{"id":603,"date":"2019-07-12T10:17:19","date_gmt":"2019-07-12T10:17:19","guid":{"rendered":"https:\/\/www.toddweissfranchisepro.com\/?p=603"},"modified":"2019-07-17T11:30:22","modified_gmt":"2019-07-17T11:30:22","slug":"relationships-franchising","status":"publish","type":"post","link":"https:\/\/www.toddweissfranchisepro.com\/relationships-franchising\/","title":{"rendered":"Relationships And Franchising"},"content":{"rendered":"

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Relationships And Franchising<\/strong><\/h2>\n

 <\/p>\n

As a franchisee, you must invest in relationships. Building relationships is the core of any successful life and business. It doesn\u2019t matter if you\u2019re building a rcih and rewarding life, a successful business or awareness for a cause you care deeply about – relationships are everything.<\/strong><\/p>\n

Yes, your products and services are important. However, when someone is deciding which product or service to purchase, having a great relationship with you works out in your favor 9 times out of 10.\u00a0<\/p>\n

 <\/p>\n

Franchisor and Franchisee\u00a0<\/strong><\/h2>\n

It\u2019s imperative that you keep open communications and work with your franchisor in the way they\u2019ve outlined.<\/p>\n

For example, the way that many franchisors figure royalty payments is by entering your accounting system remotely using technology and looking at the numbers themselves, then sending you an invoice for that amount. In some cases, they do auto bank drafts for the amount.\u00a0<\/p>\n

This may seem intrusive, but often this is how it\u2019s done. If you challenge the system after you\u2019ve agreed to it, it could cause serious problems.<\/p>\n

The best way to form a great working relationship with your franchisor is to stick to your agreements and to work hard to become profitable. The more profitable you are, the more your franchisor will want to work with you.<\/p>\n

 <\/p>\n

Employees and Franchisee<\/strong><\/h2>\n

If your franchise has employees, then you\u2019ll need to build relationships with your employees too. This can be tricky, especially if you\u2019ve never been a boss.<\/p>\n

It may be tempting to hire a lot of family and friends, but the best thing you can do for the health of your business and your personal relationships is to limit that as much as possible.<\/p>\n

And if you do hire friends and family, make sure you have clear boundaries at work. If you set up a system that\u2019s fair for everyone, you won\u2019t have any problems.\u00a0<\/p>\n

 <\/p>\n

Customers and Franchisee<\/strong><\/h2>\n

Your customers are the lifeblood of your business. You need to build strong, solid, friendly relationships with them.<\/p>\n

Train your employees to provide top-notch customer service and don\u2019t accept anything less.<\/p>\n

Ask your customers for their feedback. Put out comment cards so that your customers can say what they think about your place, products, service, and anything else that\u2019s important to them. Greet them personally whenever you have the opportunity to do so. Make it a habit of making yourself known so that they know you’re there and ready to serve them.\u00a0<\/p>\n

 <\/p>\n

Vendors and Franchisee<\/strong><\/h2>\n

You\u2019ll likely have various vendors delivering products and supplies off and on during the day.<\/p>\n

Try to develop a good relationship with these folks because often they have new products they\u2019re willing to roll-out to their best customers first.<\/p>\n

Sometimes extra discounts or promotional pricing is available for their best clients.<\/p>\n

If you have a food establishment and the vendor has time, sit down for coffee or have a meal with them.\u00a0<\/p>\n

 <\/p>\n

City and Franchisee<\/strong><\/h2>\n

When you open a business, you become part of the city\u2019s business landscape. You should join the chamber of commerce and participate.<\/p>\n

If you have the type of business with some space, offer to host a business after hours\u2019 event. Go to chamber events, sponsor chamber events, and patronize other chamber member businesses. Be interested and be involved.<\/p>\n

 <\/p>\n

Community and Franchisee<\/strong><\/h2>\n

As a business owner, you\u2019re now part of the business community and the entire community at large as a leader.<\/p>\n

