Going into the franchise model of business can be a rewarding, dynamic and bountiful process. But it’s not all a cruise sailing. As with any business model, there can be some tough challenges when dealing with the complex relationship of franchiser and franchisee in any industry. With the foundations set of a live business with it’s feet already off the ground, franchises can be a great option for those looking to enter the world of business and without having to start completely from scratch. There are many things to consider through the journey, both for franchiser and franchisee, in order to have both sides flourish.
As a prospective franchisee, it is imperative that you research well. Examine existing franchise businesses and do online and in person research to get a feel for this business’s function. Make sure you are clear on the required investment and the model of support and training that would be given to you. Clear communication between the franchiser and franchisee is a must for things to run smoothly. How is everyone kept in the loop? Are there regular meetings, supports, feedback opportunities? As any business is an ongoing process of expansion and innovation, having the right tools to support this is necessary for any franchisee. Training, finance support, advertising and marketing guidance are all important. Both ends of the business are equally responsible to each other – the franchiser is expected to provide systems of support and training materials with regular evaluations. The franchisee is expected to follow the systems, adhere to the standards and stay committed to the overall mission of this industry. The business will flourish the stronger this relationship is between franchiser and franchisee. By getting clear on the dynamic of interaction, this will boost the prospect of flow and prosperity for all.