To be successful at franchising, strong franchise systems have implemented a number of best practices that make them successful. But what really makes a franchisor HIGHLY successful?
Let’s take a look at a few of the industry’s best practices. Franchisors can apply these without significant financial investment and achieve a powerful impact with franchisees while growing their brand. Highly successful franchisors have been known to:
Maintain an undying devotion to the brand.
A franchisor’s brand is more than just a name (learn whether or not it makes sense to franchise if you have a great name for your business). It is an important tool for connecting with customers. The franchisor must not only protect its brand; it must identify and constantly communicate the promise of that brand. Live it, breathe it and bleed it. When a franchisor does this, the franchisees will follow suit.
Spend the time to properly qualify franchise prospects.
Highly successful franchisors understand that awarding franchises is a separate business from their operational enterprise. They develop, and then faithfully follow, a system that focuses on recruiting and qualifying franchisees. A franchisor must work hard to ensure that its recruitment practices are energetic and creative, but still rigorously compliant with franchise law requirements. Serious franchisors know when to walk away from marginal candidates. As Dave (our president) says: “Say ‘YES’ to the best and say ‘NO’ to the rest!” (read more about qualifying applicants).
Obsess over the franchisee’s success.
A franchisor is only as successful as its least performing franchisee (check out this article for tips on how to help a franchisee who is struggling). Franchisors must provide regular, ongoing support to franchisees, assist franchisees to improve performance, and demonstrate concern to help improve franchisee’s operations.
Empower franchisees.
Franchisors recognize the need for franchisees to participate and/or voice their opinions in the present and future direction of the system. Highly successful franchisors identify ways for franchisees to contribute to the system while the franchisor maintains control over decision-making. When the franchisees stray from following the system, these franchisors ask the question, “Why not?” in an attempt to understand, rather than taking a defensive approach of “How dare they?”
So if you are contemplating the idea of franchising your business, ask yourself, “Can I adopt these best practices?” To be successful at franchising, you must have the passion and desire to teach, motivate and do what it takes to help your future franchisees be successful. If this sounds attractive to you then perhaps franchising is the right path for you to grow your business. Call us directly at 1-877-615-5177 or contact us and let’s find out.