Get involved with community-wide fundraising events, parades, memorials and more. Show that you\u2019re more than just someone doing business in the community — you are part of the community and you care about it.<\/p>\n

 <\/p>\n

Some Final Things To Think About<\/strong><\/h2>\n

There are many ways to build relationships. You\u2019ll need to give some thought about how you want to be known and viewed by each of these groups of people as a business leader in the community. As the old saying goes, your net worth depends on the success of your relationships within your network.<\/p>\n

 <\/p>\n

I’d love to hear from you…<\/h2>\n

What\u2019s one insight or key takeaway you got from this article?<\/p>\n

Share as much detail as you can. Your insights may be just what someone else needs to have a major breakthrough.<\/p>\n

Important: please share your thoughts and ideas directly in the comments. Links to other posts, videos, etc. may be removed.<\/p>\n

Thank you so much for reading, sharing, and commenting. It matters, and it makes more of a difference than you know.<\/p>\n

If you have any questions at all, please post them in the comments or send them to me at Todd@TheFranchiseConsultingCompany.com<\/a>. I’m more than happy to help if I can.<\/p>\n

And, if you aren’t already a “Franchise Pro Insider,” what are you waiting for? Sign up below to receive weekly updates and franchise industry news that will help you find the perfect franchise for you!<\/p>\n

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Ready To Schedule Your FREE Consult With Todd?<\/h2>\n

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About Anthony<\/h1>\n

Business CoacH<\/h3>\n

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam. Lorem ipsum dolor sit amet, cons<\/p>\n

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Contact Todd Today<\/h2>\n

Phone<\/h4>\n

(866)-934-7176<\/p>\n

Email<\/h4>\n

todd@thefranchiseconsultingcompany.com<\/a><\/u><\/p>\n

Address<\/h4>\n

130 Shore Road, Suite 133, Port Washington, NY 11050-2205<\/p>\n

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Relationships And Franchising   As a franchisee, you must invest in relationships. Building relationships is the core of any successful life and business. It doesn\u2019t matter if you\u2019re building a rcih and rewarding life, a successful business or awareness for a cause you care deeply about – relationships are everything. Yes, your products and services […]<\/p>\n","protected":false},"author":1,"featured_media":604,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"

Franchising Trends For Q3 2019<\/h2>

Hard to believe that we're heading into the third quarter of 2019 in just a few days. It's been a good year\u00a0 - a very good year - for franchises. And, if you've been considering opening up your own business - without the intense start-up headache phase, it's the perfect time to start exploring what's involved in purchasing a franchise.<\/p>

The franchising model works this way \u2013 you (the franchisee) buy the rights to market and distribute the products and services of another company (the franchisor) and to use its business name.<\/p>

Since you're \"borrowing\" another company's proven business model, brand recognition, and reputation, franchising can be a safer option for starting a new business.<\/p>

So, let's take a look at a few things you need to consider before you invest your hard earned money buying a franchise...<\/p>

  1. Is There Market Demand For Your Products And Services?<\/h2><\/li><\/ol>

    Do you already have an idea of the kinds of products and services you'd like to offer? Awesome!<\/p>

    Do you know if those products and services are in demand where you want to open your business? The only way to answer that question is through market research and hard data. What sells well in other areas of the country may not be well-received locally.<\/p>

    Are you a BIG thinker? Are you thinking about the possibility of branching out to owning multiple outlets in the future? Then, you need to assess the potential for that as well.<\/p>

    1. How Good Is Their Industry Reputation and Track Record?<\/h3><\/li><\/ol>

      Does the company offering the franchise have a proven track record of successfully franchising their business? Just because a company is offering franchising opportunities doesn't mean they are a good franchisor.<\/p>

      It's imperative that you do your due diligence. You should speak to current franchisees to get their perspective on the business - the good, the not-so-good, and the flat out ugly. A good question to ask is, \"If you could do this all over again, would you have picked this company to be your business partner?\" Be sure to listen to the different responses you get. If something negative is repeated often enough, you can be sure that it's a red flag.<\/p>

