Franchising is a balancing act. In addition to creating a successful business, you must be able to take that concept and create systems, a growth plan, and a marketing strategy. But that’s not all. You also need to be an effective leader, find capable franchisees, and have the right timing for the market.
If you are hoping to turn an existing business into a franchise, what are a few things you need to know to increase your odds of success?
Have the Right Concept and Systems
It’s not enough to have a successful business in place if you want to franchise. You need a concept that connects with consumers and is strong before you can attempt to sell franchises. As a matter of fact, if selling is your only goal, you are likely to fail. Have a great concept and get the right systems in place before you make the leap into franchising.
Be a Great Leader
Your personality shapes the franchise from the top down. It sets the tone for a system and effects how employees feel about the company. Franchisors should be focused and be willing to put the franchise first. In addition to passion, great franchise leaders must also have a strong vision and be clear about the direction of the franchise.
Franchising requires commitment and flexibility, and without this ability to adapt, a franchise is more likely to fail. You need to be willing and able to keep tabs on consumer needs and desires, which surely change over time. Be willing to reinvent yourself and keep your goals long-term.
Be Focused on Franchisees
This starts when selecting franchisees and carries through the life of the franchise. They are looking to you for direction, so make sure you are prepared to provide it to the right people. Be clear with your expectations and provide a support system that gives them what they need.