How To Identify The Future Franchisors In Your Business

02/02/2018 17:00 | Start a business

Future franchisors of your business

When you become a franchisee, you have visions of being your own boss and enjoying the freedom and flexibility that goes hand and hand with a franchise investment. You build your business and make it a successful venture. So, its time to recruit employees to help you run the franchise; but how can anyone possibly know as much as you about your business?

Its this attitude that can restrict your franchise from growing and remaining successful in the long-term. As your business expands, you need to have the support of a capable and confident workforce. This can only be achieved if youre prepared to delegate responsibility and invest in the development of your key employees.

Firstly, you need it identify employees within your franchise that are showing promise and talent. Some employees may have even confided that they wish to become a franchisee themselves one day. Preparing these staff members for new franchise opportunities in the future will not only benefit them but will ensure that you have the necessary leadership support to work on improving your franchise, rather than focusing on just working in it.

Secondly, you need to dedicate time and effort into developing a comprehensive training programme tailored to the needs of your talented employees. Its very likely that they will already have adequate knowledge about the day to day running of the franchise, but may be lacking leadership and business ownership expertise.

But how do you discover the talent that you've already hired? Here are seven signs that an employee may have what it takes to become a franchisee:

1. Competence

Youll know immediately if an employee is capable of acquiring the skills needed to elevate them to the next level. You'll have noticed that they pick things up quickly, can make decisions; and most notably, can see the bigger picture.

They will work well with others and can build and maintain relationships with you and other team members. Without realising it, other employees will probably look up to them, and they are respected and liked by both colleagues and customers.

But perhaps the most crucial competency a potential apprentice requires is the willingness to learn. They may show all the flair and ability that you're searching for, but if they don't want to be coached, then you're better off looking elsewhere.

2. Communication

Communication skills are a fundamental requirement for individuals who want to enter management positions, or even consider new franchise opportunities themselves.

Look for those who are authentic and honest with others, give useful feedback sensitively and positively, and can explain ideas and opinions clearly and concisely.

3. Passion

Passion is often an attribute found in individuals who are interested in making a franchise investment of their own someday. Theyll want to make your franchise a success so that they can learn all they can about running a lucrative business. Even if new franchise opportunities are not an end goal for talented employees, theyll demonstrate drive, commitment and enthusiasm likened to that of an existing business owner.

4. Positivity

A future leader can lead by example and motivate, even during the toughest of times. A positive attitude in your chosen deputy is essential to ensuring that, even in your absence, your team will be encouraged to maintain brand consistency and a high level of customer service.

5. Self-aware

To become a franchisee, you need to have a high degree of self-awareness. This is also true for the employee you identify as your deputy, and potentially your successor. Only by understanding their skills and limitations; and accepting their strengths and weakness, can training be tailored to fill the necessary skill gaps.

6. Empathy

If you have an employee that goes out of their way to help others, place others before themselves and takes time to develop relationships, then youve got a prospective leader on your hands. Selfless leaders with emotional intelligence will get the best out of your team and benefit your franchise as a whole.

7. Confidence

An employee may have the right levels of competency, passion and positivity, but if they lack confidence in their abilities, then they may not be the right person to entrust your franchise investment to.

You can teach an employee to be an efficient problem solver, a better communicator, how to coach; and many other basics of leadership. But, without self-belief, real leadership will exist in title alone. Have faith in your protg, and they will learn to believe in themselves.

Planning for franchisee succession

When the time comes for you to sell your franchise the responsibility to find a buyer for your business will probably fall to you. Succession planning is a valuable use of your time which should be started as soon as you have decided to move on to your next venture even if thats a couple of years away. As soon as the franchisor has evaluated and approved your chosen successor, you can start to coach your employee on how to operate a profitable franchise. You are by far the best person to provide this training as you understand your customers and the market better than anyone else.

By identifying and training your successor as soon as possible, issues that can arise with the change of franchise ownership can be avoided. This will make the sale of your beloved business much smoother for you; the new franchisee will be prepared and ready for their new challenge, and the franchisor can take comfort in the fact that the right person has taken over the franchise.

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