By Peter Holt

Having spent more than 30 years in the franchising industry, I could endlessly advocate for the merits of the model. With an average of 300 new companies taking the plunge each year, and more than 733,000 total franchise establishments in the United States, franchising plays a key role in the continual growth and development of a multitude of industries and categories – and even of our nation’s economy.[1]

Yet, there are many industries still sitting on the sidelines, missing out on all the positive benefits of the model. From increased opportunities for expansion, to faster spread of marketplace awareness and education, and even to accelerated pace of innovation, there are several ways for businesses to capitalize on the franchise model to break the mold in their industry.

As you contemplate taking the leap and blazing a new trail for your company, and maybe even your industry, here are three points to consider.

Overcoming Franchising Myths

One of the barriers I continue to see is a lack of understanding of the franchise model. I’ve heard many false assumptions, ranging from indifference to unit-level profitability to providing products or services at a diminished quality as compared to non-franchised concepts. In my experience, these are comments from people who have not taken the time to truly understand the effectiveness of a well-run franchise system and the impact it has on the U.S. economy.  

But, with knowledge comes power. Take the time to inform yourself and your team on the regulations and guidelines that were designed specifically to protect both franchisors and franchisees, and then make sure to practice them. As a franchisor, your responsibility to your franchisees is to create and maintain the operating model of your concept and provide your franchisees with the training and support necessary to properly execute their venture.

Creating Efficient and Sustainable Systems for Growth

If your company is one of the first in your industry to venture into franchising, it’s important that you understand that you are setting the standards. The franchise model provides a well-established path for sustainable growth.

At The Joint Chiropractic, for example, developing a winning recipe has centered on empowering our franchisees to bring exceptional, convenient and affordable chiropractic care to their communities in a retail setting. This didn’t happen overnight; it takes constant evaluation, trial and open dialogue with our franchisees to continue to refine the operating model and ensure that we’re hitting the mark in the support we’re providing.

Top-tier franchise brands focus on training their franchisees on proven business models that are continuously refined; and if you have a winning value proposition across all facets of your company, marketing that opportunity as a franchise system can offer strong rewards.

Validation Through Education

Once you’ve invested the time, money and resources into transforming your brand into a key player in the franchising world, now comes your chance to validate the power of franchising to the rest of your industry. Consider industry trade shows, conferences, speaking engagements, and other networking functions as opportunities to demonstrate the positive attributes of franchising, providing real results of how it has benefited your brand and the overall category.

While you won’t be able to sway everyone in the room, it’s likely a few of your colleagues will take notice and even approach you for further mentorship on exploring the franchise model for their business.

There are endless occasions to replicate successes from within a franchise system, especially through the implementation of process and procedure programs, ongoing training and knowledge sharing, and educational opportunities for your industry. Together, these points set the stage for you to expand your presence through franchising – and to make waves in your industry while doing so.

About Peter Holt

Peter has served as the president and CEO of The Joint Chiropractic since 2016. He has more than 30 years of experience in the franchise community, including managing franchise systems in domestic and international markets and serving on the Board of Directors for the IFA, where he worked earlier in his career. To learn more about The Joint Chiropractic’s franchise opportunities, visit www.thejointfranchise.com and for more information about the brand, visit the company website at www.thejoint.com.

[1] “Emerging Franchises Hotbed of Growth if You Know What to Look For” (https://www.frandata.com/emerging-franchises-hotbed-of-growth/)

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