The 5 Ks of Being A Successful FranchisorThe franchise business world is constantly changing as new opportunities are released every month to an already stretched market place. By utilising the 5Ks of being a successful franchisor it is possible to keep ahead of the competition.
The 5Ks for being a successful franchisor are:
Always refer to the 5Ks to ensure that the franchise offering is strong and remains competitive. They will also serve to ensure that the franchisees remain profitable in a more ruthless and overcrowded market place.
Keep communicating with the franchise network as a whole. Each one of the franchisees is bubbling over with ideas on how to improve the business model. They are invaluable when it comes to new ideas and ways to cut costs.
By having constant communication with the franchisees, many niggles in the franchise network can quickly be resolved before they turn into major problems. If problems are left to fester they can easily develop into major disputes!
Remember to also communicate with your customers who are the ultimate users of your products. Regular questionnaires and surveys will keep you abreast of the latest trends and behaviours of your consumers.
Keep supporting the franchisees especially the ones that are struggling. The franchise network is as strong as the weakest link! By providing constant support to the whole network the team will strengthen.
Many franchisors make the mistake of only supporting the best performing franchisees and leave the rest to get on with it! This is bad practice in my view as the support should be equal for all franchisees with a slight bias towards the franchisees that are having a difficult time making the business concept work for them.
Keep innovating to ensure that your franchise opportunity remains viable and profitable. Look at all facets of your business from recruitment, training, operators manual and products.
By constantly seeking innovations it is possible to keep one step ahead of the competitors. The image and brand will also be considerably enhanced further if the public and your franchisees are aware that innovations are constantly being introduced.
Remember to utilise the new mediums like online networks and video marketing to recruit the best franchisees and market your products.
Keep investing in the franchise network, brochures, advertising and training programmes. Never ever forget that new franchises are entering the market place. They are usually fronted by younger and more aggressive marketers who are eager to take a slice of your market share.
The advertising should reflect the latest trends and take into account the fact that consumers are constantly evolving. The public are now demanding safer products and are becoming more health conscious.
Keep positive and let everybody see and feel the enthusiasm from headquarters. This enthusiasm is catching and will filter down to most of your territories if managed correctly. In fact, some studies show that positive companies with strong goals and mission statements are much more likely to succeed than other businesses.
By constantly evaluating your franchise opportunity using the 5Ks it is highly likely to enhance your offering. The whole team will be more confident and the brand image will improve.