Shauna Corne, from The Franchise Institute, posted a nice article recently about her vision of the ideal franchisor and the ideal franchisee.
In starting a franchise, it’s important to have 4 key elements: a niche product, widespread demand, simple and effective system, and a clear vision and plan. With that said, it is the person behind the business who will largely determine the franchise’s success or failure.
The ideal franchisor must be have excellent people skills, a win/win mindset and the ability to inspire and motivate franchisees.
As a franchisor, you will no longer be working IN the business doing day to day operations. Instead, you will be leading your team of franchisees, mentoring and assisting them along the way.
Your focus is on the growth of the business, be it new products, new services, or research and development. You will also focus on building the brand and creating awareness and demand.
There are also some characteristics that you should be looking for in franchisees. First and foremost you want a franchisee who is going to follow the business system you have created and not chop and change it as they see fit.
Franchise success is based on the premise of replication so a franchisee has to be able to replicate your business systems and not reinvent their own.
They need to have a ‘can do’ attitude and a willingness to learn. Finally they need to be hard workers. No business system, franchised or non-franchised, succeeds without hard work.
There is no ‘overnight success’ and franchisees just like other business owners need to recognize this and manage their expectations.
However if you combine a good business model, with strong leadership, hard work and replicable systems than success is just a matter of time.
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