Franchise Your Business
Andy McCarroll gives his top tips to ensure your franchise business endures the test of time
What makes a good
franchisee; in some cases, we work with ones who go on to invest in several brands across multiple territories. So, we certainly know what franchisees consider to be the attributes and behaviours of a good franchisor. Of course, working very closely with
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franchisors, we also understand what is required to bring them the best results from their network, and, by and large, both sides of the coin are in sync. In short, it’s about a franchisor’s desire for everybody to win. It may sound obvious, but the most
important thing a franchisor can do right from the off is to understand that their former role, as the owner of a successful business, will change. As those of you who have already built a successful franchise network will know, there are many new hats lined up for you to wear – some will fi t you better than others, but you must wear them.
The investor hat In the main, franchisors are an entrepreneurial bunch and are self-suffi cient. You have an idea, want to build a successful business and are keen to expand it. Your success as a franchisor, however, depends on the ongoing success of your franchisees, and that is something you need to be properly invested in, both fi nancially and in terms of
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latinum Wave works with franchisees from the time they start considering investing in a franchise, then choosing and applying for one, through to becoming a
commitment. With training, support, ongoing development, providing the best tools for the job, marketing and future proofi ng, good franchisors don’t leave their franchisees’ success to chance – they invest in it.
The visionary hat Think of the most successful hamburger franchise. Its continued success is in large part due to having the foresight to move with the times. Customers have demanded healthier options, more variety, more certainty over food providence, and a more engaging dining and ordering experience. There have also never been so many competitor brands to choose from. If it had stuck to its guns in the belief that
the original model was too perfect to change, then people really would have moved on. Today, you can order a salad and a smoothie while surfi ng the internet – no franchisor is too big not to have to look ahead.
The long-game hat The alternative to the long-game hat is, funnily enough, the short-game hat. The wearer of the latter is interested solely in selling franchises: collect as many franchise fees as you can, go as light as possible on the training, and replace ongoing support with keeping your fi ngers crossed. A good franchisor, however, is all about
the long game. Only high-quality franchisees are accepted into the network. Initial training is thorough and comprehensive, ongoing
support is provided by an effective ratio of support staff, and the fi nancial rewards of the franchisor depend on building a network of highly successful and happy franchisees, who wish to grow their businesses and support the big-picture ambitions of the brand.
The quality hat The best franchisors are obsessed with quality, right across the board. Within most business sectors you can see which franchise brands are intent on becoming the biggest
franchisor?
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