{"id":39917,"date":"2022-04-11T11:21:28","date_gmt":"2022-04-11T15:21:28","guid":{"rendered":"https:\/\/www.thefranchiseking.com\/?p=39917"},"modified":"2023-08-28T11:42:35","modified_gmt":"2023-08-28T15:42:35","slug":"new-franchise-opportunities-risk","status":"publish","type":"post","link":"https:\/\/www.thefranchiseking.com\/new-franchise-opportunities-risk","title":{"rendered":"How Risky Are New Franchise Opportunities?"},"content":{"rendered":"\n
\"the<\/figure>\n\n\n\n

I get asked about new franchise opportunities<\/strong> all the time. I also get asked if I think they’re risky. My answer:<\/p>\n\n\n\n

It depends on how you define “risky<\/a><\/em>.”<\/p>\n\n\n\n

Maybe a better question is this one:<\/p>\n\n\n\n

“Are new franchises riskier than more mature franchises<\/em>?<\/p>\n\n\n\n

There we go. That’s better. Now let’s take a closer look at this question. <\/p>\n\n\n

 <\/p>\n\n\n

New Franchise Opportunities Defined<\/h2>\n\n\n\n

In my eyes, a new franchise opportunity<\/a> is one that’s been around 2-3 years or less. <\/p>\n\n\n\n

So based on that, Bubbly Paws<\/a> and Pure Green<\/a> are new franchise businesses. <\/p>\n\n\n\n

Conversely, that means that this top senior care franchise<\/a> and this fast-food chicken franchise<\/a> are not new. Let’s call them seasoned<\/em>. Or mature. With me so far?<\/p>\n\n\n\n

Let’s continue. <\/p>\n\n\n

 <\/p>\n\n\n

Where Do You Want To Get In?<\/h2>\n\n\n\n

Part of your due diligence on a franchise<\/a> needs to include timing. As in, when<\/em> do you want to get in? Here are some examples of what I mean.<\/p>\n\n\n\n

    \n
  1. “I like the idea of buying into a young franchise opportunity. That way I can be the first one in my area to own it<\/em>.”<\/li>\n\n\n\n
  2. “I like the idea of owning a franchise business<\/a> that has an established name\u2026a well-known brand<\/em>.”<\/li>\n<\/ol>\n\n\n\n

    With that in mind, which “idea<\/em>” would you lean towards, and why? Let me take a stab at it.<\/p>\n\n\n\n

    If you’re leaning more towards #2, my thinking is that the thought of being the first one in your area to own a specific franchise makes you nervous. Why?<\/p>\n\n\n\n

    Because you feel it’s probably “riskier<\/em>” to be the franchise owner of a young franchise concept. At least riskier than buying a franchise that’s more established (seasoned<\/em>). But is it?<\/p>\n\n\n\n

    And if you’re leaning towards #1, you’re obviously someone who wants to be in on the ground floor, and because of that, you’re willing to take on more risk. <\/p>\n\n\n\n

    Am I right? <\/p>\n\n\n

     <\/p>\n\n\n

    On Franchising<\/h2>\n\n\n\n

    There is no doubt that franchising offers a lot of benefits. <\/p>\n\n\n\n

    For one, the franchise model provides a blueprint…a business system. Hopefully one that’s proven.<\/p>\n\n\n\n

    Secondly, franchising has been around a long time. Thank you Mr. Singer<\/a>. <\/p>\n\n\n\n

    Finally, if you’re taking a serious look at buying a franchise, you already<\/em> feel that going with a franchise business is less risky. Whoops. It’s not.<\/p>\n\n\n\n

    But it can<\/em> be, if you:<\/p>\n\n\n\n

    1. Choose the right franchise for you<\/li>
    2. Stay well within your budget <\/li>
    3. Do your research the right way<\/li>
    4. Use a franchise lawyer to look over your documents<\/li>
    5. Are looking at franchise ownership as a long-term investment<\/li>\n \n\n\n

      Bottom line?<\/strong><\/p>\n

      Franchising is an excellent way for small businesses to grow quickly. But there are no guarantees. You can<\/em> lose your money.<\/p>\n

       <\/p>\n\n\n

      New Franchise Opportunity Risk: How High Is It?<\/h2>\n\n\n\n

      When I’m working 1-on-1 with a client who’s interesting in a young franchise concept, I always tell him that new<\/a> franchises tend to be riskier. But why?<\/p>\n\n\n\n

      For one, all the kinks may not be worked out of the system. <\/p>\n\n\n\n

      More specifically, things like inventory control, staffing peculiarities, and the current technology solutions being used may not be up to snuff. Yet.<\/p>\n\n\n\n

      Secondly, there is no brand. Again, “yet<\/em>.” <\/p>\n\n\n\n

      Thirdly, the funds estimated to be needed to keep your new business up and running until it catches on may be too low. <\/p>\n\n\n\n

      That being said, none of those (except maybe the money part<\/em>) should be game-changers. In other words, they shouldn’t cause your franchise business to close. <\/p>\n\n\n\n

      But the problems I mentioned may force you to change your business plan<\/a>. <\/p>\n\n\n\n

      However, there are exceptions to every rule.<\/p>\n\n\n

       <\/p>\n\n\n

      When New Franchise Opportunities Take Off<\/h2>\n\n\n\n
      \"greg<\/figure>\n\n\n\n

