Ensuring Franchise Success
Ensuring Franchise Success
New franchise owners have to do everything they can to give themselves a better shot at success.
Okay, maybe we can’t guarantee you will be successful with your new franchise just by reading this article. (If you find an article that does guarantee that, you should probably stop reading it.) But we can give you some tips about what you need to be on the lookout for when starting and running your franchise. Unlike other businesses, franchises entail a relationship between the buyer (franchisee) and the seller (franchiser) that can lead to both opportunities and problems. Whether you are new to franchising or have experience, there are a few things you can do to help ensure your success:
1. Know your franchise agreement. As a new franchise owner, your business is built upon one thing: the franchise agreement. Ensuring a strong agreement through negotiation or amendments is a good step, but it isn’t the last one. You should always know everything there is to know about your franchise agreement, from the smallest detail to the most important provisions.
2. Develop a strong franchiser relationship. You bought a franchise because, at least in part, you wanted some backup. Use it. Develop a relationship with the franchiser organization. Know who people are, know what they do and learn how to interact with everyone. Just like any other organization, a franchise is a team and you need to know how to operate within it. Approach any problems from the point of view of “We’re in this together,” not “It’s me against you so don’t make me get my solicitor.” Cultivating a strong relationship with your franchiser can go a long way to making your life a lot easier.
3. Ensure territory. Starting a new franchise when no one else is there is one thing. Watching your business slowly erode beneath your feet as a new franchise pops up every other week is entirely another. Know what your territorial rights are and what is open to change. Ensuring your success is often dependent upon keeping a specific territory to yourself, or at least limiting competition as much as you can. Making sure you know what your territory is, what territories may be opened up to you or what competition may be in store in your future will go a long way to making sure your business is a success.
4. Don’t reinvent the wheel. Franchisers are an interesting breed. As entrepreneurs, they are self-motivated, independently minded people. As franchise buyers, they are also team-players working with an established company. Sometimes these worlds collide, especially in the early stages of business when a franchise owner wants to do everything themselves. If you are eager to do everything on your own, take a step back and recognize that much of what you are doing has already been done. You can benefit from the experience and expertise of other franchisees as well as the franchise organization itself. Use this knowledge base so you don’t learn through experience what you can learn through a simple phone call.
Ensuring Franchise Success - To learn more about this author, visit Ian Macleod's Website.
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ENSURING FRANCHISE SUCCESS
New franchise owners have to do everything they can to give themselves a better shot at success.
Okay, maybe we can’t guarantee you will be successful with your new franchise just by reading this article. (If you find an article that does guarantee that, you should probably stop reading it.) But we can give you some tips about what you need to be on the lookout for when starting and running your franchise. Unlike other businesses, franchises entail a relationship between the buyer (franchisee) and the seller (franchiser) that can lead to both opportunities and problems. Whether you are new to franchising or have experience, there are a few things you can do to help ensure your success:
1. Know your franchise agreement. As a new franchise owner, your business is built upon one thing: the franchise agreement. Ensuring a strong agreement through negotiation or amendments is a good step, but it isn’t the last one. You should always know everything there is to know about your franchise agreement, from the smallest detail to the most important provisions.
2. Develop a strong franchiser relationship. You bought a franchise because, at least in part, you wanted some backup. Use it. Develop a relationship with the franchiser organization. Know who people are, know what they do and learn how to interact with everyone. Just like any other organization, a franchise is a team and you need to know how to operate within it. Approach any problems from the point of view of “We’re in this together,” not “It’s me against you so don’t make me get my solicitor.” Cultivating a strong relationship with your franchiser can go a long way to making your life a lot easier.
3. Ensure territory. Starting a new franchise when no one else is there is one thing. Watching your business slowly erode beneath your feet as a new franchise pops up every other week is entirely another. Know what your territorial rights are and what is open to change. Ensuring your success is often dependent upon keeping a specific territory to yourself, or at least limiting competition as much as you can. Making sure you know what your territory is, what territories may be opened up to you or what competition may be in store in your future will go a long way to making sure your business is a success.
