Franchising is one of the most popular and successful business models on the planet. According to a 2016 survey by Franchising Australia there are over 1,100 different franchise systems available with almost 80,000 franchisees.
The franchising sector contributes more than 144 Billion dollars to the Australian economy and employees about half a million people.
So, I wanted to understand why franchising is such a popular model, both with entrepreneurs looking to scale a business and with people looking to start a business (often for the first time). To help answer my questions I invited Chris Pryor an award-winning franchisee to give me the low down on life inside a franchise structure.
1. Your success starts with adopting the right mindset. Namely you need to shift from having an employee mindset to a more entrepreneurial mindset. It's critical to remember will a Franchisor is there to help and guide you, ultimately it's up to you to make things happen.
2. Be proactive with your relationship building. Developing a healthy list of alliance partners is important to any business including a franchise.
3. Don't waste your time or energy trying to change the core offerings provided by the franchisor. It's NEVER going to happen. Instead focus your energy on listenting carefully to your clients and maximising the value of every customer you win. You can accelerate your progress by tapping into your franchise network to share insights into what's working and what's not.