What makes a great franchisor?
If you’re looking to turn your brand into a franchise through franchising your business in the UK, then you need to have certain qualities to make your new opportunity a success. All successful franchisors will have qualities and skills they can pass on to those who invest in their franchises. So, what are those skills and attributes, and do you have them?
1. You’re successful in business
Before you can start to sell your business model and brand it to others across the country, you need to be successful in your own business. That means having a brand and service that customers are using regularly and a steady revenue stream.
If you’ve got experience opening and running more than one branch of your business, this will also be beneficial. After all, your franchisees could well be located all over the country.
If you don’t have a successful business, then you can’t teach others how they can build an outlet of your brand. Remember, the people investing in your franchise are paying for an established brand, so it’s important you’re honest about your reputation and experience.
2. You know your sector inside and out
Whether you’re offering a computer franchise or a pet franchise, with all best franchises you need to know your sector inside-out. Stay up-to-date with all the latest news, opportunities and concerns as soon as they happen. It’s also a good idea to maintain connections with other people in your industry.
Knowing everything about your industry is vital. Your potential franchisees are going to have, or want, this knowledge too. However, this information takes a long time to gather, so you won’t be able to learn it within a few months. Ideally, you’ll need at least five years or more experience in your sector.
3. You’re a leader
The best franchisors are leaders. They inspire those around them to achieve great things. There are many qualities of a leader; most of these can be learned through training and experience. However, some natural leadership qualities can’t be replicated, and one of those is confidence.
Remember that as the franchisor, people are always going to be looking to you for direction and instruction. They want to know that what they’re doing is correct and when things aren’t going right, they want to know you have a plan in place to help them.
The need for a supportive franchisor has been significantly demonstrated during the Covid-19 pandemic. Many businesses have shut down and some have had to close their doors for a while. These closures have cost businesses significant revenue. So this is the time when leaders need to step forward and offer guidance on how their franchisees can protect their future.
4. You give support to others
Linked to leadership, providing support to your franchisees is very important. When franchisees first invest in your franchise programme, they need to learn how to project your brand to others in their new area. They will also require information on how they can replicate your success in their own business.
Support comes in many different forms. New franchisees will need a lot of help when they start out, but they’ll also need ongoing support as they grow their business. Consider a range of support channels, including over the phone, in-person or online.
5. Listening skills
Another key skill you’ll need to have is listening skills. Your franchisees will be the ones that will be on the front line. They might see things that you don’t and regional areas don’t always have the same response to your brand as your area. Therefore, they might offer you insights and ideas that can help you build a stronger, more national brand.
Listening skills are also there to help you build a stronger relationship with your franchisees. They will want to see that you can listen to their concerns and take action on them.
6. Recruitment skills
Finally, you will know how to recruit for your brand. It isn’t just about recruiting staff to help you run outlets. You will also need to know how to recruit a team to help you manage the franchises and the knowledge to find talent to run them. Not everyone willing to invest in your brand is going to be a good fit.
With good recruitment skills, you can find those potential business owners who can help make your brand a great success.
When learning how to franchise, you need to know whether you’re a good candidate to franchise your business out. There are skills when it comes to franchising your business, as listed above. You should be able to demonstrate all of these now before you start to look for others to invest in your business.