Many entrepreneurs see franchising as an excellent way to achieve their dreams of owning a business without having to build one from the ground up.
However, prospective franchisees need to check whether the franchise company’s mission resonates with them on a personal level before proceeding to the balance sheets, financing, and discovery process since this is the mission they will be advocating throughout their franchise tenure.
What to Consider When Selecting a Franchise
When you are looking for a franchise to invest in, you can start to narrow down your options based on the market and business model that you are interested in. However, you also need to consider how well you are going to fit into the company’s culture.
Since the franchisee will be living out the company’s mission locally, they should be ready to ask the franchisor and their past and current franchise owner the right questions to know if the partnership will work out well for both parties.
Here are a few questions to ask potential franchisors before selecting a franchise to buy
1. What’s the Main Reason for Starting the Franchise? The franchisor needs to be able to tell you why the company exists and its target market.
2. Does the Franchisor Have a Solid Support System to Help Franchisees? A franchisor should keep in touch with its franchisees throughout their franchise ownership journey, starting from the pre-opening stage to the post-launch and beyond. Physical meetings, video calls, franchisee conferences, and online education portals are essential to ensure that franchisees stay on track and continue to believe in the company’s mission.
3. What Do You Consider a Successful Business? While some franchisors are only concerned about meeting their targets (which is crucial in business), others consider additional factors when evaluating a franchisee’s success, like happy employees and satisfied customers. So, you have to determine whether the franchise’s business model is one that you will be happy to follow.
4. Does the Franchise’s Technology Set Them Apart From the Competition? Although technology is not the only thing you need to improve client satisfaction or increase revenue, having a perfectly-working technology can make it easier for franchisees to grow their business.
If you are satisfied with the franchisor’s answers to these questions and their company’s culture, business model, and mission statement resonates with you personally, then you have seen a franchise that you can continue to be passionate about in the long term.
Aligning Your Values with a Franchise’s Mission
Prospective franchisees should expect – and get – a list of things they expect from their franchisor and vice versa. After all, the franchisee-franchisor relationship goes two ways.
The franchisor wants to know why you are venturing into their industry and why you are interested in their brands.
When answering those questions, make sure to demonstrate how your values align with the company’s mission. Tell the franchisor the goals you want to achieve, how you determine success, and how well these suit their current business model.
Note that successful franchises already have a proven system. If not, they will not be able to provide you with a promising franchise opportunity. While there may be other ways to do things, the franchisor knows the one that is most effective for its brand and wants you to adhere to its business model. If you are not willing to follow their system, you probably don’t really believe in the franchise’s mission.
The Mission Supersedes Possible Challenges
The challenges of the coronavirus pandemic and supply chain issues in recent years have brought significant changes in how many companies run their businesses. But the truth is that there are many other business challenges that don’t make the news like those two headline makers.
However, no matter what necessitated the change, the company’s mission needs to be solid enough to help you survive the test. As a matter of fact, the mission needs to be the reason you are ready to withstand change.
If you continue to be driven by your mission, it will be easier for you to stay on track even if you discover other ways to reach your mission’s goals. One of the signs of strong leadership is looking at things from a long-term perspective and knowing how to handle challenges in order to prioritize the mission.
Maintaining the Passion
As a franchise consultant, I know what it is like to begin a business with your first customer, create a mission statement based on the promises you made to that first customer, and set up a company centered around that mission.
I also know that as your business expands, you will start assigning important tasks to employees, and those employees will go on to become leaders and also start delegating tasks to other employees. It might appear like the more your business grows, the more you are drifting away from your mission, but you cannot allow that to occur. You have to see growth as an opportunity to increase your ability to assist more people.
As a franchisee, you are the company’s mission spokesperson in your local area. So, you need to reflect on how the mission resonates with you when looking to purchase the franchise and let your employees see reasons why they should base all their decisions on these goals.
You need to consider your influence on the local market scene and always remember that your goal should be to have a positive impact on the target customers.
