Franchise development is a unique and exciting way to build an organization. International businesses have been developed over short periods of time using the power of franchising. When an organization is going through this process of locating, qualifying and developing franchise partners, there are many nuances involved in effectively adding to a franchise network in addition to efficiently managing the support and back-end system delivery. Franchising is a business about relationships, when marketing and developing a franchise system, a good franchisor develops branding, marketing models and good qualification models to create relationships with potential franchise partners. Great franchise systems select only the most qualified franchisees and keep the network of partners full of the most talented and committed professionals available.
Once the franchise partner has been selected and joined the system, it is then time for the onboarding process to begin. A good franchise system has great training models and a process that has been defined down to the minute as it pertains to how the franchisee will get from signing the franchise agreement to “opening their doors” and launching the new business. Training should include both a substantial amount of corporate training at the franchisor’s operating headquarters where franchisees are able to spend time in both a classroom setting and in the field working with experienced trainers. A good franchisor will always visit the franchisee at their place of business as part of the training program. Typically this will be done during the first week or two weeks of business so that during the most stressful and difficult time for a new business owner, they have someone to ask questions and lean on. Franchising in many cases is as much about inspiring and lending confidence as it is delivering business processes.
After a franchisee has opened the business and started to operate, the support and “back-end” systems should be in place to deliver an ongoing relationship and value proposition to the franchise partners. A franchise system’s ability to generate and consistently collect franchise royalty revenue is a direct correlation to the support and management ability of the franchisor. Good franchise systems will have great cash flow and consistent royalty collections from each of the franchisees. In today’s market, a franchisor must be using technology in virtually every facet of their franchise business operations. Cloud based franchise technology solutions are available for managing the entire franchise process and allowing for efficient, scalable connectivity with franchise partners.
For more information on how to franchise your business, contact Franchise Marketing Systems: [email protected]