Once an entrepreneur has established themselves as well as their business, they will likely be looking towards expansion. Franchising is a common choice, and most business owners would already have a proof of concept to begin doing so. Despite that, most tend to not have a roadmap to move from point A to B.
Most business owners looking to expand into franchising are both anxious and excited, unsure and confident. It helps to learn from those who have travelled the road on which you’re about to embark. Here are a few lessons we can learn from those that have already walked this path.
Document knowledge
Understanding the journey is the first step to franchising success. You already have a successful business on hand, so document that knowledge, systems, processes, and failures. Your diligent documentation will form the foundation of your operations manual.
Rely on the insight of others
You have the knowledge necessary to create your success, but you don’t have the knowledge necessary to replicate it. That’s a completely different skillset, which is why it’s important to tap into the knowledge of those who have experienced franchising success.
Safeguard time and money
Franchising is a quick way to grow and make a profit, but it must take before it can give. The franchising process can quickly drain resources if note managed correctly. Understanding the difference between services you need and services you want – and sticking with the former – allows you to be judicious in spending money and time.
Use your voice
Don’t be afraid to use your voice and platform. Everyone wants to know the face behind the brand. Seek out PR opportunities, volunteer to lead events at franchising conferences, and be visible in the broader investing community.
Background check
Always do you homework. You might obviously be excited to receive your first batch of applications for franchising. However, don’t just blindly accept them all. Look for people who will burnish your brand. Quality over quantity is by far the better choice when starting out.
Collaboration is king
While you might want all your franchisees to follow your specific roadmap and strategy, some might have a few good ideas that you would want to implement. Remember, each franchisee has a unique method and view on how to run a business. Some might even have winning ideas that they wish to contribute.
Remember the goal
Franchising is a marathon, not a sprint. Over the long haul, it’s easy to look around at brands with exponential growth and react with impatience or doubt. Remember that the best franchisers give their franchisees tremendous support. This support is your milestone for gauging your success. Grow only as fast as you are able to fully accommodate the needs of your franchisees.
