What is it that attracts franchisees to a franchise opportunity? Do they want to invest in the most profitable franchises? Or are the best franchises the ones that prioritise training and development of their franchisees? The answer is probably closer to home than you think.
As the franchisor, you have a significant influence over whether an entrepreneur chooses to become a franchisee with your business. The way you treat your existing franchisees and the culture you’ve created in your franchise network will give prospective franchisees an idea of whether they could work as part of your business.
So, what does it take to be the franchisor that franchisees want to work alongside to bring their dream of being a business owner to life? Here are ten tips on how you can stand apart from other business opportunities by being one of the best franchises to invest in.
1. Communicate often
The power of effective two-way communication should not be underestimated. The best franchisors put effort into communicating with their franchisees regularly, which means more than the occasional email or voice message.
In this digital age, it can be easy to rely on technology to communicate, but this can depersonalise the interaction and make it much less valuable and meaningful. Don’t make the mistake of believing an email is an adequate substitute for face to face contact.
2. Build strong relationships
The sentiment of every form of communication needs to be open and honest. Without this trust cannot be built between you and your franchisees, and; without trust, your relationship won't be as healthy as it could be.
If your franchisees trust you, they’ll be more engaged, more satisfied and run the most profitable franchises.
3. Visit regularly
Visiting your franchisees not only makes them feel valued, but also enables you to ensure that standards are being maintained. Speaking with your franchisees and their employees will also allow you to identify and resolve any issues before they start to affect the performance of the franchise.
4. Organise franchisee events
If you have an extensive franchise network, it may be difficult to visit each franchise site frequently. If this is the case, then you should organise an annual franchisee event. This doesn’t just enable you to meet with all of your franchisees face to face, but also gives your franchisees an excellent opportunity to meet with their peers.
The best franchises encourage franchisees to work together to overcome any challenges that they face. After all, if one of your franchisees is struggling with a particular element of their business, the chances are that another franchisee has ‘been there, done that'.
Giving your franchisees the opportunity to discuss any issues, share any ideas and raise any concerns, as well as the chance to network in a less formal environment, is excellent for franchisee morale.
5. Offer a quality training programme.
When an inexperienced business owner chooses to become a franchisee, they've probably done so due to the training and support that is available. Having access to a comprehensive training programme is a huge benefit for your franchisees, and so you should invest in both the quantity and quality of training on offer.
Of course, the initial training is essential so that your franchisees can be taught to operate their businesses independently while adhering to your franchise guidelines. But equally as important is the ongoing training that keeps your franchisees up to date with any changes in the market, products or the business model.
A well-trained franchisee is effective, productive and feels empowered to make decisions about their business without constantly touching base with you. This also enables you to spend more time developing and growing your business.
6. Provide marketing support
When you produce national marketing campaigns, you raise awareness of your entire franchise network; this provides a different type of support for your franchisees. You’re essentially promoting the brand and attracting new and continuous business for your franchisees on a level that they couldn’t achieve as an independent business owner.
You can also create local marketing templates that your franchisees can use to promote their business in the local community. By saving them time on trying to develop compelling marketing material they can become more focused on running their business.
7. Introduce benchmarking
By monitoring the performance of each of your franchisees, you’ll be able to offer praise or support where needed. The most profitable franchises can identify when a franchisee is performing below the average benchmark and step in to provide advice and assistance before the franchisee fails.
The Editorial Team, Point Franchise ©