For Franchise Business Owners, Relationships are Everything
I have been a franchise owner with multiple brands over many years, and one of the most important things I have learned is that relationships are everything. As a franchisee, it’s essential to stay connected with your community, your industry, and your franchise system.
So how do you build those all-important relationships? Well, building business relationships is not much different than nurturing personal relationships. To build great relationships in business, you should be honest, helpful, and connected. When you enter franchise ownership, you step into a network of relationships. Here’s a look at the key relationships you will want to foster and build for successful franchise ownership.
Fellow Franchisees
Building relationships with high-performing franchisees within your brand is what franchising is all about. Franchisees in the same brand can easily collaborate and share ideas because they are in the same business, just operating in different markets. Collaborating with fellow franchisees at conferences, congratulating them after winning awards, and engaging in regular calls or meetings can be mutually beneficial. These relationships often go beyond business and turn into personal friendships that can last a lifetime.
Industry pros
Whether your franchise deals with home services, education or pet care, you can build relationships in your specific business area. I have learned some wonderful things by attending industry shows and events and building relationships with people in my line of business. It’s a great way to understand how my business compares and contrasts with others in that sector.
Tax and Accounting Professionals
Franchise owners have tremendous advantages, liabilities, and responsibilities. Managing your cash flow, financial matters, and tax planning comes in many shapes and forms. Nobody has only one right answer; I think there is a range of possibilities that might be appropriate given anyone’s circumstances. A good tax advisor and accountant can really help you make those decisions early, which can have a tremendous long-term impact on the value and the benefits of being a franchise owner. Building a good relationship with your trusted accountant is a wise move. This is a relationship to nurture and keep.
A Franchise Attorney
Depending on the size and scale of your business, you will have a variety of transactions and contracts and other legal issues that come up from time to time. A reliable and trustworthy lawyer who really understands you, your business, and your overall situation can help give you advice and perspective along the way, especially when those unexpected situations pop up. Invest your time in developing a relationship with an attorney who has your best interests at heart.
The Franchisor’s Team
Having a good relationship with your franchisor, the executive staff, and frontline support people in your franchise system is all-important. These folks know what’s happening around the system, and they can get the support you need or the information you’re looking for. One of my suggestions is to visit the headquarters office occasionally. There’s a lot to learn, and investing time into building those relationships can add tremendous value to your business. As a franchisee, you can build strong relationships with these folks by getting involved and participating in company-wide events.
Your Local Community
Relationships with local business leaders and customers are key for successful franchise business ownership. The more active you are in your community, the more people will know about your business. Successful franchise owners sponsor local sports leagues, attend community events and support local charities. These little things go a long way in cultivating business relationships and raising brand awareness locally.
Your Team
Any smart business owner knows that a business is only as good as its employees. Promoting from within and rewarding good work are ways to keep and recruit good employees. Developing strong relationships with employees leads to increased employee retention and a stronger team.
People and relationships in franchising greatly impact your franchise’s performance and, ultimately, your business’s bottom line. Building strong relationships is not only rewarding and enjoyable but makes smart business sense. It will help you get to that next level of success as a franchise business owner!