Guidelines To Creating A Successful Franchise Network

Presenting business opportunities like never before, the Franchise Knowledge Series during the Master Franchise Show saw speakers streaming into the venue from across the globe to lend knowledge from their experience on how to build a successful franchise business, how to take it global and what all to avoid in order to escape the risk of failure. 

 Post the traditional lamp-lighting ceremony that set the momentum of the event, the sessions that followed laid out certain trends that soaked the audience in the opportunity to learn the nitty-gritty of businesses at the masters’ feet, in the most convenient way. Here are the trends that were showcased during the event:

FRANCHISE RECRUITMENT

Talking about what you should reasonably expect to invest in order to attract 100 franchisees willing to invest between USD 20-50 million in your business, Rod Young, Chairman and Partner, DC Strategy Group, pointed out how to be effective in lead generation and recruitment. “Candidates need sufficient capital, relevant skills and experience along with the right psychological profile,” said Rod, emphasizing that they also needed to be culturally fit. He suggested, “Present a competitive value proposition to attract the best candidates.”

FRANCHISE SUPPORT

Questioning the franchisors in the audience on whether they provide enough support to franchisees, Rick Backstorm, Business Development Director, World Franchise Associates said, “Financial audits should reveal if your franchisee is making money and paying the appropriate fees.” He said that it was not enough to go through your brand’s Facebook or Instagram account and conclude that the customers are happy since the sales are coming in. He also emphasized that having a dedicated person to communicate directly with your franchisee helps too.

HUMAN RESOURCE AND CULTURE BUILDING