The universe of franchise opportunities is never-ending; continuous growth has been the trend in the past and foreseeable future. More new brands are always coming online every month, every quarter, every year. It’s fabulous! And can be overwhelming!
Along with this continued growth in franchising, many entrepreneurial individuals are investigating those opportunities and looking to expand their ownership opportunities with new franchises. There is a growing segment of professionals in the industry helping people find the right match; they are typically called franchise consultants or brokers - I call them matchmakers.
Franchise Brokers and Consultants: Step by Step Guide to How They Help
Franchisor and Franchisee, What’s The Difference?
In this blog, I'll get back to the basics and define the roles and responsibilities of the franchisor and the franchisee within the franchising system. We'll cover the franchisor's role in providing a proven business model as well as the franchisee's part in operating their business under an established brand and how they work together in the world of franchising.
When you are part of a franchise system, as a franchisee achieving success is no easy feat. Your primary objective is to execute the brand model to the best of your ability in the market you operate with the resources you have. The goal is to become an exceptional representative of that brand and deliver excellent value to your local customers. Franchising offers immense opportunities but comes with a unique set of challenges. Many factors, such as experience, knowledge, resources, and support, will influence your success in your franchise. One way to foster growth and success in your franchise is by working with your brand’s support team, typically referred to as a Franchise Business Coach (FBC).
Are you an entrepreneur with a business you are ready to expand? Looking for different strategies and approaches that might be worth consideration. Have you thought about franchising?
Who has the power in a franchise brand?
Who has the power in a franchise brand?
I have learned a fundamental truth throughout my years working with various franchise brands in different countries: he who establishes a strong relationship with the franchisee holds the most power within the brand. Let's look at how to establish a meaningful relationship between franchisees and franchisors to build and maintain success.
Things I Heard at IFA 2023
I just got back from this year’s IFA Annual Conference in Las Vegas. The conference was a blast, with a record-breaking attendance of 4,200+ people and 300+ exhibitors!
The International Franchise Association has its annual conference scheduled for February 26th to March 1st of this year. The IFA Annual Convention is “the Super Bowl of franchising.” Every big player in the franchising world will be there. Over the years, I have learned a ton and met many great people at this conference. I hope you’ll decide to join me in attending!
As we start 2023, I am very optimistic about recent trends in franchising as I talk with my franchisor clients, friends and colleagues. People are feeling good, innovation and new ideas continue, deals are getting done, businesses are hiring, contracts are getting signed, and franchise fees and royalties are being paid. From my standpoint, people are feeling good, and things are looking up!
As we enter December, it’s a good time to reflect on the year and feel grateful for all we’ve experienced as we look forward to the opportunities ahead next year; I’m optimistic!