Franchisor is the soul as well as the body of a franchise. He administers his business, along with his franchisees’ business to make it a success. The franchisor is also required to keep consumers/clients happy as these are the revenues generators. Besides these, a franchisor has to execute a number of other responsibilities to prove his brand best among tough competition. The franchisor has to administer the whole franchise network on regular intervals to keep the brand ahead and to avoid any business mishaps. In addition as a franchisor one has to examine and re-examine and implement newer marketing and promotional strategies to maintain the prominence of his brand. Let us have a look how a franchisor can make his franchise a success.
Analysing initial success
A business owner always analyses the initial success and popularity of his business before taking the franchise route. If the business is doing well initially then the owner can think of adopting the franchise route. Moreover, it is of utmost importance for the owner to find out whether his product/service is franchiseable or not. After seeing the initial success and being sure of its success nationally, should an owner adopt the franchise route.
Rigorous market study
One of the most frequently used tools in market research is SWOT analysis. SWOT stands for strengths, weaknesses, opportunities and threats. Therefore, a smart franchisor should conduct a thorough SWOT analyses to determine how successful the business can be and in which locations. It can also determine the various rectifications that the concept needs. Besides SWOT analysis, market research involves analysis of the brand’s performance in terms of products and services in the market. It also helps the franchisor introduce new ideas and concepts catering to the demands and expectations of the customers. Such market research helps to monitor the performance and of the franchise brand and ensure measures to maintain the position and growth of the franchising business.
Conduct regular surveys
Playing the franchisor is tough as he has to take care both of his franchisees as well as customers. Therefore becoming a good franchisor requires regular surveys for both franchisees as well as customers.
Franchisee satisfaction survey: In order to measure the satisfaction level of the franchisees regarding the kind of support and guidance offered to them, franchisees satisfaction surveys can be conducted. Franchisors can try traditional paper-based surveys or telephonic, or e-mail based surveys by hiring the experts from research and consultancy firms. To get unbiased or authentic results, it is advised to conduct mystery surveys where the identity of the franchisor is kept confidential.
Customer satisfaction survey: When it comes to customers’ satisfaction surveys, feed back forms through company websites can be used. Here unlike the franchisee satisfaction survey, the franchisor’s name is not concealed. Timely customer satisfaction surveys are necessary to get instant feedback from the customers with respect to the services and products offered by the company or the franchised outlets.
Maintain audits
Audits are an important measuring tool for the survival of any franchise network. It helps the franchisor to keep a check on the working style of the franchisees and take preventive measures to improve the functioning of the franchise business.
Franchisees being mostly novels in business are not very good at conducting and maintaining audits. Therefore a franchisor needs to monitor the performance of his franchisees on a timely basis in order to ensure proper functioning of the franchise network. This can be done with the help of a franchise management team. However franchisors can also hire a third party for conducting the audits.
Attend franchise events
A franchisor aiming to be very successful surly needs to visit franchise events so as to know the latest developments in the franchise arena. In addition he should also organise various franchise events such as award shows, annual conferences, workshops from time-to-time in order to let the franchisees meet each other. Such franchise meets generate new ideas to improve and run the franchise business more efficiently.
Relation with franchisees
Franchisees are the driving force of a franchise system. For successful expansion of any franchising business, it is essential to build a strong relationship with franchisees. Franchisors can achieve this firstly by keeping in mind what they had promised the franchisees at the point of signing the deal and granting each of those things. Franchisors should provide an ideal functional system to help the franchisees work efficiently. They should also take care of franchisees’ goodwill by offering them every possible support, guidance and back-up as and when required.
The franchisor is the back bone of his franchise network. Therefore to maintain his franchise, franchisor has to be strong and efficient to handle the ups and downs of business. Keeping in mind the above factors franchisors can surely make their journey easier as well as more successful.