4. Don’t reinvent the wheel. Franchisers are an interesting breed. As entrepreneurs, they are self-motivated, independently minded people. As franchise buyers, they are also team-players working with an established company. Sometimes these worlds collide, especially in the early stages of business when a franchise owner wants to do everything themselves. If you are eager to do everything on your own, take a step back and recognize that much of what you are doing has already been done. You can benefit from the experience and expertise of other franchisees as well as the franchise organization itself. Use this knowledge base so you don’t learn through experience what you can learn through a simple phone call.
Ensuring Franchise Success - To learn more about this author, visit Ian Macleod's Website.
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John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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Dianne CramptonDianne Crampton is an executive leadership coach, team culture consultant, author and president of TIGERS Success Series, Inc. Dianne has been helping CEO's and Executives connect their employees to their core values and goals for over 20 years using the trademarked TIGERS team culture process, which stands for trust, interdependence, genuineness, empathy, risk and success. To download a free white paper on behaviors that build strong teams and behaviors that will predictably tear them down go here. Dianne's contribution to the 2010 Pfeiffer Consulting Journal (an imprint of John Wiley and Sons Publishers) entitled TIGERS Hearted Teams is available in November 2009. Her new book TIGERS Among Us: 5 Winning Business Team Cultures And Why, Three Creeks Publishing will release in March 2010. To receive publishing discounts, subscribe to the free TigerTracks Newsletter here. - Visit Dianne Crampton's Website |
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John BrennanJohn Brennan Ed.D. Dr. Brennan is President of Interpersonal Development, LLC, a training and development firm. Interpersonal Development has provided sales training and coaching to more than 3,000 sales reps from over 100 companies. A native of Australia, Dr. Brennan received his doctorate from the University of Rochester. His dissertation researched the effectiveness of Behavioral Modeling Technology in training people in interpersonal skills. While he has spent most of his career designing or delivering training, he was also a Vice-President of Sales of a training and development franchise with operations in 25 markets. Dr. Brennan has designed and delivered sales training in North America, Asia, Europe, Australia and the Middle East. He has been a guest speaker at numerous national and regional professional conferences. When Microsoft wanted Best Practices articles on sales for their web site, they called Dr. Brennan. The results are at http://office.microsoft.com/en-us/FX011387391033.aspx His firm’s clients have included Volvo, The Prudential, Merrill Lynch, Eastman Kodak, Gannett, Equifax Europe, the Economist Group and countless small businesses. - Visit John Brennan's Website |
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Jay Kubassek(Jay's Full Bio: EvanCarmichael.com/jaykubassek) In five years, Canadian-born entrepreneur Jay Kubassek went from selling mufflers at a Midas franchise to revolutionizing Internet marketing with the 2004 launch of CarbonCopyPRO, a online marketing education company, now worth over $20 million with customers in over 160 countries.
As an independent film producer, his upstart film fund Aliquot Films is currently producing a films with Spike Lee and Abel Fererra (starring Ethan Hawke and Dennis Hopper.)
Jay's entrepreneurial spirit is irrepressible. He’s the owner of five companies, a professional speaker and trainer, international real estate developer/investor, extreme sport enthusiast and emerging philanthropist. Jay resides in NYC with his wife Jamie, son Milo and dog Cooper. Visit Jay's official website: www.JayKubassek.com - Visit Jay Kubassek's Website |
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Leanne Hoagland-SmithAre your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website |
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Linda RichardsonLinda Richardson is the Founder and Executive Chairwoman of Richardson, a global sales training and performance improvement company. As a recognized leader in the industry, she has won the coveted Stevie Award for Lifetime Achievement in Sales Excellence and she was identified by Training Industry, Inc. as one of the “Top 20 Most Influential Training Professionals.” Ms. Richardson is credited with the movement to Consultative Selling and is the author of ten books on selling and sales management, including Sales Coaching — Making the Great Leap from Sales Manager to Sales Coach, and Stop Telling, Start Selling. She teaches sales and management at the Wharton Graduate School of the University of Pennsylvania and the Wharton Executive Development Center. Linda is a frequent speaker at industry and client conferences, has been published extensively in industry and training journals, and has been featured in numerous publications, including The Wall Street Journal, Forbes, Nation’s Business, Selling Power, Success, and The Conference Board Magazine. Learn more about Richardson's sales training and performance improvement solutions at http://www.richardson.com web - Visit Linda Richardson's Website |
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