When you choose to join a franchise network rather than start a new business from scratch, it’s necessary for you to consider all the implications of the partnership that you will be entering into.
Being part of a well-recognised and well-established brand has its benefits, but the relationship between a franchisor and franchisee needs to be symbiotic. Let’s take a look at what’s involved:
When you choose to be a franchisee for a larger brand, it’s vital that you as well as a franchisor build the relationship on a foundation of trust and honesty. Every franchisor expects their franchisees to follow guidelines and represent the brand in the best way they can. That is how the business can expand and the brand can prosper. On the other hand, a franchisee would rely on the franchisor for support and training, tools and guidance that are required to get them started on the right track. It is important that both the parties be dedicated to trust and honesty, as that’s the way to build a very strong and solid relationship.
The relationship that a franchisee and franchisor share is unique because it is mutually beneficial. Each of these parties gains from the success of the other; their success reflects upon the brand and business overall. A well-established and credible franchise network will always have a detailed and comprehensive training and support process in place.
This helps franchisees run their business seamlessly and gain a stronger footing within a shorter period of time. Franchisees need to be assured that the franchisor would be able to to provide them guidance, answer day-to-day questions, and help them maintain equipment, handle operations and more. In short, these two parties share a symbiotic relationship and depend on each other to create a stronger network and brand.
One of the other notable benefits of being a franchisee is that you have access to a large number of resources. The research and development that the franchise conducts is one of these. However, the only way a franchisor can gather accurate and consistent data about current industry trends is when they get this information from all the franchisees in the network regularly. Constant communication, regular feedback, statistics, and any other relevant information needs to be sent back to the franchisor.
This helps the company conduct the necessary research and development in order to make changes in their business structure or functioning to improve the day-to-day operations of the network. This R&D it also gives franchisors a better idea about which technologies and products they need to invest in. The other side of the coin is that the franchisee relies on the franchisor to provide them with regular reports which they can use to build their business. Research and development help both, the franchisor as well as the franchisee.
If you are looking to join a franchise network, it’s crucial to ensure that the franchisor is communicative and able to provide regular support. They should also be able to provide the necessary training as well as guidance required for you to set up your business. Similarly, a franchisor will always focus on doing business with franchisees that would be able to help them in their efforts to expand their own business and brand.
If you want to know more about franchising, feel free to get in touch with us at The Franchise Institute. You can call us on 1300 855 435 or fill in this contact us form and we’ll reply as soon as we can.
Thanks for reading,
The Franchise Institute Team
1300 855 435
