What’s your management style as a franchisor? If this isn’t your first foray into the world of franchising, chances are you’re a serial franchisor. We’re highlighting the pros and cons of different management styles and how you can get the most out of your franchise.
Some of us aren’t satisfied with taking on one challenge at a time. You might be someone who thrives on being stretched to your max, and find that you’re happiest when there’s plenty to keep you occupied. This approach can be pretty rewarding too. Billionaires including Warren Buffet and Richard Branson have generated their wealth by starting multiple businesses or investing across a variety of causes.
However, becoming a serial franchisor or business owner doesn’t guarantee success. It can be very difficult to manage more than one separate business, even if they’re similar. In the worst cases, splitting your attention between them could lead to suffering across the board. Luckily, we’ve got plenty of tips to help you nail the serial manager or franchisor style.
How to tell if you’re a ‘serial’ manager
As the name suggests, a serial manager or franchisor has held a number of management positions, or has started more than one franchise during their career. Take Nigel Botterill, for example. This enterprising entrepreneur has set up three franchises during his incredible career, including Entrepreneurs Circle Coaching License, and shows that it’s possible to build more than one successful franchise network.
If you think you’re a serial manager, you probably oversee a number of areas. You may be the franchisor or owner of more than one business, or you could be responsible for managing more than one team or geographical area within a business. Crucially, your professional focus will be split between multiple causes.
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Advantages of the ‘serial’ franchise style
- You’ve got experience in your chosen sector or area of the market
- You understand the basics of franchising and know how to run a franchise network
- You’ve learned from previous mistakes and understand how to operate a successful franchise network or business
- You can use cash flow from your existing business or businesses to help you through the tricky first few months with your new enterprise
- You’re good at delegating to make sure each business is being looked after
How to nail the ‘serial’ franchisor tactic
As with every kind of franchisor, there are drawbacks and plus points to the serial franchisor style. While your previous experience could help you avoid rookie mistakes, you’re also in danger of making errors because you’ve got too much on your plate.
1. Give each franchise the time it deserves
One of the biggest errors you risk making as a serial franchisor is not giving each individual franchise the time and attention it needs to flourish. It’s tempting to spend all your time looking after your new business; after all, any new idea is exciting and you’re probably bursting with inspiration. However, you need to keep an eye on your existing businesses or franchises to make sure everything is still running smoothly. A neglected franchise isn’t likely to be a healthy one.
2. Learn from your mistakes
It’s normal to make mistakes when setting up a business or franchise. But if this isn’t your first time, you need to make sure you don’t fall into the same traps more than once. Before starting any additional franchise, make sure you take time to reflect on what you’ve already experienced.
What were the main stumbling blocks first time around? Do you need to seek extra advice or enlist the help of professionals such as lawyers to make the process simpler? Learning from your mistakes will only make your other franchises or business stronger and more successful than your first.
3. Build an excellent support team
You can’t physically oversee every part of your business network at once, and it would be unwise to try. Instead, it’s vital you build a team of senior managers you know you can always rely on. Finding experienced, knowledgeable and self-motivated individuals who can help run your business or franchise will make the process easier. Rather than worrying about day-to-day issues, you can concentrate on developing your brands and finding individuals who can help expand your network.
4. Don’t give up
Some serial franchisors haven’t set up multiple franchises by choice. Perhaps your first venture was unsuccessful and you’re looking to start again in a fresh area. It’s important not to beat yourself up because your first stab at franchising didn’t succeed.
According to Inc.com, a huge 42% of businesses fail because of a lack of market demand, while 82% experience cash flow issue that could lead to their demise. While fatal, these common issues are often down to a simple lack of experience. Taking a step back, analysing what you can learn from your errors and doing more research and planning before starting again could be all you need to succeed.
5. Master the art of delegation
Even if you’ve built a strong senior team, you might find it difficult to work out which tasks to pass on and which to tackle yourself. Delegation is a key thing for any franchisor to master if they’re going to achieve success with more than one business. You won’t have the time, and probably don’t have all the skills, to handle everything from marketing to sales to client relationships all alone.
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Become the best franchisor
Franchising can be a challenge, but it’s a rewarding one if you can get it right. If you’re looking for more advice, head to our articles for franchisors page to find loads more useful information. And if you’re looking to enter the world of franchising, our UK franchise directory has hundreds of opportunities well suited to experienced and rookie franchisees.
Sophie Cole, Point Franchise ©