3 Dimensions of Franchise Business All Should be Aware of
Different Aspects of Franchise Business
Franchising as we can see is a multi-dimensional structure.
Chris Myers, author of “The Enlightened Franchisee” writes, “I’ve been amazed at how little people actually know about this corner of the franchising industry. They often go into the discovery process without knowing the lay of the land, and tend to encounter confusion and frustration as a result.”
The role of the franchisor is not just to find suitable franchisees and handover the rights, set targets and that’s all. The franchisor plays a crucial role in the growth of the business.
The relation between franchisee and franchisor and with the CEO should be valued well. The franchisor should balance the relationship between both sides. The messages should be delivered to both sides with care.
The franchisor can develop a relationship both personally and professionally with both the franchisees and the CEO, thus he can understand the problems and developments in the business. Only then the franchisor will be able to set the targets for the franchisees and understand their problem as well.
It is a notion that all franchisees should treat each other as competition; rather they should work as a team. The franchisee’s role is not just to meet the targets, earn a profit and mind just his/her business.
After all the franchisees are growing under the same shed, which is why they should meet often and discuss what their strengths and weaknesses are so that they can learn from each other, borrow and lend strengths, ideas, and support to each other.
They should also function as a team and help franchisors to fight crisis situations and develop professionally as well as personal bonds for long-term benefits.
The franchisees can also act as franchise consultants or as an independent sector as well where they can provide guidance, assistance and connect those who want franchisees from any particular brand.
Anyone who has started or is planning to start his/her franchising career need the help of franchise consultants before landing to a decision. A franchise consultant should look for a long-term relationship rather than just the transaction amount for mutual benefits.
This article was originally published on Franchise India by Nibedita Mohanta.