In a fascinating article written by Joe Weisnethal of Business Insider, it was brought to light how the top restaurant franchises thrive in a tough economy. Out of the top twenty restaurant chains in the U.S., six are prestigious Francorp Inc. clients. It is a little known fact that prior to engaging with Francorp, all but one company had only one unit prior to engagement. The other company only had two.
Jimmy John's (2nd), Panda Express (9th), McAlister's Deli (11th), Jersey Mikes(14th), Papa Murphy's (15th), and Culver's (20th) have thrived at a time when most companies are pulling in their horns. These six companies are very transparent in what they do. By having a culture of transparency, all of these companies offer a distinct experience and product that is trending in the world around us. But in the very beginning, it was Francorp's assistance and strategic planning that helped launch these companies on the path to success.
One of the main reasons a company should think about franchising is time. A company who has a thriving concept and trending product does not have the time to open units one by one solely with their own capital. As a business owner, you need to leverage your name, brand, and systems in a way which outgrows your competition. Panda Express (9th) was able to beat out their competition by allocating their time to wisely building their company structure rather than establishing the next location. Proper timing is everything, whether you are talking about the state of an industry, or the relevence of the next successful business concept.
As Francorp Chairman Don Boroian stated in his latest book "Franchising Your Business", it is more important for a new concept to be quick than slick! (For the free e-book version, go to www.francorp.com) The graveyards of full of people who had the strongest concept or business model, but failed to develop with a timely method. The top franchising companies listed in the Weisnethal's article did not wait for all the stars in the sky to align prior to rapid growth. Instead, they launched their concepts, feeding their business models with the tools needed as their companies grew and evolved.
To get more information on franchising, or how to franchise your business, please visit www.francorp.com, or call 1-800-FRANCHISE to speak with an analyst today.