      Sometimes, it pays to invest in a young brand. <\/p>\n\n\n\n

      Take what Greg George<\/a> is doing with The Peach Cobbler Factory<\/strong>. As he would say, “Shi_ is blowing up<\/em>!” <\/p>\n\n\n\n

      As of this writing, 11 locations are up and running, with 45+ franchise locations spoken for. Not bad for a food concept that just started franchising. <\/p>\n\n\n\n

      Wait. “Not bad<\/em>” is weak.<\/p>\n\n\n\n

      The Peach Cobbler Factory franchise development team is crushing it!<\/strong> And I’m happy for Greg and the creators of this yummy-sounding franchise opportunity. But I need to tell you something. <\/p>\n\n\n\n

      In franchising, new players on the block who grow fast can run into problems. <\/p>\n\n\n\n

      Note:<\/strong> I’m not saying The Peach Cobbler Factory<\/a> will have growth problems. Not at all, as they seem to be in good hands. <\/p>\n\n\n\n

      What I am saying is I’ve seen new franchise opportunities grow fast-and not<\/em> able to handle the growth. <\/p>\n\n\n\n

      One I’m particularly concerned about is Exponential Fitness. Maybe I’ll share my thoughts about that fitness franchisor with you another day. But for now, it’s a nice segue into the next section. <\/p>\n\n\n

       <\/p>\n\n\n

      Both Franchise Development And Franchise Support Are Needed<\/h2>\n\n\n\n
      \"Quiznos<\/figure>\n\n\n\n

      It’s one thing to sell franchises. It’s quite another to support all of the new franchisees coming onboard. <\/p>\n\n\n\n

      For proof, all you need to do is look what happened to Quiznos. Here’s a snapshot of what happened to the Denver-based chain.<\/p>\n\n\n\n

      At the peak of their super-fast growth, Quiznos was selling franchises faster than a speeding bullet. But there was a problem (several actually<\/em>).<\/p>\n\n\n\n

      The real estate department couldn’t find locations fast enough to keep up with the demand.<\/p>\n\n\n\n

      By “demand<\/em>,” I mean the super-fast sales of new franchises. <\/p>\n\n\n\n

      For instance, if the Quiznos franchise development team happened to sell 40 franchises in a month, that meant 40 new business locations needed to be secured. All over the country. <\/p>\n\n\n\n

      And when 35-45 more franchises were sold the next month…well, you guessed it. It gets worse. <\/p>\n\n\n\n

      Not only could the folks at Quiznos headquarters not find enough satisfactory locations, they refused to give back the initial franchisee fees that hundreds of would-be Quiznos franchisees paid<\/strong>. Can you guess what happened next? This<\/a>. But it didn’t end there.<\/p>\n\n\n\n

      Quiznos was sued again<\/a>. And again. The Quiznos debacle was talked about for years. <\/p>\n\n\n\n

      Admittedly, it’s an extreme example. One that has nothing to do with The Peach Cobbler Factory, or any other legitimate fast-growing franchise business concept. <\/p>\n\n\n\n

      But young, fast-growing franchisors do<\/em> need to be careful. <\/p>\n\n\n\n

      They need to have the ability to find suitable locations for new franchisees. And then they need to invest the time and money necessary to support them. <\/p>\n\n\n

       <\/p>\n\n\n

      On Risk<\/h2>\n\n\n\n

      Investing in something that’s not a sure thing is inherently risky. <\/p>\n\n\n\n

      For example, stocks, bonds, mutual funds, and real estate all have risk. So do franchises. <\/p>\n\n\n\n

      But are new<\/strong> franchise opportunities risky?<\/p>\n\n\n\n

      Yes and no. <\/p>\n\n\n\n

      Yes, because anything “new<\/em>” carries risk. <\/p>\n\n\n\n

      But is a new franchise opportunity riskier than a seasoned franchise opportunity?<\/p>\n\n\n\n

      Yes…sometimes. It depends on the concept and the team behind it.<\/p>\n\n\n\n

      To be sure, I’ve seen a number of franchisees who’ve owned mature franchise brands go out of business. For various reasons.<\/p>\n\n\n\n

      My point?<\/strong><\/p>\n\n\n\n

      Both new franchise concepts and mature franchise concepts have risks associated with them. <\/p>\n\n\n\n

      That said, the good news is that it’s easier than ever to get the information you need to make a smart, fact-based decision on a franchise to own. Just make sure you match your personal risk quotient<\/a> with the franchise opportunity you buy.<\/p>\n\n\n\n

      Finally, as to getting factual franchise information, you need to know where to look for it and how to use it. <\/p>\n\n\n\n

      Do you?<\/p>\n\n\n\n

      <\/p>\n\n\n<\/ol>","protected":false},"excerpt":{"rendered":"

      I get asked about new franchise opportunities all the time. I also get asked if I think they’re risky. My answer: It depends on how you define “risky.” Maybe a better question is this one: “Are new franchises riskier than more mature franchises? There we go. That’s better. Now let’s take a closer look at […]<\/p>\n","protected":false},"author":2,"featured_media":39975,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","footnotes":""},"categories":[33,32,54],"tags":[1387,2117],"class_list":["post-39917","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-franchise-research","category-franchise-purchasing","category-new-franchises","tag-franchise-risk","tag-new-franchise-opportunities"],"yoast_head":"\nNew Franchise Opportunities - Are They Risky?<\/title>\n<meta name=\"description\" content=\"Are you looking at new franchise opportunities? 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