It is inevitable to have a set of beliefs for performing a particular task in a certain manner. These thoughts make our actions as well as predict our success or failure in the task. A similar pattern follows in franchising where a franchisor makes his franchise business run according to his set of thoughts. A franchisor’s attitude towards his business makes him successful or unsuccessful. The article would help prospective as well as new franchisors to be well informed about few beliefs that make them successful or unsuccessful franchisors.
Viewpoints of successful franchisors
All franchisors do not have the same way of thinking and doing their business. However, mostly all successful franchisors have few attitudes or viewpoints in common. These are as given below:
- Confidence in franchise concept: An entrepreneur can only become a successful franchisor if he has 100 per cent surety in his franchise concept. He should believe that franchising is the best way to expand his business. Moreover, he should have the confidence that he can give many people the opportunity to reach their financial dreams.
- Adopting latest technology: There are few franchisors who are satisfied with the little success they have and may not look at adopting new technologies and new means of conducting their business. These franchisors can never become successful. A good franchisor will always offer latest technology and services to their franchisees as well as customers/ clients.
- Believing in franchisees’ success: The main aim of all franchisors is to make profits. However, a successful franchisor always wants his franchisees to prosper financially as well. He comes up with unique ways to help his franchisees to increase their profits and reduce their costs.
- Working as a team: A successful franchisor will always have the attitude of working as a team with his franchisees. It is a must to consider franchisees an integral part of the franchise business. A prosperous franchisor knows that his success is interdependent on his franchisees success.
- Consider competition a must: Successful franchisors are never fearful of competition. Rather they consider competition a must for franchise success. Competition acts as an impetus for franchisors as well as franchisees to work harder for making their business a success.
Unsuccessful franchisors’ perspective
Franchising as business concept guarantees more success as compared to an independent business. However, it also cannot guarantee cent per cent success for its players, be it franchisors or franchisees. Few franchisors may taste failure due to many factors but the underlying factor for achieving success or failure is the attitude among them towards their business. Below given are the viewpoints of entrepreneurs who have failed in their attempt as franchisors:
- Self interests are more important to team interests: Franchising as a business concept demands both franchisors and franchisees to work as a team. Franchisors who just desire to earn money and increase their profits without bothering for their franchisee’s success can never be successful. Selfishness among franchisors can surely lead them to failure.
- Cost cutting and saving money in any way possible: There are few franchisors who want to get everything done at lowest possible expenses. They may not provide satisfactory training and support to their franchisees and may not even supply good products to franchisee’s outlets. Such franchisors aiming to save money in any way may not ever taste success in the franchise arena.
- Not taking interest in franchisees’ profits: A few franchisors believe that their work ends with training the franchisees only. They do not take interest in the proper running of the franchised outlet and also do not provide any advice to the franchisees. This careless attitude among franchisors may make them unsuccessful. A good franchisor provides assistance and always keeps an eye on all his franchisees. Moreover, taking away the franchise rights from a franchisee who is not doing so well is also not advisable. Rather a franchisor should see ways to increase the sales of his franchisees.
- Considering the franchise concept flawless: Few franchisors believe that their franchise concept is flawless as they had done well in the initial stages of developing their business. However franchising is an ever growing and improving model. A successful franchisor always tries to improve his concept while an unsuccessful franchisor seems satisfied with the concept.
- Over confidence a matter of concern: Having low or over confidence in their abilities as franchisors also lead to failure. There are few entrepreneurs who regard themselves as perfect franchisors. They would surely fail due to their unwillingness to learn and improve in terms of being franchisors.
In franchising, developing the right set of thoughts is always advisable to the franchisors. Believing your instinct combined with the right course of action will help franchisors attain instant success.