I’m always amazed at the tremendous ingenuity franchisors show in coming up with new ways to implement the franchise model and make it profitable. For example, look at the Massage Envy concept. This franchisor took a traditional small business and created a win/win model that provides value to everyone involved. Customers get discounted massage services by having memberships; franchisees get a reliably steady stream of income from membership dues. The concept created a whole new segment in franchising—one I think we’ll be seeing more of in the future.
Another franchise that came into the marketplace as a maverick and changed the game is 1-800-GOT-JUNK. This business, designed by an 18-year-old Canadian entrepreneur, was another innovative win/win idea. By utilizing a junk service, customers get rid of clutter, landfills are spared as much as 60 percent of those cast-offs, and useful items end up in the hands of charitable organizations that can use them. The concept has been duplicated and tweaked many times over by other companies—because it’s a great idea that works.
There’s no way to know what game-changer will come along next and invent a new concept in franchising, but these businesses are great examples of the kind of innovation investors love to see: models with outstanding customer value, reliable investor profit, and that extra something—be it a benefit to the community, to the environment, or another angle altogether—that makes them unique and memorable.
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