Emerging franchises: a look at the top up-and-coming brands
A new franchise concept pops up almost every day, but many of them never get off the ground. For prospective franchisees, it may be difficult to tell how a young franchise system will support them long-term, but a new report from Franchise Business Review makes answering that question easier.
Emerging Franchises highlights the newer brands in franchising (those that have been franchising five years or fewer) that have the highest franchisee satisfaction based on the training and support they provide franchisees, their leadership and the franchisee community.
Franchise Business Review, a market research firm specializing in franchisee satisfaction, annually surveys thousands of franchisees to look at satisfaction in specific industries like food and senior care and among vets and lower-cost investment opportunities, but this is first time they’ve looked specifically at franchisee satisfaction with newer brands.
“It’s exciting to see these younger franchise companies that have already proven they are committed to the training, support, and structure that’s required to be a strong franchise system,” said Franchise Business Review President Michelle Rowan. “Just by participating in our research, they’ve demonstrated a willingness to listen to their franchisees, and they’re laying the groundwork now to be a brand that’s in it for the long haul.”
To compile the report, researchers at Franchise Business Review interviewed franchisees and senior franchise executives and surveyed more than 1,500 franchisees at franchise brands that have been actively franchising five years or fewer.
Franchisees were asked to rank their franchise systems in the areas of financial opportunity, training and support, leadership, operations and product development, core values (e.g., honesty and integrity of franchisor), general satisfaction and the franchisee community. Franchisees also answered questions about their market area, demographics, business lifestyle, overall enjoyment running their franchise and role in the franchisee community.
Using this survey data, Franchise Business Review identified the top franchise companies — a list that includes Qualicare Family Homecare, Fitness Revolution, FirstLight HomeCare, Crunch Fitness, Amada Senior Care, Men In Kilts, Pinot’s Palette, YESCO, Best In Class Education Centers and The Exercise Coach.
“It’s no surprise that the list of up-and-comers mirrors some of the topics we hear about most in the media and pop culture–fitness, senior care, and frozen yogurt. Senior care, a franchise sector that’s exploded in the last five years, has four companies on our list,” the report said. “We also see seven fitness-focused brands on our list, and two companies that do ‘paint and sip,’ an entertainment concept that pairs painting instruction with drinking wine (or beer or spirits).”