When making the decision to become a franchise owner, there are few things more important to consider than the relationship with your franchisor.
Let’s be honest, choosing the right franchise is about a lot more than simply finding a product you’re interested in or selecting an investment that fits your budget. The franchise relationship with your corporate partner could make or break your franchise experience and affect the success you hope to achieve.
With a supportive partner, you benefit immensely from the tools and knowledge they bring to the table. Use the following characteristics as a basis for identifying a truly beneficial franchise relationship.
1. Your partner assists you in selecting a location.
An important step in becoming a successful franchise owner is choosing the right location. Dedicated and supportive partners provide guidance in two essential areas:
Location Selection. In an ideal franchise relationship, your corporate partner would help you determine the locations that are most likely to help you reach your client base. For example, if your product appeals to young families, the suburbs are probably an ideal locale for your business.
Territory Protection. The last company you want to compete with is your own. When you and a fellow franchise owner from the same organization are both vying for the same clientele, you and the corporate entity lose. Your franchisor should help you find a location that eliminates the risk of this ever happening.
2. Your partner provides necessary and effective training
A successful franchisor knows precisely how to run a franchise – both efficiently and effectively. Training on how to accomplish this yourself plays an important role once you’ve made your initial investment.
In your quest to choose the right franchise, narrow your search by evaluating each opportunity’s training offering.
Will you be handed a manual of information or be guided by in-depth instruction and hands-on experiences?
Consider a partner that provides:
- Training courses on the essential skills of franchise ownership, like management, sales and marketing.
- An opportunity to get firsthand experience in the franchise environment, perhaps with an experienced owner mentor.
- Access to high-level company leaders for greater transparency and guidance.
3. Your partner helps you nail down processes.
One of the greatest benefits of franchise ownership is that you’re buying into a proven system. Your corporate partner has already expended the time, effort and money to figure out how a successful franchise is run.
A supportive partner helps you maintain organization and financial stability by providing a framework of process guidelines for daily operations. Areas in which you should expect to receive operational support from your franchisor include:
- Store design and layout
- Inventory management
4. Your partner offers expertise.
You may not have a degree in marketing or experience with sales, so consider the value of a franchise relationship that offers access to additional expertise and skills. Seek a franchise partner who delivers consultations, training and regular advisement in the areas where your own experience and knowledge is lacking.
Also be sure to factor in the level of marketing support you’ll receive, including assets like direct mail campaigns, a website for your individual franchise location, social media guidance and advertising materials.
You don’t have to be an expert in every area of your franchise business to make it a success – if you find a corporate partner that offers the proper elements to support your areas of need.
Interested in learning more about the experience of owning a franchise? Click below to view our free webinar Defining Essential Support For Franchise Owners!