Any franchise worth its salt will be in an established industry that is well understood and has demand from consumers. Often placed within a set of single unit operators and potentially some other larger competitors they should understand the fundamentals of what they do and who they serve and have their business in line with these.
From here a good franchise will have its unique value proposition or UVP. This is the thing that sets them apart from the rest, it’s the secret sauce, the brand character, the approach, the way they do things that makes them unique.
It’s a combination of this adherence and understanding of the fundamentals combined with a UVp that makes a great business. The basics ensure a customer is clear on what the business does, the UVP exceeds their expectations and adds massive value. It’s the reason they choose to work with you over the others.
If you are a prospective franchisee, ask yourself what sets the franchise you are looking at apart from its competitors. Ask them this too, the answers may surprise you.