4 Factors Influencing a Franchisor's Success
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
To maintain a franchise business, you need to possess certain traits and attributes. Becoming a franchise fundamentally changes the mechanics of a business. You will be required to devote a certain amount of effort, time and patience to ensure you’re a good franchisor.
Here are certain traits of a successful franchisor which will eventually lead to the brand’s greatness.
A highly successful franchisor is dedicated towards its brand. Running a franchise requires a strong drive and motivation for success. Your devotion towards your franchise will deliver a positive brand experience to the customers. A brand’s success depends on the customer’s way of perceiving it. It’s all about the customer experience. The level of skill and motivation that you bring to the business can make or break it.
Balancing Competing Interests
A highly successful franchisor is keenly aware of competing interests as a whole and balances them properly. A successful franchisor should develop a relationship of interdependence and trust with his franchisees. The best franchisors seem to have an uncanny ability to see the chinks in the armour of their competitors and consider them as an opportunity.
Clarity of vision
Franchising is a long-term commitment, therefore there has to be potential for long-term growth of the brand. The franchisor should have a clear vision of where his brand will reach in the coming years. Franchisors need to be big-picture thinkers that see the future potential of their brand. A successful franchisor understands the dynamics of the marketplace, the competitive situation and where their position in the marketplace.
Franchisees can only be successful if they receive complete support from the franchisor. Successful franchisors offer more to their franchises than just a brand name and a proven business model. Franchisors should assist with a range of services including location selection, financial advice, marketing, recruitment and management.
This article was originally published on Franchise India by Sneha Santra.