7 Secrets to Help Ignite your Franchise
“A great franchise business brings people together.” This was the emphasized statement during the Franchise Asia Conference keynote address of Brad Sugars, the founder and CEO of ActionCOACH USA.
Even though the franchising industry, and business per se, are highly competitive, what ultimately makes a franchise business great is that it is able to bring people together – working harmoniously, competing healthily, and adapting and growing steadily together.
People are an important element in the franchise business model. People are the ones who ideate, develop, establish, implement, evaluate, and finetune the processes, systems, products, and services of the business. This is the reason why people are very important in igniting a franchise business.
According to Sugars, if you want to ignite your franchise business, you should be able to learn, unlock, and understand the seven secrets in doing so. And all of these secrets have something to do with people.
7 Secrets to Igniting Your Franchise
1) Franchising is 80% relationship and 20% systems.
Sugars made it very clear that franchising is not just about systems – it is more about relationships. Building relationships with people and franchise partners is very important in succeeding in the industry. Without forging strong and long-lasting relationships, a franchise will find it difficult to break through.
Sugars also underscored that there should be two-way communication between franchise partners. This high-level communication can be strengthened through the use of technology, open communication, production and distribution of information materials, organizing events, and more. “Building relationships is what ignites franchising,” he said.
2) You need to build your people in your organization.
Once you have established a great relationship with all your people and franchise partners, the next thing to do is to build your people. Building excellent people can be done through training and capability-building programs, bolstering the company culture, mission, and vision, hiring potential leaders and team players, strengthening the organization, coaching, and more.
“The best of the best wants to join the best team, the best people, the best organization,” Sugars said when he shared about a businessman who asked him why he could not get the chance to hire excellent people. The simple answer is the law of attraction, meaning that a great franchise business will attract the best people.
Sugars also said that the more you build your people, the more they will build your business for you. An immense level of training and continuous education is key to making people and franchise partners grow and stay with you.
3) Build a community of people and business partners.
According to Sugars, a franchise network must be a great community of people who become partners and would soon become friends and families. This community of people and business partners can also be on a global scale.
How can you build this community? Look for ways to build strong connections, relationships, and similarities. What makes a great community is its relationships and commonalities. From that community of people, you can also build sub-communities with various interests.
Most importantly, building a community entails the appointment of leaders who will drive the people and the business toward success. Therefore, you should also build the leaders in your organization and community.
4) Establish measurement and accountability.
How will you know if your franchise business is right on track? It is through measurement and accountability. Sugars said that there will be no great organization without measurement and accountability. Therefore, a franchise business should have the means to measure success.
Goals, functions, key performance indicators, objectives, targets, accomplishments, and more should be clearly defined. Moreover, people should be accountable for every task, job, or project. “Once we start measuring, we will see an increase in performance,” Sugars said.
5) Have a great system for launching a new franchise.
Launching a new franchise is challenging, but all it takes to be a success is extensive planning, preparation, sales, and marketing. Sugars said that Day 1 profitability should be aimed at when launching a new franchise.
“You should be able to shoot that franchise to the moon and do it well,” he added. Therefore, the launch team should be composed of excellent people who will get the new franchise flying in no time.
6) Think global.
Sugars said that opening and marketing your franchise in your country is the same as opening and marketing it in a different country. Technically, it will cover the same procedure, just with different people and cultures.
Sugars advised looking for great partners in that specific country or market in order to help you in accomplishing your expansion goals.
7) Uphold recognition.
Last but not least is recognition. Your franchise business should have a strong culture of recognition. “There is nothing more powerful than recognition to build your team, people, and organization,” Sugars stated.
Recognizing people and giving various awards will help make franchise partners feel important and appreciated. This will encourage them to stay in the organization and to become better, resulting in the ultimate success of the business.
Francorp Philippines is partnered with ActionCOACH to help more brands Grow from One to Many. With over 1,000 coaches internationally, ActionCOACH helps over 18,000 entrepreneurs every week to create stronger, more profitable businesses. Get a Free Business Health Check on https://actioncoach.com.ph/business-health.