As Featured in 1851Franchise • By Megan Ferringer • 07/15/2016
Some highlights from the article:
“When we say we know what it means to be a franchisor and emerging franchisor, we mean it—literally,” Internicola said. “That has put us in a unique position to truly connect with clients and the experiences they are going through. Ultimately that has helped us to better guide and empower emerging franchisors for long-term success.”
Today, Internicola Law Firm works with around 30 brands across the country. With a deep understanding of the growing pains that franchisors generally go through, Internicola Law Firm has emerged as one of the industry’s top suppliers helping to take entrepreneurs and their businesses to the next level. Their Franchise Counsel Program has helped accelerate countless franchise systems with the kind of guidance only available from someone who has experienced the franchise industry personally.
In taking a big picture look at the entire franchise industry, what do you believe is the next great thing for franchise suppliers?
The next great thing in suppliers will be providing emerging franchisors with the resources, guidance and relationships they need to help them bridge the gap from startup to a growing franchise system. The important part will be figuring out that intangible factor between those startup systems that grow and those that never take off. At Internicola, we believe that sweet spot lies in a network of advisors and industry professionals that exist to focus specifically on that booming emerging franchisor market.
This is the best time for new brands to enter the franchise market and compete head-on with large franchise systems. The reason for that is simple: young brands are nimble. They have the ability to explore and evolve with new media, new marketing and new recruitment tactics. They just need someone to guide them through that process.
What are some of the issues that these emerging brands have to overcome?
Emerging brands certainly have structural and capital issues to overcome. First, these brands need to understand how important it is to invest capital in an infrastructure and sales system right from the beginning—it’ll pay off in the long term, even when the rewards from that investment seem far off.
Newer brands also have the disadvantage of not having strength in numbers, so they often struggle with overcoming that validation issue. Right out of the gate, these young companies are competing with much larger systems.
So what can a brand do to not let those obstacles get in the way?
Those disadvantages can end up working in a brand’s favor. We like to target smaller-sized brands, and we help show them their unique proposition. If they can introduce a distinctive spin on something a larger brand is already doing, they having a strong fighting chance at making a name for themselves. So we help them identify that niche, and we help them broadcast that message across any and every platform.
What advice do you have for emerging brands?
Emerging brands need to take a step back and realize that there will always be a new concept that rivals their own—and one will grow while the other will languish. They need to find that wow factor that will help them grow…
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