It’s that time of year again.
You’ve started a single-unit business and it’s going really well. You have a good team, the business is easy to manage and you feel like you have the secret sauce to branch out and start expanding into additional locations as a franchise system.
What do you remember most about your first job?
A good franchise model is built on some obvious things: a repeatable business model, valuable brand, solid business economics and the quality of your training and marketing. These are tangible things that can be measured - you KNOW if they exist, or not.
The freedom of owning a business and having more control over your economic future - it’s an appealing and ambitious thought for many people.
A few weeks ago we discussed a few of the top ways that franchisees can fail - most of which come down to not staying connected and following the franchise model. Today, we’re going to dive into a few of the key ways that franchisors can fail and hurt the future success of their business, as well as their franchisees.
When it comes to starting a new business, purchasing a franchise is just about the safest investment you can make. These organizations are built on a proven system and brand that has been improved and refined over time to produce the best results - for both the franchisor and franchisees. Franchising has many advantages over independent start-ups, however nothing is easy or guaranteed! There is still a lot of hard work that goes into running a franchise business - as well as steps that must be followed if you’re going to get the best results.
I was recently asked to participate in the IFA’s Marketing, Operations & Development (MOD) Virtual Conference as a panel discussion moderator. The topic was Making Peer Groups More Effective to Support Franchisees, While Adding Long-Term Value.
Are you afraid to talk about your failures? Most of us are - but whether in business or in life, that’s how you learn and grow!