It’s the top question that’s on your mind. In fact, it’s the top question that should be on anyone’s mind if they’re thinking about starting their own franchised business.
What are my chances of success?
If you don’t consider this before getting underway, you dramatically increase the likelihood that your business won’t be successful. But how do you determine your chances of success ahead of time?
One of the best way is to investigate and see how many of your prospective franchise’s stores have closed in the past few years. This gives you a great idea of the popularity of the business, and therefore the viability of your specific franchise.
This is one of the reasons why Cold Stone Creamery has become one of the most popular franchise options on the market in recent years. If you look at Cold Stone Creamery closings, you’ll find that the company is strong, and each individual branch has a high likelihood of success.
There are many reasons why this is the case. The first is the strong brand recognition that Cold Stone enjoys, which gives it a strong market share. The fact of the matter is, many people prefer Cold Stone’s premium ice cream to other options, so there’s really never a shortage of eager, paying customers.
If you can select a franchise with this kind of loyal customer base, you’re already well ahead of the game. Not only does it set you up on the right track to success from Day One, but it also cuts down on your marketing cost, as your first task – raising awareness of your product – has already been done for you.
Another reason why you see so few Cold Stone Creamery closings is the world-class support they provide their franchisees. They have dedicated training sessions at their corporate office in Scottsdale, AZ, where they prepare franchisees by exposing them to real-world situations in a safe learning environment.
This training helps drastically cut down on the number of franchises that fail, as the owners are well-prepared for the experience of owning and operating their own businesses. Without this kind of training (which many other franchises lack), even the most commonplace problem can derail the whole business if the owner isn’t prepared to deal with it.
The company also helps with other issues that have been known to give franchisees fits. For example, marketing and advertising (which can be the scourge of the first-time franchisee) can be taken care of by joining a Cold Stone co-op. That eliminates one of the biggest downsides to franchising in one fell swoop.
Cold Stone offers other similar incentives to keep their franchisees happy, including:
- Continued training via a dedicated support hotline.
- Ready to own stores for franchisees that want to skip the headaches that can occur from opening a new location.
- Help with public relations campaigns and fundraisers.
If you want a franchise that you can expect to stick around for a while, then you can’t go wrong with Cold Stone Creamery. There’s a reason why you don’t see many Cold Stone Creamery closings – it’s because the franchise is fully committed to helping you succeed.