business during daytime hours, meaning your nights and weekends are your own. Finally, territories are generous, containing 200,000 or more potential clients.
Wallaby Windows & Doors provides a proven business and system with high-ticket invoices and great returns. It is an ideal opportunity for a semi-absentee franchisee or an operator interested in multiple units, and it doesn’t require previous experience. All you need is a strong motivation to succeed, some experience managing a small business and strong communication skills. Best of all, a Wallaby Windows & Doors location can be up and running in as little as 60 days of onboarding inception, allowing you to quickly take advantage of the 17% increase in home remodeling expected from 2021 to 2022 alone. Potential franchisees interested in building an empire and who are prepared to handle the workload that comes with it should reach out to learn more.
Remember, the success of any franchise business is often a result of careful planning, ongoing learning, and a dedication to delivering quality products or services. Be patient and stay committed to your long-term goals.
Franchise consultant Seth Lederman can help save you time and money and help you find the best-emerging franchise for you and your dreams. If you are excited by the idea of an emerging franchise, working with an experienced franchise advisor who can guide you in the process can be helpful.