The prospect of franchise ownership is an exciting one, and it comes with the need to make many decisions. Chief among these decisions is what kind, or rather size, of the franchise to align yourself with. This comes question comes down to what type of environment you prefer and what kind of resources you need at your disposal. At the question’s most basic level, it comes down to two types of franchises: large ones and small ones.
Large Franchises
Aligning yourself with a large franchise comes with its own attributes and systems largely related to the brand’s high recognisability and the infrastructure surrounding your franchise. A Large franchise in this context refers to large, household-name brands known across North America and maybe even the world. Being so recognizable such brands keep their franchises under a watchful eye and closely define how the business is run. This means a strict set of rules surrounds your new business at all times to both support you and ensure your success, at the cost of your liberty as a decision-maker. The constant feedback allows you to manoeuvre your new investment with confidence, albeit limited freedom. Bigger franchises also mean bigger resources. With a bigger brand at your back, you can be confident in tried and tested infrastructure and support.
This mode of franchise ownership is best for people with corporate backgrounds, and those who enjoy adherence to strict rules, guidance, and procedures.
Small Franchises
Smaller brands boast a different set of attributes, strengths and challenges than their larger counterparts. A smaller brand fosters innovation and room to stand out from the crowd. With the flexibility to manoeuvre your investment with greater freedom, you have more opportunities to propel your business beyond any confines and even help shape the very brand and culture of the company.
With a smaller franchise, you are still provided with the tools and procedures to succeed, but you are provided more control to fitting these procedures into your own unique environment. With higher flexibility, you can adapt the brand’s practices to your own market and put your own ideas to the test.
This approach is for those who enjoy being in control, expressing their creativity and are more self-driven on their path to success.
Both options boast a variety of unique benefits and challenges, defining their paths to success in their own way. Ultimately, it comes down to the kind of professional you are, and what works best for you.
