Some entrepreneurs create successful, stand-alone businesses that they love and enjoy for many years but what really are the qualities of a great franchisor? Others want to share their business model with others to grow and expand their original business concept by franchising. While franchising offers perks like royalties, wider brand exposure, and rapid growth, it takes a certain entrepreneurial spirit to take on this opportunity.
Franchisors are at the top of the tier, the team leaders, and the ones who did it all first. When they create a strong foundation and become an integral part of building the framework upward, they can watch their business grow to the highest heights with each new location. To get started as a franchisor, you want to have a mixture of the right skills and characteristics.
Quite frankly, every franchisor starts out as an entrepreneur that has already found success in their business endeavour. Your business needs to already be booming to consider levelling up with franchising. If your business was never successful, you can’t expect people to follow in your footsteps with the same strategies as you. Once you grow your first branch into a smashing success, you can then start onboarding new candidates interested in following those same proven practices to grow the franchise.
Some of the best business leaders have the ability to listen to the critique and feedback of those around them, whether it is positive or negative. Many people may not want to hear negative criticisms from others, but the best franchisors will use that negative critique to fuel their fire to reach even higher levels of success. By listening to those around you, you’ll understand the needs of your customers, employ satisfied and hard-working employees, and invest your time in the people that invest in you.
The more you know about your industry, the better you will be as a franchisor. The best franchisors stay updated on current trends, changes, opportunities, and news in your sector - or even one step ahead of these changes. Most franchisors have at least five years of experience in this particular niche, which immerses them in the lingo, information, and changes as they happen. To best prepare your franchisees for their own success, they need an expert leader to guide the way.
Franchisees depend on the support provided by the corporate team and led by their franchisor. In the first days with your franchisees, they will lean on you for knowledge, training, and information about how you did it. Your support is a vital part of the franchising process. The most successful franchisors spend endless hours training and educating any member of their team to create collaboration and unity. Ultimately, when everyone else succeeds, so do you.
Recruitment is essential when you entrust your business model to others. Not only do you need to select the right people to take on these franchise opportunities, but you also need to take it a step further by motivating them to succeed. Motivation is more than education. To lead your entire team, you need to be able to create a positive culture with interactions that ignite passion and drive in your franchisees.
Do you think you have what it takes to become a successful, motivating franchisor? Get started with the franchising process and take your business to the next level with the help of our Franchise Consultants today!
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FMS is a team of expert franchise consulting professionals based in Canada that provides solutions for franchise development, franchise consultation, and expansion of businesses globally.