I frequently find myself thinking that the Franchise industry should be renamed, in a Brad and Angelina style, Fradvice. The whole notion of an individual buying into a brand that has been tried and tested is built on the basis that the Franchisor provides advice to the franchisee on how best to get to market and build the business.
It was wonderful, therefore, to hear franchisors and franchisees, and a lawyer provide their bite sized pieces of advice to a room full of people at the British Franchise Association Annual Conference.
I’ve consolidated that advice here, from the horse’s mouth.
For Franchisors:
- Franchisees are your business- collaborate
- Be honest, ethical & by the book
- Build a strong support team.
- Love your brand
- Work hard on the partnership
- Recruit the right franchisees- align to brand
- Recruit hard- manage easy in line with your culture and values
- Don’t be cheap! Invest in good advice and getting the foundations right
- Find your cheerleaders and make them your radiators
- Focus on your home market. Tread cautiously into international expansion.
- Apply the ME test – how would you like to be treated and communicated with?
- Don’t be complacent – invest in external advice
- Nurture all relationships: franchisee, franchisor, teams.
- Don’t assume you know how things will work – consult all parties!
- Don’t let your business stand still – plan to keep moving.
- Adapt and innovate – and take the team with you.
- Tap into everyone’s expertise – consult!
- There are two sides to every story! Gather facts.
- Lead from the heart. follow your moral compass.
- Never compromise on your culture.
- Be prepared for a legal threat! Whoever you are! Know there will be a ‘major issue’ every 3 to 6 months.
- Keep in touch and talk to your franchisees – you can see what’s coming down the track.
- Have trusted franchisees in your team!
- Let go and empower your team and franchisees.
- Keep franchisees close. Not best friends – business colleagues.
- Create collaborative franchisee engagement and a sense of belonging through collaboration and mentorship.
- Trust your gut, but control your emotions.
- Consider your lifecycle – be self-aware. Consider where you are and whether you still have the passion and drive.
- Remember why you started – enjoy it and celebrate milestones.
- Ensure your franchisees have the brand at heart. Move on those who don’t. Be supportive – have open communication, managed resale for best outcomes.
- Build your brand values into EVERY aspect of your business.
- Help franchisees invest money and time in their business – together.
- Keep calm, evolve and carry on.
- Have a rest.
- Deliver consistent training and support. Have multi-site conversations and set people up for success.
- Use subject matter experts for all aspects of the business – especially those with franchising experience and understanding.
- Love yourself. Take time to work on YOU.
- Build healthy boundaries. Be authentic.
For Franchisees:
- Follow the systems- add your sparkle
- Always have your customers in mind!
- Join your TRIBE.
- Don’t let your business stand still.
- Tap into everyone’s expertise – consult!
- Give back to your communities.
- Reach out to your Franchisor.
- Tap into experience Talk to humans who’ve done it already!
- Love yourself. Take time to work on YOU.
- Build healthy boundaries. Be authentic.
Great Fradvice – you’ll notice some applies to all businesses and many apply to franchisors and franchisees.
My view is that you’re all in business and together you can be stronger.
