Keys to a Strong Bond between Franchisee and Franchisor
The world of franchising is an attractive business model to follow because it offers a proven system with tangible results already in place. It appears to be a “plug and play” scenario where one simply has to add themselves to the system and get success. But like any business, it’s not that simple. So it’s important that a franchise and a franchisor develop a healthy relationship and take it to the next level. There is a lot at stake on each side of the relationship. So let’s take a look at the top five keys to building a healthy, successful and long-term franchisee/franchisor relationship:
Franchisors should go thoroughly and research every serious prospective franchisee and scrutinise personal and financial backgrounds. They should carefully evaluate each candidate’s potential for success in their system. Similarly franchisees too need to research about the franchise opportunity. They can start with a search online, spend time researching the company, and then talk to existing franchise owners, go on a site visit etc.
In a franchisee/franchisor relationship, communication is key to success. This is about sharing ideas and best practices and having a method for feedback and input. It is having the tools to allow the franchisor to communicate with the franchisee and for the franchisee to provide feedback.
Right tools to Succeed
Since franchisees are buying into a successful business model, it is important that they have the proper tools and systems to replicate that success. This will include things like: an initial training program, training manuals and franchise support materials, equipment, guidance on staff training and hiring, access to the advertising and marketing programs and materials
A franchise-franchisor relationship will be strong when each side fulfills their responsibilities. While the franchisor must provide each franchisee with the necessary systems, materials and training to succeed, a franchisee needs to follow the outlined systems and training and adhere to operational standards of the franchisor.
Plan things well
The good thing with a franchise model is that the franchisor has already done the groundwork, testing and experimenting to build a successful business model. The company has developed standards that define its brand to the public and has put systems in place to ensure that those standards are met and adhered to by each franchise owner. Now it is important that the franchisees plan things well and don’t rush for success.