When Ray Kroc established the McDonald’s brand, he recognized that a thoughtful and strategic approach to franchising was crucial for long-term growth and success. He ensured that the franchisor-franchisee relationship remained a core focus across the organization.
“Our vision is to create the best franchising opportunity for future generations, supported by a leading franchisor in the industry,” says Brad Bogan, McDonald’s vice president of U.S. strategic franchising.
So, what does it take to thrive as a franchise owner? We spoke with leaders from some of the most successful franchise brands, including McDonald’s, Lawn Doctor, and Dunkin’, which all hold top spots on the Franchise 500 Hall of Fame.
From believing in the business model to exploring growth opportunities, here’s what they shared about becoming a successful franchise owner.
“The key to success in franchising is passion,” says Dunkin’ Brand President Scott Murphy. “If you partner with a trusted brand, the possibilities are endless.”
1. Choose a Brand that Matches Your Values and Goals
“It’s critical to choose a partner who is committed to offering comprehensive support,” Murphy says. “With resources in technology, design, innovation, and more, ongoing support is essential for a franchisee’s success. Partnering with a well-established brand that provides a proven support system is especially vital for first-time franchise owners.”
2. Dedicate Time, Energy, and Focus
“The foundation of our franchise model is selecting franchisees who are not just interested in owning a restaurant but are driven to operate it successfully,” Bogan explains. “This distinction is key. The industry evolves constantly, and there’s always something new to learn and improve. It’s not an easy path, and not everyone is suited for it.”
3. Look for Growth Opportunities
“Evaluate whether your long-term growth goals are achievable within the brand,” Murphy advises. “For example, at Dunkin’, we continue to expand globally, creating opportunities for our franchisees to grow alongside the brand.”
4. Take Your Time to Make the Decision
“Buying into a franchise requires thoughtful research and conversations with leaders, trainers, and other franchisees,” says Eric Martin, Lawn Doctor’s senior vice president of franchise development. “Understand the training process, business model, marketing plan, financial requirements, and profitability framework before committing.”
5. Trust the Process
“An aspiring franchisee should believe in the franchise’s process, model, vision, and team,” Martin says. “This belief is the foundation for building a successful territory or location within the system.”
6. Learn About the Brand Before Investing
“Ask franchisors about their vision and purpose,” Murphy advises. “It’s equally important to know what’s expected of you as an operator and how the brand will support you. Take the time to deeply understand the brand before making your decision.”
7. Stay Committed Through Highs and Lows
“Every business has enjoyable and challenging moments,” Martin says. “As a franchise owner, you must be fully committed to both. Cutting corners can hurt your bottom line and profitability. Believing in the system and trusting it will lead to success is the most important factor.”
Owning a franchise is a significant decision that requires passion, dedication, and trust in the brand. By following these expert tips, aspiring franchise owners can set themselves up for success.
