The franchisor-franchisee dynamic is like any successful double act – it takes a lot of mutual work and understanding to bring out the best in each other. As with all triumphant partnerships – it’s also the most rewarding! – By Phil Mowat
It is often said that becoming a franchisee is a lot like getting married. You’ll go through various stages of how you feel about and work with your “partner”:
- You’ll be giddy with excitement as you are getting to know more about each other.
- You’ll become emotional and happy as you can see this relationship could be “the one”.
- You’ll learn about the reality (good and bad) of what your life will be like from now on.
- You’ll experience the joy of the big day and the excitement of those first few months /years.
- You’ll need to understand that everything is not always perfect and there will be challenges.
- You’ll experience and share successes and both the good and not-so-good times together.
- But ultimately, you’ll have a feeling of togetherness and show support to each other.
And franchising is the same! For both the franchisor and the franchisee, it’s a relationship, and, like any partnership, requires communication, honesty, support and the desire for shared success.
What franchisors look for in franchisees:
Becoming a franchisor is a long-term growth strategy. Top franchisors will have a well-thought-out strategy on how to build and support their network and many will also know what their end game is.
Awarding the franchise to the right candidates is one of the most important, yet hardest, jobs to do for a franchisor. Therefore, having a clear understanding of the profile of person they are looking for is vital.
Established franchisors will be able to look at their network, to see who is winning and who is failing, and why, which will then allow them to build an ideal profile for future franchisees.
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