Many franchise organizations have rankings and lists of franchise opportunities that position brands favorably to prospective franchisees. One of those lists is published by Entrepreneur Magazine and ranks the fastest-growing franchises over a one-year period. For 2023, Floor Coverings International (FCI) made that list, ranking No. 74 out of 150 companies.
Let’s take a look at what that ranking means, plus other characteristics you should consider when making a franchise investment.
Understanding the Ranking
The Entrepreneur ranking noted above is based on the companies that have added the most units in the U.S. and Canada over a certain period. Our listing shows a 23.5% increase in units in the past three years. For these rankings, we submit detailed information from which the ranking is determined based on a number of data points chosen by Entrepreneur to complete their list. Only 500 companies are chosen annually from 1,300 or more applicants.
The growth of units is a characteristic that can be indicative of a growing franchise, so long as that growth is sustained. Every franchise prepares a franchise disclosure document (FDD), and Item 20 in the FDD shows the number of outlets at the start of the year, the end of the year, and the net change. This gives you a good understanding of how the franchise is growing and also explains how any loss of units is attributed (i.e., closing, transferring to another franchisee, etc.)
Data-driven rankings are helpful in showing the growth trends of a franchise over time so they can be a good tool to use when evaluating opportunities. Other ranking lists can also be useful in telling more of the franchise story.
Other Factors Influencing Top-Growing Franchises
Another ranking we achieved was being named Franchise Chatter’s Best Flooring Franchises of 2022. While this ranking focused on flooring, it also noted elements that are important when considering a franchise opportunity. Here are a few key mentions:
Most industries fluctuate from time to time, and just because overall revenues fall from one year to the next doesn’t mean you should rule out the opportunity of opening a business in that sector. While the flooring industry had a fall in revenues in 2022, the home improvement sector is always a strong industry, and that led to FCI being recognized as a fastest-growing franchise.
Strong Franchisor Position
Many businesses in the home improvement industry were challenged by supply chain delays and material shortages. When this happens, franchises with well-established buying power are often better-positioned to handle fluctuating situations and still deliver at a higher rate than independents or less-leveraged counterparts.
Another benefit of being a highly capitalized company is being able to take advantage of ways to grow the brand. FCI is connected to FirstService Brands, one of North America’s largest providers of essential property services. As part of FirstService Brands, FCI uses a Net Promoter Score testing survey for all customers – whether they buy from us or not. The result? We have twice the number of consumers advocating for our brand than our closest competitor!
High Product Value
Every property needs flooring, whether it’s residential, commercial, or institutional in nature. In the home improvement industry, having a product or service of high value makes you a more attractive investment. For example, one can only buy so many sofas and roof repairs are usually 20 years apart. Meanwhile, every room in your home has flooring, and trends and needs change frequently. Plus, flooring is a value-adding addition to homes as well.
FCI: More Than a Franchise Investment
The flooring industry is clearly a smart investment area in home improvement, and there are many players within it. Here are some final notes on how Floor Coverings International makes the case for investing in our franchise:
- Unique model. As a mobile franchise, we bring 3,400 flooring samples to the homeowner. That makes it easier and more convenient for the homeowner to do business with us.
- Brand knowledge. Our design associates have the FCI training and floor covering knowledge to help homeowners make good purchase decisions.
- Manufacturing relationships. The companies we do business with are always innovating to bring our customers the highest quality products. We can meet the expectations in durability, maintenance costs, and aesthetics for every customer.
- Demographically friendly. Whether you are a millennial remodeling an older home to suit your personal style or a senior looking to age in place at home, you are a customer for FCI.
Contact FCI For Franchise Details Today
Read more about our advantages in the flooring industry and how our company is well-positioned today and into the future.
Fill out our Franchise Request Form to learn more about FCI’s competitive advantages, see a detailed list of our startup costs, and meet the management team that’s leading the opportunity at one of the fastest-growing franchises in the U.S. today.March 17, 2023