The franchise industry is thriving and competition has increased across a variety of sectors within the industry. As brands work harder to attract the pool of qualified franchisees, the Wall Street Journal recently reported many are offering incentives to lessen the financial burden and open doors to attract new franchisees and to aid quality existing franchisees in order to expand to more locations.
Cincinnati-based Buffalo Wings & Rings is an elevated sports restaurant brand that saw incredible growth in their 30th anniversary year, in part due to celebrating those 30 years by slashing their franchise fee by $30,000 to $5,000.
Even with the investment level required to open a Buffalo Wings & Rings restaurant, Dan Doulen, director of franchise development for the brand, told the Wall Street Journal, “In the grand scheme of things, $30,000 doesn’t seem like a huge amount—but it is to those investors. They think about every penny they spend.”
Additionally, offering a franchise incentive could open up new secondary markets, said Nick Powills, chief brand strategist for No Limit Agency, a full service agency helping franchise brands grow. Powills told the Wall Street Journal that an incentive can help brands expand outward from cities where they have an established presence and can motivate even franchisees with the deepest pockets. “The wealthiest people in the world still want the best deal,” Powills said.
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