Positioning Your Franchisees for Success
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Positioning Your Franchisees for Success
By Darice Johnston
Senior Writer, AmericasBestFranchises.com
According to Michael Gerber, author of The E-Myth Revisited, one million small businesses are started every year. Statistically, 40% of them will fail within the 1st year, escalating to an 80% fail rate within the first five years. Of those fortunate enough to have survived up to that point, 80% additional business will be closing their doors over the duration of the next five years. Needless to say, these statistics scream “high risk” to any individual contemplating franchise ownership.
Those who dare to venture into the opportunistic world of entrepreneurialism are seeking greater opportunity and stability, control of their own time and increased income. These aspiring business owners may have enjoyed some level of success and prestige in corporate America, and many have even “made their mark” in their particular industry. They certainly have reason to believe they are perfectly positioned for success in owning their own business. They have the drive, the ambition and the work ethic it takes to “make it” as an entrepreneur…and are confident enough to take a chance many are unwilling to take. With their heads held high they select the perfect franchise opportunity for them and jump into business for themselves with both feet…often unaware of the internal shift that must take place when traveling from corporate America into the outer limits of entrepreneurship.
Now, as a franchisor, your job is to provide your business owners with all of the traditional elements of “business in a box” which they could possibly need: schematics, product training, research and development, administrative systems and a myriad of other tools to ensure uniformity of presentation, high service standards and successful marketing strategies. And, you provide very well on this level. Yet, in spite of the franchisees enthusiasm and your turn-key business model, we still see a tremendous failure rate.
So…what’s going wrong?
While this question should be addressed on both sides of the fence, I have to suggest it become one of driving introspection for the franchisor. So I ask, is it our franchisees who are failing in their businesses…or are we failing our franchisees? I believe the need for the franchisor to provide non-traditional support reaching above and beyond “technical deliverables” is overwhelmingly evident. Yet, are franchisors responding to this need? Yes, technical knowledge of franchise ownership is essential to the new business owner. But have we forgotten that we are dealing with individuals, not entities? Individuals need to be motivated, led and inspired…not just “trained”. As a franchisor you can provide all the technical tools imaginable to your business owners…but if your franchisees are not educated on and continually working to apply the “best habits and practices” of successful business owners, on both a personal and professional level, they may miss the mark altogether…in spite of their blood, sweat and tears.
Here are a few key things you can do to position your franchisees for success in their entrepreneurial enterprise:
Be a Resource.
Discover ways to add greater value to your franchisees’ business and their life. There are abundant resources to help you provide a continual stream of inspiration, direction and motivation without your having to re-invent the wheel or step outside your own area of expertise. Establish affiliate relationships with vendors who offer business coaching, time-management courses and motivational seminars. Some may be willing to provide your franchisees with discounts on products and services. A passive marketing campaign, such as a monthly email, can help you keep your franchisees aware of opportunities. Demonstrate an interest in them on a personal as well as professional level, and you will see their businesses become strengthened and fortified as a result of your efforts.
Get Engaged.
Have you identified specific challenges your franchisee’s are up against on the front line? Have you taken the time to understand “where the holes are” in thier day-to-day operations…where they may need to learn how to work more efficiently and effectively? Consider establishing and being an integral part of a support system that can offer resources to address these issues head on. This support could be in the form of interesting articles you come across which are delivered to their email box once a week, or a “concierge service” posted on your website where they can find a list of preferred vendors who are available to help them tackle some of their operational issues. Facilitate a monthly conference call so your franchisees can opt-in to hear your voice and see you working to troubleshoot with them on ways to improve their business. Ask them about their challenges, and offer direction and solutions. Take the time to discover the needs and challenges that your franchisees face. Then offer specific resources for them to address those needs and dissolve those challenges.
Stay Connected.
It’s not uncommon for a new franchise owner to feel excited and energized about their business upon start-up, only to have that enthusiasm fizzle into feeling disconnected, overwhelmed and unsupported once the business is underway. Your franchisee needs leadership and involvement from you, and there is no better way to keep someone motivated than feeling the support rolling to them “from the top down”. Find simple but effective ways to maintain a degree of consistent personal contact without putting yourself into overwhelm. A personal quarterly call, an occaisional single sentence hand-signed note, a monthly personalized email, an annual visit keeps you continually connected and your franchisee feeling supported and appreciated. This does not have to be complicated or time consuming, but it does need to be consistent. Strengthening your relationship with your franchisees will not only help them maintain their enthusiasm but may further solidify the success of their business.
Here is the bottom line: If we are to support our franchisees in making a successful shift from corporate America into entrepreneurialism, there must be dedication from the franchisor to stay involved in that metamorphosis. This business is about achieving new dimensions of both personal and professional growth. It’s about both the franchisor and franchisee working cohesively together to achieve the American Dream.
Darice Johnston has worked as a business development consultant for entrepreneurs and sales professionals since 2001. She is the Senior Writer for AmericasBestFranchises.com. Her coaching methodology, Build Your Business/Balance Your Life incorporates the concepts of time-management, organizational strategies and life-balancing techniques, assisting the entrepreneur in achieving success-in-life, not just success in business.
Positioning Your Franchisees for Success - To learn more about this author, visit William Bradley's Website.
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