Are you doing everything you can to avoid failure in building your franchise system?
The work of an emerging and growing franchisor isn’t easy. After all, it’s likely you don’t know what you don’t know… and that can be painful and expensive.
As someone who’s been in your shoes, what I know is that it’s easy to get caught up in the hype. The hype to grow faster. To open more stores. To scale your business as quickly as possible. To position to get private equity or sell the brand ASAP.
What I also know is that while this approach is common, it’s not healthy or safe. In fact, having seen everything that I’ve seen, I’d consider it downright dangerous!
Without the guidance and support of other franchisors who’ve traveled the same path as you, it can be difficult to avoid this route. This makes new franchisors, in particular, more susceptible to the HYPE and likely failure.
How a Mastermind Group Can Help
Being part of a mastermind group that is focused on franchisor development and success can be instrumental in helping franchisors develop a better understanding of the franchising industry and “avoid the hype,” so that they can grow in a more genuine, healthy and authentic way. As someone who has experienced the powerful benefits of a mastermind group firsthand, I can attest to the fact that there is no better way to expedite your learning and develop a healthy growth mindset. The expertise of the group can help you decide what to focus on and to see your problems in a different way. They can also provide you with techniques to deal with difficult situations - such as when you have a challenging franchisee who isn’t following the system. Not only will they shed light on the issues and ensure you’re aware, but they’ll give you a reality check as to what it’s costing you by NOT effectively dealing with them.
It’s not an exaggeration to say that it can change the course of the brand for the better - much better!
Why a Mastermind Group is So Effective
When it comes to avoiding failure, a mastermind group can help in the following key ways:
- Direct feedback: Perhaps the most obvious, is that it provides honest and relevant feedback from the other members of the group - all of whom have walked (or are walking) in your shoes. This promotes faster learning, as well as the avoidance of mistakes that others in the group have learned the hard way. For most franchisors, the franchise industry isn’t what they know well - it’s secondary to the line of business they’re in. With a mastermind group, franchisors have the ability to learn franchising with (and from) each other to shorten the learning curve and maximize their results.
- Dedicated time to plan: It’s easy to get so caught up in the day-to-day responsibilities of running a growing franchise business that you forget to take a step back to plan and work on the business. But, when you’re part of a franchisor mastermind group, you’ll have dedicated time on your calendar each month where you’ll take a hard stop from all of the daily multi-tasking chaos to work on real solutions. It’s time where you’ll be able to take a breath, think strategically and dig deep into the business’ current growth trajectory and real challenges - and it’s critical to helping you plan for the future, address problems quickly and, ultimately, avoid failure.
- It grows with you. There can be benefits to participating in a course or reading a business book, but once it ends, the experience is over - it doesn’t evolve and change over time. A mastermind group, however, does. It’s a dynamic and ongoing experience that grows as you grow. And the longer you’re in the group, the more valuable it becomes.
Also worth noting, is the value of the relationships you’ll build with the other participants in the group. Speaking from personal experience, I can say with confidence that you’ll likely form strong business relationships and personal friendships with the other members of your group that can last a lifetime.
If you’re ready to put aside the HYPE and develop a more genuine and authentic approach to franchising, I invite you to give ZorForum a try! Our mastermind groups are specifically for growing franchisors who are looking to achieve balanced growth and make the best decisions for their business. Try a meeting for FREE and see what you might gain.
Ready to learn more? Click here to register for your discovery session now.