A GUEST POST by Elizabeth Pace, Marketing & Online Fairs. The Economist Group (New York) __________________________________
If you are thinking about investing in a franchise, The Economist’s online Franchise Fair provides a unique opportunity to meet a variety of franchisers and consultants in real time. The fair is hosted by Economist Online Fairs and takes place on June 28th and 29th 2011. Admission is completely free, but space is limited so register in advance.
The Franchise Fair will feature over a dozen leading franchises and consultant firms that can offer free tips and advice to attendees, whether multi-franchisees or first-time investors. Exhibitors include Nationwide, Maid Brigade Valpak, Yogurtland and many more. For a full list of exhibitors, visit the registration site.
Fair attendees can join topical chat sessions, access testimonials and download resources. There will also be informational webinars hosted by franchise experts, where attendees can interact and ask questions, including:
- International Franchising: What to Look For When Purchasing a Franchise
- Why Buy a Franchise?
- Nationwide Mutual Insurance Company: An Opportunity for Entrepreneurs
The state-of-the-art online fair interface is modeled after a traditional tradeshow. Attendees can log in from their home or office computers and browse virtual exhibitor booths at their leisure. The fair will be open for a full 48 hours. There will also be several live sessions during this 48-hour period where exhibitors will be available to chat live.
Franchise Fair Live Sessions:
- June 28: 9:00 AM EST to 1:00 PM EST (1pm GMT to 5pm GMT)
- June 28: 4:00 PM EST to 8:00 PM EST (9pm GMT to 12am GMT)
- June 29: 12:00 PM EST to 4:00 PM EST (4pm GMT to 8pm GMT)
Register FREE today!
Questions or comments can be e-mailed to CustomerSupport-OnlineFairs@economist.com.
One of the (many) things I do harp on about to new prospective franchisors is: be specific and very clear about what a good franchisee looks like and then go out and with the precision aim of an assassin….find them, bring them on board and LOOK after them.
Franchisee recruitment is not dissimilar to normal business staff recruitment. You need to be incredibly mindful of the ‘job’ at hand, what the skills are that are needed to carry out that ‘role’ successfully and most of all…look for what the career growth path would be for that individual. The extra element that you want to perhaps plan for in recruiting for franchisees is cultivating a ‘perfect’ franchisee who will end up with the operational, hands-on experience that might well be useful to you in 5 to 10 years time.
What do I mean by this? Well, if you are smart (and I hope that you are) – you are setting up a franchise with two views: 1) To Grow and 2) To Exit. By recruiting some golden nugget type franchisees who have the special ‘putty’ to become fantastic, you will be sowing the opportunity for having a managing director, operational manager or even a team of super-staff who will add value and a glow to the business…making it even more attractive to a buyer. Having a team that doesn’t purely hinge on you or your operational knowledge makes a business very sellable.
Bear in mind, these individuals would not remain as franchisees should they start to work for the franchisor – so you will need to think about what you can offer them that will make the career move from business ownership more enticing. Some suggestions on what to offer them:
(a) Taylored package that is heavily incentivised by their results and input (commission %; target incentives like holidays; etc)
(b) Good company benefits (which are rare to find, especially in the UK, and will therefore be very attractive!)
(c) Small shareholding in the business (relative to their role of course)
(d) Input into how the business grows going forward (i.e. make them an integral part of the executive team)
I’m sure there are many more elements you could incorporate into a package to tempt an existing franchisee into your franchisor fold, all I’m saying is – bear this in mind right from the beginning. Imagine having a team of strong franchisees who (at any point) you will love to be your right hand man/woman? Now compare this picture to merely having the recruitment criteria mindset that anyone with a pulse will be accepted to become a franchisee! (My fury over this point is enough to write a whole post just on this!)
So, what’s my message? When you are planning who you are going to have as part of your network: think long and hard about where you want to be in 5 to 10 years time and how much value you can add by recruiting the right people. By being SMART in your recruitment tactics, you will be growing your business in a much more planned and efficient way (i.e.SMARTER growth!)
Posted in Franchise Recruitment, Franchising Business Practice, Worthy Franchisees
Tagged best practice, business growth, franchise, franchise marketing, franchisee interview, franchisee recruitment, franchisee retention, franchisor practice, smart working, value
More and more the trend nowadays is for a family to come together to make a business work.
Through a survey I did towards the end of 2009 – I’ve found that the growing trend is that people are pushed out of employment and into self-employment for a variety of reasons. Some of these are:
1) Dissatisfaction with the quality of management within their current job
2) No incentive provided in the workplace for any initiative or true involvement in the business (in fact any ideas are squashed before they are even heard), and most of all…
3) No real financial reward (vs the time and effort put into the job) that matches expectation (this includes time in lieu of many hours of overtime above and beyond the call of duty).
So, what does this mean? Well, you will probably be so unhappy that your family around you may well say ‘Hey, why don’t we just do something for ourselves?’. This is why franchising then becomes an attractive idea – because:
- There is a lower risk at start-up (especially with established franchise models with proven statistics and performance from current franchisees)
- Any money invested upfront is going towards business support, set-up etc – and this has all been worked out for you
- Working with people you know and trust (your family) helps to eliminate the worry of employing unreliable staff
Now, of course, we could have a whole discussion on the dangers of going into business with family – but there are more than enough families out there making a go of it than you think!
The top tips for making a family run franchise business work?
- Everyone needs to have their own roles very clear from the outset
- Someone is elected as the Boss (end of story)
- Someone is elected as the Organised One (every business needs one of these) – to whom everyone needs to listen to in order to be efficient and cost effective
- Someone is elected as the Finance Person (every business needs one of these – this maybe outside of the business)
- Everyone needs to be earning a salary (or at least agree what that WILL be in the future…give a date…if there is a consensus to hold off for the first few months)
- A Team meeting needs to happen at least every two weeks to have a talk around the table to clear any issues, or PAT anyone on the back for a job well done
Respect who you are working with and they will respect you – this goes DOUBLE for family run businesses. Mom, Dad, Daughter, Son, Aunty, Uncle….those titles are not relevant during the work day.
Have you had any experiences working in family-run business? Please do let me know about it in the comments box below! I want to hear good and bad stories!
I have just seen a conversation on Linkedin about the subject of being able to negotiate on Franchise Agreements.
I am of the strong opinion that in the UK, these agreements are not up for negotiation because if the model has been put together ethically and profitably for both parties in the first place there should be no need for negotiation. In my humble opinion it would indicate a weak system and/or franchisor if he/she did negotiate the terms – all franchisees should be on the same terms and be subject to the same compliance issues, advantages, etc. (Of course there are some models that have to have an exception to this – especially mixed models.)
Of course the law is different in other countries (and even in states in the USA) and sometimes the option is not even available. What I do like is that if an agreement is altered for one franchisee – it is made public and everyone will know about it. Unless I have misunderstood that point?
What do you think? I would be interested to know.