Last month we posed the question, “Will Your Franchisor Grant You A Franchise Again?” looking at it from the franchisor’s perspective. This month we are putting the shoe on the other foot and asking the question, “Will Your Franchisees Invest In Your Brand Again?” looking at it from the franchisees’ perspective.
Remember when you granted your first franchise and the excitement that followed confirming that a franchisee was willing to invest in your concept, your brand! The enthusiasm, so many ideas, the opportunity, being a true franchisor and probably many more positives.
Unfortunately for some franchisors this honeymoon period ends and for some sooner than others. As a franchisor, you need to constantly be asking yourself:
- Do I consistently provide the back-up support that I promised my franchisees?
- Do I have systems in place to know what’s happening in my franchise network?
- Do I consistently advertise and market my brand for my benefit and for the benefit of my franchisees?
- Do I provide effective initial and on-going training?
- Are my franchisees getting value for their Management Services Fees?
- Do I utilise the Marketing Contribution Fees effectively to build the brand?
- Do I live the philosophy – “My franchise network is only as good as my worst performing franchisee”?
- Am I assisting my franchisees to build their franchises into valuable assets?
- Am I constantly being innovative to maximising the opportunity?
In hindsight – do you think that your franchisees will invest in your brand again?
Remember your franchisees are your best salespeople – or your worst nightmare!