It’s estimated that, every year, well over 500 new franchise opportunities are launched. In recent years, as many as 900 companies began offering franchises. Research indicates that the majority of those new concepts will not still be offering franchises 10, or even 5, years from the launch of their new franchise programs. Some will fail to recruit enough new franchisees to become viable as a chain, some will be victims of improper planning, and some will simply change focus. But within the many new franchise offerings that emerge each year are tomorrow’s success stories… and those who correctly identify them and act swiftly will be positioned to reap rich rewards.
Vast growth potential
Why are some attracted to the seemingly riskier new franchise concepts? Often, it’s because of the vast growth potential these new opportunities afford. Many of the best territories for big-name franchises have been locked up for decades. Getting in on the ground floor of a new or undiscovered franchise could mean that you’ll be able to pick from the many prime territories and locations still available. It could also mean that you’ll have room to grow your business with new locations for years to come.
Relentless marketer Sean Kelly is a 20 year veteran of the franchise industry, and founder of the award-winning marketing firm IdeaFarm. In 2006, he founded the FranBest franchise network, best franchise opportunities, the top new franchises, franchise marketing, franchise public relations and small business marketing. Contact him at seankelly[at]ideafarm.net.