The relationship is what strengthens your bond with each other. When you talk about business, it affects the picture of your company’s connection in the future. When you buy a franchise, you’re buying a company that already has business structures in place to help you manage it effectively. It’s one of the reasons why franchising is so tempting. What more should you expect from your franchisor, besides that? Let’s have a look at it.
When did you and your partner start dating?
It’s helpful to know when you should start having expectations before you can grasp what to expect. When you pay the initial franchise fee, the franchisor-franchisee relationship begins. This is how you acquire access to the system. Once you’ve joined, the franchisor should provide you with a variety of products. Especially since throughout the term of your franchise agreement, you’ll be delivering a royalty check to franchise headquarters every month. With that in mind, there are three characteristics you should look for in a franchisor.
The First Expectation From Your Franchisor
The first thing your franchisor should do for you is to provide you with excellent assistance.
But, exactly, what does “good support” imply? This illustration should be useful.
“Hello, my name is Naresh Wadiya, and I am a Stones native.” My POS (Point of Sale Terminal) is randomly turning on and off, and I’m in the middle of a large local campaign today. “Would you be willing to assist me in repairing it?”
“Wow!” exclaims a representative from the franchise office. That doesn’t sound like a good idea. Let me immediately connect you with someone in our IT department.”
“Thank you,” says the franchisee.
“Hello, Mr. Naresh Wadiya,” a member of the IT department says. I’m aware that your POS terminal is malfunctioning. Let me see what I can do right now to help you.”
“Thank you,” says the franchisee. I need this to function properly today.”
The issue was resolved in five minutes. That’s how your franchisor’s assistance should function.
In an ideal world, your franchisor would respond and assist you in this manner.
However, the world is not without flaws. In a circumstance like the one mentioned, you may need to remain patient until a solution can be found.
My argument is that your franchisor’s support should be as quick and as good as possible.
The Second Thing to Look for in a Franchisor’s Innovation
Your franchisor should be constantly thinking of new methods to improve and expand their offers.
Why? Because doing so keeps things new and can provide franchisees with additional business potential.
McDonald’s is an excellent example of a forward-thinking franchisor. Consider how many new goods they’ve released in recent years.
Some of their creations have proven to be game-changers for McDonald’s franchisees, while not all of them have. They have two drive-thrus, which I appreciate. Four drive-up windows will be included in Taco Bell’s new restaurant design, which might be a game-changer. Do you think franchisees will make more money as a result of this? Yes, I agree.
Finally, when looking at franchise opportunities, you should inquire about the company’s future goals. It’s a terrific method to see how innovative they are and what your own franchise company might provide in the future.
The third service that your franchisor should provide is
Your franchisor must give its franchisees cutting-edge technologies.
Why? One of the reasons you need strong technology is to be competitive in your industry.
If you own a pizza franchise, for example, your online ordering system must be quick, simple to use, and capable of handling a large number of consumers during peak ordering periods.
The marketing technology that comes with your firm, in addition to online ordering technology, must make you money.
Does your franchisor, for example, provide a means for you to collect consumer emails and phone numbers that you may utilise for future promotions and follow-ups? I sincerely hope so. Because it’s something your competitors provide.
To recap, you may learn a lot about what a franchisor offers franchisees before investing in the business of your dreams.
As previously said, excellent assistance, ongoing innovations, and cutting-edge technology solutions may go a long way toward ensuring your success as a franchisee.
The three primary things you should expect from your franchisor are listed above. Because you are the one who contributes to the brand’s success. We are each other’s partners, who support each other in both good and bad times. Both can make a huge profit with a well-balanced plan.