WARNING: This video is for pioneering spirits only! Have you ever dreamed of being the one to bring an exciting, new franchise brand to your market, to carve out the best locations and lock down multiple territories so you can own the market? Listen in as Kim Daly, one of America’s top franchise consultants, explains the value of emerging brands.
Have you ever looked at a franchise that started in say California and said “Well, that works there, but that won’t work here where I live.” Please laugh with me because you know you have. I hear that objection every day. The funny thing is after 16 years of franchise consulting and helping hundreds of brands grow, I don’t think that statement has ever proven true! Now, it is a fact that some markets are too small, too rural or just don’t have the demographic to fit a customer base, but with all due respect, can you really make that call without talking to the franchisor and understanding who their ideal customer is and more importantly how many customers you need to make the investment work? Maybe you can, but I find that many people limit their thinking and options by making these grand assumptions and not taking the time to do the work to find the answers from within the franchise system.
When Subway was just beginning, why did you need the name Subway to open a deli? Before Massage Envy, did you ever think you could package a massage into a membership, put it beside a grocery store and people would come by the hundreds? I sure didn’t, but today, I am one of them!
My point is some opportunities are opportunities because they are brand new ideas. By the time you see them in your area it’s too late to invest. You’re not investing in a franchise for what it is today; you’re investing in people and their vision for where they can take the brand over the next 3,5,10 years.
I understand not everyone wants to be a pioneer, but if you have the tolerance for being first to market, when the brand becomes recognizable and the whole world wants one, you will be sitting on a gold mine! If you’re waiting to invest until it becomes a recognizable brand, you will probably have missed the opportunity to secure the best locations in your area and maybe even multi-unit expansion too.
When you buy a franchise, you are buying people, tools and their vision. You’re not buying it for what it is today but for where it is going. This includes the financial opportunity. If they make an earnings claim with just a few stores in one market, for sure, those numbers are going to grow as they have more depth in the market and more history as a company. Many people walk away from emerging opportunities because the numbers don’t seem appealing, but those with vision get in early and ride the wave as it goes up!
The value of being a pioneer can be huge if your franchise system becomes the next All-American gold rush. I know that’s a big IF to some, but to those who get inspired by first to market potential, I’d love to meet you!