8 franchise tips
This month I’m sharing some franchise tips I’ve given franchisors over the years. These tips are the result of my reflections on the industry and are dedicated to old and new franchisors alike.
o Walk, don’t run. Launching too many branches in a short period is risky. As a franchisor, you may be able to set up a lot of branches, but that would also mean dealing with a lot of concerns within your company and with franchisees. Protect your business and your brand at your own pace. Don’t be reckless trying to grow too fast.
o Quality speaks louder than quantity. It’s much better to branch out with a few well-chosen franchisees. Selecting franchisees carefully and keeping their number manageable means giving them the support they deserve. Satisfied franchisees will be happy to pass on their satisfaction to customers.
o By your fruits you will be known. Franchisors who persevere and focus on their products and services and provide consistent quality service will go a long way.
o Win with the powerful WOM. WOM means word of mouth + text. Franchisors must do everything possible to communicate to employees and franchisees the importance of satisfying customers at all times. If you’re a franchisor, start by asking yourself how your people answer the phone. Are they doing it correctly?
o An apple a day keeps the doctor away. Staying on top of the day-to-day operations will prevent your small worries from becoming bigger problems. Constantly check in with your managers and franchisees to know what’s going on and provide a hotline for any serious concerns about the increase.
or Seek and you shall find. Finding the right franchisee is difficult, especially if you keep looking in the same places. Participation in provincial trade fairs can be fruitful. In my experience, there are many passionate and qualified would-be franchisees in the provinces. Settling for people with minimal qualifications can be dangerous, especially if they are just investing.
o Do to others what you want them to do to you. The golden rule applies to all situations in life, including business. Treat customers, employees, franchisees and suppliers with honesty and respect. A franchisor I admire addresses everyone, regardless of rank or stature, with a “Mr” or “Madam” before their first name, which makes the person addressed feel important. Of course, you have to be sincere when you do this; otherwise it will be displayed.
o Kissing and makeup. In a franchisor-franchisee relationship, there will always be times of misunderstanding. It is better that you, the franchisee, take the first step to fix things and prevent any problems from getting worse.