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Networking Impact on Franchise Businesses

Guest post by: Donna Messer

Article Overview: It’s not the quantity of business cards you collect; it’s the quality of the relationship you build. In today’s economy, many of us are scurrying around trying to find that next opportunity – whether it’s a career change, becoming an entrepreneur or looking at a franchise, we are all using our networking skills to find what it is we seek.

Networking Impact on Franchise Businesses



It's not the quantity of business cards you collect;

it's the quality of the relationship you build.

In today's economy, many of us are scurrying around trying to find that

next opportunity - whether it's a career change, becoming an entrepreneur

or looking at a franchise, we are all using our networking skills to find

what it is we seek.

A new report was just released from Pepperdine School of Business

in California. It's called "Professional Networking and its Impact on

Career Advancement".

Statistics showed that networking effectively has a significant impact on

income. The study segmented the "elite-professional demographic" with

58% between the ages of 39 - 60. In this study, earnings were substantially

more than the national average. Most were in leadership or executive roles

working full time. The respondents reported that their networks were the

most impactful tool in identifying, and securing jobs. 46% cited networking

as the first and most important step in the job search process.

I would argue that networking is first and foremost in any search - for

a career change, to become an entrepreneur or to start a small business.

When you network you get work!

Six variables identified as crucial in the

study were:

.

Willingness to recommend

.

Depth of personal relationship

.

Frequency of communication

.

Frequency of contact

.

Position or level of influence of those in your network

.

Professional opportunities generated by your network

The social network LinkedIn was rated high when it came to public and

private websites that they visited most frequently.

Five skills identified that must be taught:

.

Learn to maintain ongoing contact.

.

Proactively build relationships with mentors and advisors.

.

Identify, research and add new connections to your network.

.

Gather meaningful introductions to key contacts

.

Evolve relationships from contacts to close connections.

If the study is reflective of our present economy, everyone must not

only use networking effectively, they need to consider taking lessons to

maximize their skills.

I was amazed at how many people I meet in my workshops and keynote

speeches that don't know how to network with measurable results.

While there are all kinds of training programs out there, I can't find one

that teaches people how to use without abuse, that overworked word

called "Networking".

I facilitate events across the province called "Network to Get Work". These

events are geared towards helping participants find common ground with

other attendees and to become comfortable building relationships without

the need to sell themselves or their products.

Impact On Franchise Income

Too many times we see people exchanging business cards without any

idea how to follow up profitably with each person they meet. I can't

stress enough that it is not the quantity of business cards you collect that

is important, rather it is the quality of the relationship you built that will

give you measurable results.

I use the RISE Philosophy: Rapport, Information, Solutions,

Ethical. It is a networking strategy that never fails.

Rapport:You need to find out what you have in common before you

start pitching your products or services. People like people who are like

themselves; take the time to find out exactly what you have in common.

Information:After you have established a rapport, you can move

on to this step. Take the time to share relevant and timely information

about yourself and your product or service, but listen carefully first to

what your colleague has to say. Your information should reflect his needs

not yours!

Solutions:You've both got needs, and by asking the question "How

can we help each other?" you can begin to find exactly that - ways to

provide resources, introductions and information of benefit both sides of

this conversation.

Ethical: The final piece of this strategy is most important. Never make

any introduction without permission, make sure the resources you share

are public domain and not a private document. Using the RISE philosophy

keeps you on track. You can monitor and measure the results.

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Article Tags: Donna Messer, franchising, networking, self employment, women in networking



Related Forum Posts
Re: Enticing Franchises - Top 9 List - All Franchise listed above are in millions of dollars. Do you have the list of Franchise in thousands
Re: Info for would be franchisers... - [quote="Sebastien":1d29sdv1]Like Franchise Times, Franchise Update is a very practical magazine. There is no blah blah, just straight facts that anyone in the franchise community can relate to. I just want to mention that all these magazines are NOT franchisee oriented. I mean these magazines are for franchise professionals. If you're looking to buy a franchise, you won't find much information in there. To answer your question, getting published in Franchise Times was fairly easy. I don't want to brag too much but I think I am known in the franchise industry. I was the marketing guy at Franchise.com for a few years before joining my new company, the World Franchising Network. So people know me and I have a very good relationship with Nancy Weingartner, the Managing Editor at Franchise Times. I was talking with her at the last Franchise Expo South in Miami and she mentioned she'd like me to be profiled. I was like "ok, sure!". I like this franchise executive profile thing in Franchise Times as it is rarely BS. People are usually really natural in there.[/quote:1d29sdv1] Thanks for the follow up Sebastien! And I can't say that I'm surprised that networking with the right people and managing your relationships with them properly are the keys to being published. I guess the old adage holds true of "it's not who you know, but who knows you" that's important.
Re: Make Friends...Literally BUILD them! - I agree! Networking is definitely the key word here. What does everyone feel about the different Networking platforms out there? Twitter Facebook LinkedIn what are some others?
how much for a franchise fee? - Dear Colleague There is no easy answer to this question. Things to consider: [list=] The sizeof the Franchise Clent base Expected Turnover Intellectual Property costs (recoup) Number of Franchises Number of employees Original Set up costs Franchise admin costs An example: A franchise that I was involved in setting was to a simple "lawn mowing/home repair" franchise. The Franchise included national/local advertising - preparation of client lists - general admin - central accounting etc The Franchise involved 300-500 clients - and an annual turnover of about $300,000 . The annual franchise fee was $30,000. Hope that this gives you some idea Take care Ian[/list]
Re: Franchise Surveys - Another good tool to researching a franchise is to speak with their existing franchisees. This contact information is included in most Franchise Disclosure Documents. In order to get a Franchise Disclosure Document or FDD as it is often referred to, you will have to complete a basic franchise application. The franchisor will then usually provide you with the FDD at that time. Included in that book of information is a list of the existing franchisees, the contract, the investment information etc... This information is required by Federal Law to be disclosed to your prior to making a purchase. So be sure to do your research and start with the Franchise Documents to get the initial information.


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