The Secret Sauce to Winning with Franchisees!
The right franchisees make the brand stronger, push boundaries, drive innovation and strike the much needed 'check and balance' in any franchised business. Here are my learnings on getting the most out of this relationship:
- Be Very Selective - Invite the right 'fit' into your brand family. Every business is unique, figure out whether yours would benefit from an owner operator, large investor, PE fund backing or some one with prior experience in your sector or even in your market. Find the right fit for your brand and business!
- Create a Shared Vision - agree with your franchisees on the end game as well as how to get there. Find ways of experiencing the reality of your business and your competitors together. Sometimes franchisees may have a different timeline on when they can get to the end point, be flexible!
- Put Relationships First - nothing is more important in the world of franchising than having a trusting relationship that endures beyond business. Keep that franchise agreement locked up in the safe, focus on nurturing relationships!
- Engage & Inspire - franchisees often look to their franchisor to be inspired and motivated. Think of all the ways you can communicate better, engage holistically, harvest ideas, build a symbiotic relationship and for sure remember your to motivate and inspire!
- Fulfill your Obligations - in the most rare of instances, a tough call may need to be made to address the one metaphorical 'bad apple' to protect the strength of the franchise. Don't hesitate to fulfill your obligation as a franchisor at that point for the greater good of the system!