How To Franchise: Tips On Growing Smart And Risking Less

The Franchise industry has presented a positive economic outlook

. According to a report released in December for the International Franchise Association, franchise establishments are expected to increase by 1.9% in 2012, with a 5.0% growth in economic output. Here are some tips on how to franchise a business:

1.Live Your Vision: As a franchisor, an organization must constantly develop their skills to influence their team, franchisees and employees. It is of utmost importance to develop a sense of leadership in the minds of franchisees and employees as they need to be confident that you, as the franchisor, possess the expertise and the knowledge to gear the business towards increased profitability in the years to come.

The franchisor must realize that the franchisees will not follow blindly --they need vision. So in order to live their vision, an organization must clearly define its goals.

2.Hire for the Future: It is the responsibility of the franchisor, to ensure that the newly recruited franchisees are not only talented but will also fit the culture and the vision of the organization as a whole. Often, growth is impacted, if good people are hired to fulfill an immediate need rather than hiring people who can help achieve the long term goals.

3.Push Accountability: It is critical for employees to know what exactly their job description entails today and what it may be shaped like in the years to come. Aligning compensation and recognition with individual and shared goals, will not only induce a great sense of empowerment within the franchisees and employees, but will also establish a clear sense of accountability.

4.Training Franchisees to Lead: All franchisors should recognize that their franchisees have come to them with extensive experience in a wide variety of industries. Recognizing their individual talents and feeding their hunger for a franchise opportunity to make a difference can convert into extensive growth and high profitability for the franchisor. A franchisor should arm its franchisees with the appropriate tools and training to be successful in their day to day operations, as it ultimately means success for the organization as a whole.

5.Establishing the Culture of the Organization: For any organization with a vision, their culture should be a reflection of shared success. Having such a culture in place, can be really rewarding for the franchisor in the future, as it fosters a sense of independent and being part of something big.

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