Top 10 tips for becoming a franchisor
- BE AMAZING. You should be the best and offer amazing results in your business if you’re thinking about franchising. So when you have lines going round the block every day then you are probably ready to think about franchising. If your competitors have lines going round the block and you don’t then you’re probably not the one.
- BE UNIQUE. Having something that is different, exciting, unique or new, means your business systems are better than the competition. Franchisees will want to buy that. Another pizza shop with “organic” olives on their Supreme alone isn’t going to slice it!
- BE COURAGEOUS. You have to be determined to learn it all again. You need to be willing to risk everything again (after you have probably just given yourself some breathing room) and teach yourself all about franchising and what it takes to make it.
- BE HUMBLE ENOUGH TO COPY. Look at what other successful franchises are doing well and see if it would work for you. It’s valuable to have a unique and amazing product or service but proven operating systems and practises do not need to be rewritten.
- BE CREATIVE. Come up with an amazing franchise business model that will lead to strong franchise growth and profitability.
- BE PREPARED. Research franchising magazines for articles that advise on “How to Find the Right Franchise?” and ask yourself could your business meet those requirements.
- BY THE BOOK. You need to document the whole business, from systems and procedures to marketing, technical and financial guides – be prepared to have comprehensive manuals.
- BE ENERGETIC. Lead by example, bring energy and passion to your role as a franchisor and your team and franchisees will feed off it. Be prepared to continually reinvest back into your network.
- BE COMPLIANT. Make sure all your legal documentation is prepared by an experienced franchise lawyer and be prepared to instil comprehensive compliance management systems.
- BE WILLING TO USE ADVISORS. If you can’t find a successful franchisor to mentor you then get some great advisors to guide you through the process. You don’t know what you don’t know.
Vicki Prout, Chief Sherpa
0439 803 078