With the introduction of a new business model, the company’s franchise consultants and brokers were able to reach more clients around the U.S. and Canada.
FranNet’s experienced local franchise consultants and brokers have matched entrepreneurs with the perfect business opportunities to meet their goals for over 35 years — and 2022 was no exception. Despite times of economic uncertainty, the company continued to match countless entrepreneurs with the businesses of their dreams.
In 2022, FranNet worked with 40 new brands. The company’s website traffic was also up 23% compared to 2021, while leads increased 30% in the same time frame. The increase in demand is a testament to how prospective franchisees aren’t swayed by economic uncertainty and understand that franchising can be a safe way to start a business regardless of the state of the economy.
This year, FranNet introduced a new model that allows its franchise consultants to work with anyone interested in franchising across the US and Canada. Unlike traditional franchise models, where territories are sold for certain markets, FranNet’s new model allows its team of experts to engage, educate and encourage clients no matter where they live.
“It’s been a really good year for FranNet,” said Jania Bailey, FranNet’s CEO. “We’ve expanded our business model, and we are now recruiting new franchisees into this new model. We expect to have a very positive 2023. More people means more leads and deals with our franchisors, and that’s what it’s all about.”
FranNet added six new franchisees and another four associates just within the second half of the year. In addition to internal growth, numerous franchisors signed on to join the company’s catalog and connect with talented, pre-screened franchisees.
With 75 consultants throughout the U.S. and Canada, FranNet franchise consultants have helped thousands of entrepreneurs across North America start their own businesses through franchise ownership. The brand uses a methodical approach of diving deep into the needs and desires of both the franchisor and franchisee to spark a long-term, mutually beneficial relationship. According to the 2022 Annual Franchise Development Report, franchisee leads that come directly to franchisors have a close rate in the 3% range. When using a franchise broker, like FranNet, that close rate rises to 17%, demonstrating the value consultants and brokers provide industry-wide.
To bring these in-demand services to more prospective owners, FranNet introduced a new model in 2022 that allows franchise consultants to work with anyone interested in franchising across the US and Canada. Unlike traditional franchise models, where territories are sold for certain markets, FranNet’s new model allows our team of experts to engage, educate and encourage our clients no matter where they live. “This gives us flexibility and our clients more opportunity to work with a franchise expert as they consider owning their own business,” said Bailey.
Bailey noted that, throughout 2022, prospective owners tended to move a lot slower in the franchise process this year. “There wasn’t that sense of urgency. Having a really strong job market causes that,” she said. “We also saw the funding companies take longer. So overall, the process got stretched a lot more than usual.”
She added that there was also an increase in what is called “top of the funnel activity,” meaning many prospective franchisees began looking at franchise opportunities. The interest shown in 2022 is expected to funnel down in 2023 to more completed franchise deals.
“We have no doubt those are going to start flowing through the pipeline a little further in 2023,” said Bailey. “After 35 years in business, FranNet is still going strong, and we are excited for what is to come.”
If you are a potential franchisee looking to invest or a franchisor looking to attract new candidates, contact FranNet at https://frannet.com.
FranNet is North America’s most respected leader in matching individuals with franchise ownership opportunities. Founded in 1987, FranNet has more than 100 experienced consultants across the United States, Canada and Germany. FranNet uses a proprietary profiling and consultative process to determine a business model unique to each client’s goals, skill sets and interests, and has matched thousands of prospective business owners to rewarding small business franchise opportunities. Headquartered in Louisville, Kentucky, FranNet is the only locally-owned and operated franchised consulting firm.