When you decide to become your own boss using the franchise route, you’ll be in business for yourself, but never by yourself. This is a common phrase in our industry, and it plays to the advantages of choosing to franchise your way to business ownership. But in what ways are you never alone in a franchise system? It starts with the training and ongoing support you’ll receive from the brand—and extends through your future as a franchisee, in a system full of your peer group of owners.
Simply put, franchise systems are purpose-built to provide a network of ownership peers.
Collaboration is the name of the game, and we’re going to look at a few specific examples of how a network of franchisee owners can benefit one another.
Been There, Done That…
You may be new to the game, but a few of the franchisees in your system will probably have much more experience owning and operating the business model. If you have a particular problem, your network of owner peers might be the best place to start if you need an answer. Advice is something they’ll have plenty of time to share, as they want to see you succeed just as much as you want to succeed for them. When it comes to overcoming business obstacles and operational challenges, your franchisee peers have already been there and done that.
Technology Connects Us All
Almost all franchise business concepts are integrating technology for their advantage, both in the B2B and B2C environment. And all of this business technology is helping to strengthen the bonds between franchisees and franchisors alike. Downloadable apps, appointment scheduling platforms, rapid communication channels, and inventory control databases all benefit from the amount of big data gathered in a centralized manner. What some brands are processing, thanks to the benefit of AI and machine learning algorithms, is predictive analytics that have the capability of taking business profitability to the next level.
Validation Helps Growth
It’s highly likely that you contacted existing franchisees before buying into a franchise brand. This step of the investigative process, known as validation, is important, as candidates get the opportunity to have a frank discussion about the pros and cons of running the business. Many new franchisees credit this process with convincing them that a particular brand was the right choice to make. Hopefully, if your experience is similar in success to your franchisee peers, you may one day be called to validate the business model to a potential owner.
As you can see, the franchising business model is one in which the collective strength of the brand and its owners are what make the operation’s wheels turn. Franchise operations can be complex structures, consisting of operations, systems, supply chains, vendors, co-op marketing, and lead generation programs. Having the support of others in your particular franchise brand is a comforting presence.
Reinforcement and collaboration are never more evident when you’re all in it together. And that’s just one of the many reasons that franchising is such an advantageous route to business ownership.