FRANCHISE ADVICE
end business):
https://en.wikipedia.org/ wiki/Unique_selling_proposition
3. Focus on getting the right technology in place Some days, it may not seem like it, but actually, tech is here to make life easier! Companies like Uber and Just Eat only exists because of modern-day, cutting- edge technology. How is your business currently
leveraging the latest advances in order to: Ÿ Grow quicker Ÿ Provide a better customer experience
Ÿ Streamline processes Ÿ Use social media and digital content for marketing
Ÿ Run training courses Ÿ Store and access legal and compliance documentation
Ÿ Automate customer payments and franchise fees
Ÿ Monitor franchisee performance Ÿ Communicate!
ACTION Develop a strategy on how you’ll use technology with your franchisees and their customers.
4. Understand people What makes people tick? What are their hopes and dreams? Why do they decide to do what they do? Becoming a franchisor, is as much
"Take your time recruiting the right people and focus on making them successful. The rest will follow"
about becoming a leader of others, as it is about being a business owner. You’ll be bringing people from various backgrounds, with varying abilities and pressures, into your business and helping them to become successful. Think about how you can use profiling and behavioural or psychometric assessments in order to find the people that will best fit your business and perform successfully. And think about how you can improve
your own emotional intelligence and cognitive empathy, in order to make better judgements on others and open yourself up so they feel they can come to you.
ACTION Read The Franchise E-Factor to understand the psychological changes that a franchisee experiences as they move through their franchise journey.
http://www.franchiserelationships.com/ books-1/the-franchise-e-factor
5. Be realistic Are you really going to sign up 12 franchisees in your first year? As experienced franchise consultants we often hear and see these types of projections for Year 1. Yes, perhaps with a
dedicated, expert franchise
sales team you might, but have you got the resources to set this up and fund it? Realistically you’re going more Mo Farah, than Usain Bolt. You’ve chosen the franchise model route to future proof your business and so remember it’s a marathon, not a sprint. Your first few franchisees are so important to you. Take your time recruiting the right people and focus on making them successful. The rest will follow. Also, once you have a growing network, each franchisee will require different inputs/management, and return different outputs/money. Don’t expect all your franchisees to perform equally and one size doesn’t fit all! Your business is now managing
franchisees and helping them to grow their business – they win, you win! Remind yourself of (or look up) the 80/20 Pareto Principle. Essentially, you should be prepared to receive 80 per cent of your franchise fees from 20 per cent of your network.
ACTION Within your franchise development plan, ensure your financial projections and network growth forecasts contain several scenarios – worst case, good and great!
AND A BONUS TIP: Consult the experts! The definition of expert is: “person with a high level of knowledge or skill relating to a particular subject or activity.” Why struggle on your own when
you can leverage knowledge, experience and advice through a franchise consultant, that has been- there, done-that and worn the T-shirt? Let them guide you through the process of franchising a business, so you don’t make common mistakes and/or pursue a route that could set you well back in terms of time and money.
ASHTONS FRANCHISE CONSULTING for an honest, initial exploratory discussion, go to:
https://www.ashtonsfranchise.com/
BUSINESSFRANCHISE.COM
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