As I've mentioned before, franchising is not easy, and it has its own set of skills, experiences and talent required to be successful. Operating the business is different from franchising that business. Fortunately, in today's modern age, there is an abundance of places where franchisors and franchisees can get support and learn more to improve their business and everything related to it.
How to Get the Franchise Support You Need
Starting a Franchise Business as a Franchisee
Starting a franchise business as a franchisee within a franchise brand and system is an exciting opportunity! A successful franchisee is, in some ways, an entrepreneur. They're not truly creating a new brand or business. Instead, they are implementing and executing that brand and model in their local market. It is clearly an entrepreneurial enterprise to begin any new business, but using the strength and benefits of a franchise is not as entrepreneurial as a true startup of an entirely new brand and new business unique to the world; therefore, these actions are not the same.
Becoming a franchisee is a serious commitment. It's the most significant commitment most people ever make beyond buying a house and getting married. Most individuals are not fortunate enough to own a business or a franchise or pursue anything beyond general employment. It is important to understand the risks and expectations of starting a franchise business and identify that this endeavor is not for everyone.
3 Steps to Become a Franchisor
From time to time, people ask me how they might franchise the business they own. Generally speaking, I help them understand what's really involved in the process and this substantive undertaking; it's very complicated, costly and quite a considerable commitment. Often, people underestimate what's involved, which can be dangerous. I like to give people an accurate, honest and complete perspective on the situation so they can make a well-informed decision. If you've got a great business that you believe would make an excellent franchise model, here are a few ideas for you to know and consider for becoming a franchisor.
Franchise Coaching: What to Expect
A franchise coach can significantly impact your mindset, business, and more. There are a range of coaches available out there for business owners. Here we will explore having a coach with specific franchise experience who can work with both the franchisor and the franchisee.
3 Tips for Growing Your Franchise
Franchising is currently experiencing a significant increase in interest, growth and profitability. Many of my franchisor clients have shared their positive trends, increased sales, and strong performance at the unit level. Generally, if your businesses survived the Covid factor and you are still operating, almost everyone I'm working with is seeing favorable outcomes.
With these positive trends and franchise forecasting in mind, I thought sharing three new tips for growing your franchise business would be helpful.
Franchise Brokers and Consultants: Step by Step Guide to How They Help
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.
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.
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.
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.