This lesson is part of our free Franchise 101 course.
Maybe you’ve been through all five stages of the Franchise Success Path. Maybe you’ve narrowed your choices down to a single franchise you want to work with. Maybe you’re even in negotiations with that franchise, heading toward an agreement.
Even if that’s the case, you should still take the time to revisit our top franchise lists, and here’s why.
Spot the Options You Missed
Franchise Chatter provides four key lists of top franchises:
- America’s Most Lucrative Franchises
- Franchises Ranked by Average Revenues
- Franchises Ranked by Average Profits
- Franchise Winners, Survivors and Losers Last Year
If you’ve been using the Franchise Success Path, or even dipping into our resources, then you’ve already used these lists to pick and prioritize the right franchises for you.
But however carefully you’ve scrutinized these lists, there’s a chance that they include something you’ve missed that’s of interest. It might be a new addition or a franchise you previously overlooked. Whatever the cause, it’s worth keeping an eye out for the one that got away, even if you think you’ve picked your franchise. Until you’ve signed a Franchise Agreement, you can still change your mind.
Spot Upcoming Opportunities
Because they’re constantly updated, these lists are great for spotting franchises that are improving in status: the ones that could be the next big thing.
Franchise Chatter subscribers often spot unique opportunities and tell us about them, and these recommendations create crowdsourced intelligence you won’t find elsewhere. That can turn into pure gold for prospective franchisees.
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🎯Find GOOD Franchises in Your Target Industries That Are STILL Available in Your Area (Free Tool)
Getting in on the early stages of a major industry development is huge. Remember when fast-fired customizable artisan pizza chains hit the franchise scene? If you had been a Franchise Chatter subscriber, you would have been among the first to find out about this trend, thanks to our crowdsourced insights. Other examples of up-and-coming franchises that we brought to subscribers’ attention include Orangetheory Fitness and Code Ninjas, both of which have grown exponentially since we first reviewed them.
By keeping an eye on our lists, you can spot upcoming opportunities as they first appear, and switch focus to something on the rise.
Start Planning Your Next Move
Even if you’re set on your next franchise, it’s worth considering the move that will follow. Your business isn’t going to stand still. You’ll want to expand, whether with the same franchise or by diversifying your options with something new.
Expansion might be a few years away, but that doesn’t mean you shouldn’t gather information now. By following trends in these lists, you can see what’s rising and falling, what the options are within franchising. You can get yourself ready to leap on the next big thing as it starts its rise.
Wherever you’re at in your franchising career, our lists can be of value to you. Insight into your industry is always worth having.
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