Not all franchisors are the same. There are good franchisors and there are not so good franchisors. Needless to say, you don’t want to enter an agreement with the latter. After all, choosing the best franchise to buy often boils down to finding the right franchisor fit for both you and the franchisor.
Here are seven essential qualities and traits that great franchisors have in common.
1. Honesty
As a franchisee, it’s important to stay informed about the latest developments at the franchise level. You want to know changes, updates, and other things that might affect your business. A good franchisor is upfront and honest from day one.
A great franchisor is honest about any challenges that your new business might face and what the corporate team plans to do about them. When mistakes happen, the franchisor is the first to admit fault and create a solution.
2. Marketing Oriented
Good marketing is at the core of every successful franchise. Franchise systems should have advertising campaigns and organize promotions that will create a buzz for the brand and drive traffic to each location. On the flip side, a bad franchisor does not have a marketing strategy and leaves the marketing responsibilities to the franchisees.
3. Good Communicators
Effective communication is the foundation of a healthy relationship between the franchisor and franchisee. Good communications are imperative for the franchisor to insure there is brand message is clear and consistent in every location.
4. A Visionary
The franchisor should set clear goals both for the short-term and long-term. They should have the necessary leadership skills to instill this vision in the franchisees and employees.
5. Altruistic
Some not-so-good franchisors are more interested in the royalty fee. But, good franchisors are focused on creating loyal customers and boosting brand awareness. They are interested in the mission of the franchise and seeing it grow.
6. Passionate and Pragmatic
A good franchisor is passionate about the franchise and what it does. They are willing to go above and beyond to push the brand message and ensure the franchise is a success. At the same time, the franchisor is pragmatic and makes good decisions that are best for the company.
7. Fully Committed
Being an entrepreneur has its ups and downs. It comes with challenges, risks and tribulations. A good franchisor is 100% devoted to taking the franchise to the nth degree. In other words, a great franchisor is in it for the long haul.
References
https://www.forbes.com/sites/chrismyers/2018/08/15/the-three-things-every-great-emerging-franchisor-has-in-common/#38893c1c7103
https://www.forbes.com/sites/fionasimpson1/2018/10/26/ten-characteristics-of-a-great-franchisor/#225999d92120
