Franchising has become one of the most popular ways for small business owners to expand their businesses into new markets. Still, it is also crucial to understand that as a franchisor, you know how to manage your franchisees since to franchisees as a franchisor, you will be seen as a leader and an authority. This is why it is essential to manage your franchisees and keep an eye on how they are doing with their franchise businesses to ensure they can succeed. In this article, we will list a few good ways you can keep up with your franchisees and help them stay motivated as their franchisor.
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Don’t be afraid to ask for feedback
As a franchisor, collecting feedback from your franchisees can be good. This will help you learn how you can improve your recruitment process as a new franchisor to assist the new franchisees as much as possible to help them get customers through the door shortly after opening their franchise business.
Even though many franchisors might not like to take feedback from franchisees or even criticism as a new franchisor, it will only help since you need to understand the franchisees success is also your success as much as theirs, so taking feedback from franchisees to find out where you can improve is crucial if you want your brand to thrive in multiple new locations.
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Have a growth mindset
Recent reports have found that some successful franchisees go on to run multiple franchise locations either a part of the same brand or under a different franchise brand this is called multi-unit franchising. As a franchisor, you can use these statistics to assist your growth, as some franchisors keep a record of their “top performers” in their franchise network.
These are the franchisees who consistently meet the expected revenue predictions, and more these are the franchisees that typically run more than one franchise at a time, so keeping a record of this could be very helpful in finding out which franchisee would be more likely to expand on their relationship with you as their franchisor.
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Make sure to have good communication skills
This point is critical throughout the training process of a new franchisee. Make sure to listen to the franchisee and ask them for questions if you believe there is something they are confused about or need more clarification on. This can save you a lot of time as the franchisor and help the franchisee to get started as soon as possible with their franchise.
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Set sales targets
Setting targets for your franchisees as a franchisor is a great way to keep your franchisees motivated and achieving success, especially if there is some kind of award for the top franchisees in the franchise network since this just gives another incentive for franchisees to work hard with their employees to grow their franchise business which in return will help you as a franchisor.
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Arrange conferences
Most franchisors usually arrange an annual conference where the franchisor can meet with their franchisees. This gives a chance for franchisees to ask the franchisor any questions, offer suggestions to improve the franchise, and more. This also helps towards the franchisee and franchisors relationship as it allows franchisees to have a voice rather than just paying the franchise fees and following the proven system.
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Adapt to change
To be a successful franchisor, you need to be able to adapt to change when needed. For example, if a competitor in your field decides to offer their franchisees a CRM to monitor their customers trends and make more sales as a franchisor, you will need to adapt to this change and offer a CRM for your franchisees if you want to be ahead of your competitors you need to adapt to change especially if you are wanting to expand your business internationally since you can almost guarantee that there will be a franchise out there in your field that is already utilizing this kind of technology to boost their franchisees sales and success rates within their franchise businesses.
If you would like to learn more about staying on top of your competitors, you must understand how technology has changed franchising in recent years. To find out more about why this is, we recommend you read our previous article about how technology has helped franchising grow.
Summary
The relationship between the franchisor and franchisee is crucial to your success as a new franchisor. We hope this article will help you manage your franchisees better and help you keep track of what works in your franchise and what doesn’t since, as a franchisor, you can build a good brand with good products, but if your franchisees struggle to sell them or expand, the brand, unfortunately, you will fail as a franchisor so it is crucial that you understand how to manage your franchisees and adapt to change to stay ahead of your competition if you can do this your franchisees will be able to achieve success, and as a franchisor, you will be able to do what you as a small business owner would have always wanted to do which is expand and achieve success in new markets through the hard work of your franchisees handling the day-to-day operations.