Qualities of a good franchisor
Selecting the right franchisor is the key to being successful in one’s business. But how does one select the right franchisor? Is it purely a gamble in which sometimes you win, sometimes you lose? But what if you just have one chance and you can’t afford to lose? Then read on, these are some of the qualities of a good franchisor
• Objective The franchisor should be aware of his current business standing. Also he should have a vision with regards to where he wants his brand to be. The franchisor should be clear about his objectives and only then will he be able to steer his brand in the right direction. The franchisees success depends a lot on this clarity of thought.
• Partners The franchisor should view his franchisee not as a money making proposition but as a partner who will help in the growth of his business which will ultimately lead to profit for both. Good franchisors listen to their franchisees and this is what leads to a great and a successful relationship.
• Research Backing A good franchisor's business decisions should always be backed by strong market research. In today’s dynamic marketplace only a thorough understanding of the market can ensure success and growth of the business.
• Constant Re-invention The franchisor should constantly re-invent his product offering based on the changing consumer preferences and market trends. Re-invention helps in retaining existing customers, creating brand loyalty and also helps in attracting new customers.
• A Communication network The franchisor should ensure that there is a proper communication network through which all his stakeholders can communicate with his especially the franchisee. The business can only grow if all the stakeholders are satisfied with the franchisor. The suggestions of the stakeholders should be given due attention and their grievances should be properly addressed. This communication network will also make the franchisor accessible and improve efficiency.
These are some of the qualities that a good franchisor must definitely possess.