What Does a Good Franchise Brand Look Like?

Is there a better way to measure good franchises from the bad?

Edith Wiseman, President of FRANdata, thinks so.

In a recent column published on Forbes.com, Wiseman argues that these days, it seems everyone is a franchise expert – and that to combat this, there needs to be a standard set of performance metrics to measure what makes a good franchise.

Performance indicators broken into three key areas

To help both prospective franchisees and franchises themselves better assess the quality of franchises, FRANdata identified three main areas to focus on when measuring franchise performance:

(1)        Quality of Customer-Received Product or Service

(2)        System and Process Quality for Growth and Sustainability

(3)        Franchisor Quality (Leadership, Commitment, Responsibility)

Wiseman noted brand demand and system health as being the key indicators, while also considering franchisee support with financing and operations. Taking this information into account, the methodology they created to assess franchises was created to best assess long-term, quality growth.

Openness and transparency paramount in determining actual quality

Above all, in order to properly assess a franchise’s quality, Wiseman commented that franchises need to provide enough adequate information.

More often than not, though, she says the best ones that “get it” already do.

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