Franchise Rankings and Reviews
Perhaps, you have already come across websites that promote franchise rankings and offer franchise reviews when you tried looking for information about franchise opportunities online. While these websites could be helpful, it pays to know how these rankings and reviews for franchise really work as well.
You might notice that rankings are not the same on every website. They are usually based on a particular category or a set of criteria. However they may choose to rank and include which brands to promote, it is necessary to consider the factors used as basis for every ranking or review that you might find.
Remember that these kinds of websites usually exist for profit. If the owner of a particular brand, say for example a coffee shop franchise, wants to be included in the rankings, it cannot solely rely on reputation alone. Many websites require payment from franchisors so that they may be included, and this is especially true for reviews. After all, rankings and reviews are a way to advertise a business. Advertisements do not come cheap, much less for free. As much as possible, look for unbiased sources to find more information about the brands that show up in the rankings and reviews.
Rankings are based on a set of criteria
All franchise rank Franchise Rankings and Review sings are based on selected data, and you cannot expect that it would cover all aspects of the business. It goes without saying that rankings consider some factors more particularly than others. Thus it is very important to know the criteria for the ranking and the reasons why each franchise system would want to rank higher than the others.
Rankings and reviews cannot tell you everything
As previously said, not every aspect of the business can be covered in the rankings or review. If you would rely solely on them, you might be missing something good from a bad review, and vice versa. While you might find several reviews online, nothing beats hearing from the franchisors themselves or their representatives, as well as current and former franchisees, to obtain sufficient knowledge of the pros and cons of a franchise opportunity.
Entire classes of franchise opportunities are left out in rankings
Another thing to consider is that many rankings do not include all classes of franchise opportunities. For example, one website would only rank businesses according to a particular size or number of years in existence. While smaller and newer businesses for franchise generally bring with them more risks, it is important not to disregard them immediately when weighing your options.
No two rankings or reviews are the same
No two rankings or reviews are exactly alike, and this could leave you more confused than the time before you came looking for information. Every ranking or review that you will find online possesses a certain amount of bias towards the brands that they subject to scrutiny. If you are prospecting for franchisors, we recommend gathering as much information as you can from many sources. This way you could make a more informed judgement based on your personal preferences.