Is Your Franchisor Teaching You To Be A Cook Or A Restaurateur?
There’s no manual for launching a business or scaling one up. Similarly, to have someone guide you through investment meetings and strategy consultations costs a small fortune, and most would-be entrepreneurs are unable to afford a non-exec director.
That’s why many choose the franchising route. Most franchisees benefit from the training and development delivered by their franchisors. Provided you have every intention to succeed, they’ll give you the support necessary to sustain growth and make a profit.
This isn’t true of every franchisor. So be sure, when researching franchises, to identify which ones aim to make you a restaurateur (giving you the skills to build a business), and which aim to make you to cook (giving you the skills to do a job).
To help, we’ve broken down the role of the franchisor in your franchise business development, and outlined how you can spot when your success isn’t their top concern.
Getting you on your feet
At the start of your journey, you’ll be sorting through members of the British Franchising Association – deciding between a list of franchises within your price range. Once you’ve chosen, they’ll present a detailed list of the costs, including deposit, franchising fee and training.
It’s now down to you to acquire the funds. However, a quality franchisor should be able to provide you with the details of lenders who offer better rates – having close relationships with banks and building societies who offer support at the business plan and loan securement stage.
If your prospective franchise offers no support prior to you committing to them, and recommends no banks or investment strategies, you should consider a different organisation. In all likelihood, your development will be less of a concern for them.
Growing your franchise business
Ultimately, your franchise business needs to turn a profit in order for your relationship with the franchisor to be successful. Depending on the industry you’re operating in, this requires you to at least generate clients independently, compete against local businesses, and operate according to your franchise guidelines.
But, in order to grow, you need a much broader set of skills. Whether that’s an ability to market your services online, attend networking groups or recruit staff, you need a franchisor that has a winning methodology you can easily adopt.
Some franchisors offer online resources to support you in social media, HR documentation for your contracts, or even just workshops centred around leadership. Essentially, a good franchisor doesn’t just work hard to get you on board – they lay the foundations for you to become a leader in your field.
Encouraging your progression
Now that your franchise business is self-sufficient, you want your franchisor to continue to challenge you. This is no different from an employee asking what kind of progression their new role will offer. You may want to consider the possibility of multiple franchise locations or facilities, for instance.
Along your business journey, you should be prompted to feed back particular tricks or pitfalls you’ve come across. One of the main aims should be to make certain you feel that your voice is heard. Your franchisor should also encourage you to be innovative, and always learning.
At Rainbow, we make you the restaurateur by providing complete support via our franchise team. We supply all franchise businesses with marketing support, along with business development advice whenever you need it.
Interested in joining a franchise that truly places you at the helm? Get in touch today!