Just like the World Cup, Franchising also comes with full of excitement and disappointment.
The 2018 FIFA World Cup with a viewership of 3.2 billion has much more than entertainment hooked to it; There are many things that even Franchisors can learn from the most loved ball game. Read on to know more…
The days of the Underdogs
Bigger isn’t always the best in the world of franchising. While having many big chains in the market, there are many smaller, low-cost franchises that may be better suited to your ambitions, budget, and lifestyle. Recently, South Korea outclassed Germany, the defending champions, eliminating them from the World Cup which the entire football nation sat and noticed. Similarly, smaller brands can outclass big chains with their right strategy, planning, and dedication.
Low-cost franchises provide an opportunity to get in with a franchise right from the start. It can enhance your position within the network, as new franchises tend to be more affordable than established brands.
Teamwork is key
A nation that performs well at World Cup, do great as a team, and not individuals like Ronaldo of Portugal, and Messi of Argentina. Similar is the case with franchising. The relationship between a franchisor and franchisee is as important as of the players from the same team. It’s necessary for the franchisor and franchisee to work together towards the same goal, making the business profitable. There is no franchising without teamwork.
There is always a plan
Every World Cup team’s Manager formulates a plan which he expects the team to follow throughout the game. Similarly, investment in the franchise model comes with rules that need to be adhered to. There is no need to re-invent the wheel while a franchise system is already doing great, proving its success, every now and then. It’s important to understand the importance of consistency for the franchise to thrive.
Training is essential
Training on franchising ground is as essential for franchisees, as for the players on the ground. Players train for weeks before the tournament starts to make sure that they are fit and ready for the game. Similarly, franchises should provide comprehensive training programmes for all franchisees. During the training, topics like qualities every business owner should possess and specific skills should be provided to the franchisees. Providing coaching and support throughout a franchising journey can interest the young, willing to be a franchisee population.