In this article in Entrepreneur, the CEO of iFranchise Group, Mark Siebert, notes that while businesses must constantly evolve, the pursuit of absolute perfection can actually be the enemy of progress.
In decades of experience as a consultant in franchising, Siebert has seen many company owners worry that their businesses must be perfect before they consider franchise expansion. He argues, however, that while a systemized approach to business growth requires constant improvements to a business model, growth should not be delayed while waiting for perfection.
Siebert references multiple examples of recognized companies across a range of industries, from retail to foodservice to B2C services, and how they determined the appropriate timing and strategies when launching their franchise expansion programs.
The article also discussed the three core criteria for assessing the franchisability of a business.
In summary, Siebert acknowledges that a business concept does not have to be deemed perfect before franchising. It simply needs to be well-prepared and market-appropriate.
In this article published on Entrepreneur.com, iFranchise Group CEO Mark Siebert notes that after months of forced closures and record-high unemployment, the U.S. is ready for an economic recovery, with the franchise industry uniquely positioned to lead the charge.
Siebert predicts 2021 will be the best year of franchise growth in at least a decade, due to several factors, including:
- Relatively higher unemployment rates, with both lower-cost workers and seasoned career professionals seeking opportunities.
- Favorable market conditions that provide ready access to capital for investing in franchises.
- Available commercial real estate due to business closures in 2020.
Siebert also notes the importance for franchisors to prepare on multiple levels for the expected franchising boom: strategic planning, operations documentation, site selection, marketing and messaging, and franchisee profiling.
As we look to come out on the other side of the pandemic, Siebert recognizes that there will indeed be some challenges; but for companies that are well-prepared, 2021 could represent a once-in-a-lifetime growth opportunity.