Growth Club
1851 Growth Club
So you want to be a franchisor? These five factors will help make you successful
Do you have these factors in mind?
Franchises, especially veteran brands, have perfected a model that is mutually beneficial for both the franchisee and franchisor, implementing a number of best practices that make the business model profitable. Some franchises see more success than others for a myriad of reasons, but all franchise executives aim to invest and build a franchise system that lasts, remains successful and continues to grow.
Here are five factors that successful franchisors keep at the top of their list.
A good franchisor needs credibility. The more they have, the more units they can sell. Franchise brokers are essential for establishing this with prospective franchisees, so they’re a vital asset for bolstering success.
Be a unified franchise
Maintaining high standards from all franchisees and ensuring the entire franchise network is consistent is important to the value of a system. It shouldn’t matter if you’re in Los Angeles, Chicago or Miami – the customer should receive the same experience no matter the location.
Maintain strong leadership
A great leader, especially of a growing business, maintains transparency and looks out for what is best for the organization. Being knowledgeable about trends, new laws, forecasting outlooks, and caring about staff and employees is a great way to maintain franchise morale and customer loyalty.
Be passionate
No one will buy into a business if they don’t feel passion on behalf of the management team. Buying into a franchise is a huge commitment and it’s important for potential buyers to feel enthusiasm on the part of a franchisor. Confidence and true dedication to a brand is noticeable, so allow it to fuel the sales process.
Cultivate hiring skills
It takes talented and successful workers to run a successful franchise from the inside. Marginally qualified candidates can hinder and slow down the growth and sales potential of a franchise. Just as franchisees must be the right fit for a system, so too do corporate members. Keep this in mind when bringing new people on board.
