PROMOTIONALFEATURE
Strength in numbers
Collaboration is key to making your franchise business successful, says Coconut Creatives
the industry may even be able to do some tasks better than you because it’s what their businesses are focused on. You will be spinning many plates as a franchisor and it can often be difficult to make sure that everything’s in order, so having someone else take care of a certain aspect of the business can offer welcome relief.
Collaboration for a stronger franchise industry
Individual commitment to a group effort is what makes a team work, a company work, a society work, a civilisation work, but, more importantly, a franchise network and a franchise industry work. Collaboration is the name of the game in franchising, but what happens when you take it outside of your network and into the wider industry? Practise what you preach and team up with affiliates, suppliers and other franchise brands to not only strengthen your own operation but the franchise industry as a whole. Just like your franchisees, you can learn from a whole host of people who are in the same position as you. Although you may have varying network sizes, different target markets, different services and a different business model, the franchising concept remains the same throughout. Use
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your contacts within the industry to your advantage and watch your brand grow!
Working with suppliers and affiliates Suppliers and affiliates are the people who know the franchise industry well and are not doing the same balancing act as a franchisor. Whether they specialise in recruitment, marketing, legal work or franchisee support, they have knowledge and insight into the industry that is very different to yours. They know the ins and outs of franchising and, because so many of them work together, they may even be able to put you in contact with someone else who can offer you support. Being removed from your business, suppliers and affiliates can often offer a more objective view of your franchise, so gain as much advice as you can!
The people you build relationships with in
Working with fellow franchisors You don’t have to view them as competitors! Sharing knowledge and advice with other franchisors could be a great way to unlock new ways of working and techniques that you’ve never thought of before. What can you learn from other franchisors? Small and large brands can learn from each other to find out how they build strong and successful networks. You may be competing with some franchisors for those all-important leads, but, by improving your brand through sharing knowledge, you ensure that those prospects come to you rather than the competition. If your target franchisees are completely different, what harm can working together and sharing your knowledge do? Could you even pass leads between you if they’re not quite the right fit but you know they would be great for their franchise? Coconut Creatives offers a Franchisor Mastermind Group designed especially to help franchisors share their ideas, advice and support with others. This has proven invaluable to its members as they can network on a regular basis with other people in the same boat. For many new franchisors the chance to speak to more experienced franchisors helps guide them through the tricky early stages of building a network. For more experienced franchisors, having an open forum to share new ideas and gain advice from their peers proves invaluable. There is nothing else like it in the franchise industry and it is crucial to work together as an industry to make each and every network stronger. The key to business growth is not always what you know, it’s who you know. So, whichever suppliers or affiliates you do choose to work with, make sure you’re working with someone! n
If you would like to find out more about the Franchisor Mastermind Group, contact Helen Mansfield on 01725 511 673
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