What do you need to build a successful franchise?
Several clients lately are considering franchising their business model so I wandered over to have coffee with the experts, Katryn Harris and Jeff Baker, at Open Box Integration.
They have worked with several companies who now have successful franchise models and my question was simple: What 3 things have to be in place for a franchise to be successful? And here’s what they said:
- Rapid growth (or planned rapid growth) of the franchise
- Local management support of the franchise (=brand quality)
- High quality systems/back end that allows you to organize operations efficiently and track revenues and profitability
Katryn and Jeff have seen a number of franchises limp along or fail because their systems couldn’t provide the information and support franchisees needed to be successful. ”The system you put in place for your franchise is the engine that drives your growth. It is the difference between selling 2 or 3 franchises and selling 20 or 30.”
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