How Franchisors Can Build a Healthy Network
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A franchisor should never underestimate the power of networking. Networking not only allows you to attract new business prospects but also creates a strong brand image. Franchisors can use the power of networking to boost your company’s sale and also to determine longevity in the marketplace.
An effective networking can embed a franchisor and its franchisees in a close-knit community and transform it into a neighbourhood landmark. Here are the following ways how franchisor can build a healthy network.
Frequent site visits
Franchisors should visit their franchisees as regularly as they can. It is necessary not just to ensure that standards are being maintained but also to identify and resolve issues before they become serious. This will help you to build a strong relationship with your franchisees and therefore, a healthy network. These site visits will also include reviewing financial statements, administration, equipment, marketing initiatives, staff and more importantly quality evaluation and in-store training.
Transparency is the most vital factor to ensure a healthy relationship. The success of a franchise depends on the relationship and connection between the franchisor and franchisees. The key to a successful relationship is mutual trust, and to build that trust you need to completely transparent with your franchisees. If a franchisee trusts you they tend to be more engaged.
Think Beyond Niche
Referrals are often considered the best form of advertising. Franchisors should also build relationship with individuals or businesses that are not directly related their industry. You should also partner with vendors and suppliers as it can provide you with many marketing opportunities.
Networking in this way creates another domino effect of new customers and business prospects.
Events are a great source for networking and meeting new people. It will help the franchisors to know more about various industries; businesses etc and at the same time promote its own franchise business.
Thus, organising franchising events can become the growth of your overall franchise community. You will also gain a networking advantage because you took the time to orchestrate the event and attendees will want to meet the person behind it.
Local meet-ups or Co-working place
It’s good to get away from your regular workspace from time to time. Attend local meetups or join a co-working place. You’ll get plenty of opportunities to network and connect with people.
The entrepreneurial population will always be much larger at a co-working space, thus joining a co-working place can help spark creativity and it breaks up the typical mundane day.
This article was originally published in Franchise India by Sneha Santra.