When you want to increase your profits and expand your business, franchising is often the best way to do that. However, some franchisors are surprised by the changes that come from franchising a business. Is franchising your business right for you? Read on to learn how things will change when you are a franchisor and not just a small business owner.
By franchising your business, you’ll need to transition at least partially from doing whatever your business is, to acting as a franchisor. What does that mean? Well, your time will initially be filled with selling franchises and training franchisees. This will be ongoing, as well as providing continuing support to your franchisees, from training and education to marketing and branding.
You will have to develop new skills like sales, training, and marketing. If you hire sales people, trainers, and marketers to fulfill those tasks, you will need to oversee them and guide the overall direction of the company.
Another thing some franchisors struggle with is loss of control. It’s true, your franchisees will probably do some things different than you would. However, this can be mitigated in a couple ways.
- First, sell franchises to franchisees who embody the culture and spirit of your company. Franchisees are already going to be more motivated than most employees, because they are business owners taking a risk, not employees in it for a paycheck.
- Second, you can guide your franchisees and promote best practices by creating a comprehensive franchise operations manual and providing comprehensive training. The training and knowledge you provide will help them understand why things need to be done a certain way. However, it is also important to allow enough autonomy that your franchisees can be innovative! They are motivated business owners who want to succeed. Your role as franchisor is to help them do that, so they can make a living and you can continue receiving royalty payments.
If you want to franchise your business quickly and affordably, call Tom Rather today at 770-595-1055. Our affordable franchise development team can have you ready to sell franchises in just 6 weeks, and ready to train your franchisees in another 6 weeks. Don’t wait another day to become a franchisor!