      1. What Does Your Investment Buy You?<\/h3><\/li><\/ol>

        Franchise fees represent a considerable portion of your investment - that number can range from a few thousand dollars to several million. Those fees typically cover training, equipment, and licensing rights.<\/p>

        You need to understand what the franchisor will be providing you for your investment. You need to carefully evaluate the time it will take for you to earn your upfront costs back to determine if the franchise you are considering is a sound investment.<\/p>

        1. What's The Competition Like?<\/h2><\/li><\/ol>

          Depending on how well-known the franchise is, there may already be lots of franchisees operating in the same area you want to open shop. And, depending on what your product or service is, there could be a lot of other rival companies.<\/p>

          Some competition is a good thing. Too much competition means the market could be over-saturated. That is not good for business.<\/p>

          Product and service offerings are a STRATEGIC business decision that you need to consider carefully. If you have a lot of competition, it will be much harder (and more expensive) for you to establish yourself.<\/p>

          If your products and services are unique, then competition will not be an issue. However, educating the public and creating market demand might be.<\/p>

          1. How Much Training Do You Need?<\/h2><\/li><\/ol>

            I've found that one of the significant advantages of franchising is the training and support offered to franchisees.<\/p>

            If you don\u2019t have a lot of business and operational experience, I highly recommend choosing a franchise that offers substantial training and support to ensure you get things started the right way. Some franchisors even provide on-going support after your franchise is up and running.<\/p>

            Statistics show that having the proper guidance and training from the start dramatically increases the chances of your franchise being successful.<\/p>

            1. Do You Have An Issue With Rules and Regulations?<\/h2><\/li><\/ol>

              \u00a0<\/p>

              It's not uncommon for franchisors to impose specific rules and regulations on how their franchises are to be run.<\/p>

              They usually require franchisees to follow specific guidelines and standards which can encompass things such as product offerings, prices, operational hours, store design, and other things.<\/p>

              While you may be the boss, the franchisor generally has the majority of control. If you\u2019re not comfortable in a situation like this, then running a franchise may not be what you\u2019re looking for.<\/p>

              As I mentioned earlier, 2019 is shaping up to be a VERY good year. The competition for new franchisees has never been greater.<\/p>

              Franchisors are finding new and more innovative ways to craft different offerings to attract new franchisees who normally would not consider investing in a franchise.<\/p>

              It's a franchise buyer's market. And, it's up to you to seek out and invest in a strong brand with solid business fundamentals and high growth potential.<\/p>

              Look for a franchisor who is focused on doing everything they can to help you succeed. It's smart business on their end. Your success will fuel their growth and ultimately their enterprise value.<\/p>

              The marketplace will always reward business owners who can carry a brand forward, build sales, profitability, and create exceptional value based on the strength of their experience.<\/p>

              I'd love to hear from you now.<\/p>

              What\u2019s one insight or key takeaway you got from this article?<\/p>

              Share as much detail as you can. Your insights may be just what someone else needs to have a major breakthrough.<\/p>

              Important: please share your thoughts and ideas directly in the comments. Links to other posts, videos, etc. may be removed.<\/p>

              Thank you so much for reading, sharing, and commenting. It matters, and it makes more of a difference than you know.<\/p>

              If you have any questions at all, please post them in the comments or send them to me at Todd@TheFranchiseConsultingCompany.com. I'm more than happy to help if I can.<\/p>

              And, if you aren't already a \"Franchise Pro Insider,\" what are you waiting for? Sign up below to receive weekly updates and franchise industry news that will help you find the perfect franchise for you!<\/p>","_et_gb_content_width":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[11],"tags":[],"yoast_head":"\nRelationships And Franchising - Todd Weiss Franchise Consulting<\/title>\n<meta name=\"description\" content=\"There are many ways for franchise owners to build relationships. 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