1- LOWER RISK INVOLVED
When you're starting a new business, there's always going to be an element of risk involved. Not knowing if your concept will be successful takes a leap of faith. However, when you franchise a business you're already capitalizing on a proven model, one with the infrastructure in place to hit the ground running.
2-COMPETE WITH THE BIG NAMES
Often, smaller independent businesses have to be content carving out their niche and taking a smaller market share. Franchising can allow you to expand your reach and compete with the more prominent names in your sector.
3-BUILD A NETWORK OF CREATIVITY
Businesses should always be looking to innovate, launch fresh products and find ways to improve their marketing and offerings. By franchising, you can build a network of like-minded people who understand your vision and can bring new ideas.
4-ACCESS TO CAPITAL
Capital is one of the biggest barriers to the expansion and growth of any small business. This is something that can be solved when you choose to franchise a business. Franchising allows a business owner to expand without the potential risks that come from debt and equity costs.
5- BETTER MANAGEMENT
Finding good people to oversee your business can be a challenge, but through franchising, you can open up a broader realm of possibilities. Because your franchise partners are fully invested in the business, you usually attract candidates with more determination and commitment than employed staff would ever provide.
6-QUICKEN YOUR GROWTH
When it comes to growth, time is of the essence. If you don't expand as quickly as possible, your potential window of opportunity could close fast. Because franchising builds on pre-existing infrastructure and allows you to reach new and untapped markets, it can ensure you maximize your potential for growth.
7-EASIER SUPERVISION
Because so much of the day-to-day running of each franchise will be left to the owners/managers, you'll be freed up to spend your time focusing on the big picture problems and ideas that will ultimately guide the fate of your business.
8-BETTER VALUATIONS
Because of the factors we've listed, as well as the positive perception of franchising in general terms, if you do decide to sell your business it may be valued at a much higher figure than if you'd opted not to go down the franchising route.
9-INCREASE YOUR BUSINESS
KNOWLEDGE BASE
By franchising, you can tap into a knowledge base that will help you gain the upper hand over your competitors. This could mean using local knowledge and market understanding or the benefit of someone with experience in your sector.
10- BUILD BRAND AWARENESS
By franchising, you can amplify the effects of your marketing efforts, extending your reach and improving overall brand awareness.
Invest in a franchise and secure your
future profit – Why?
Invest in your team and become an inspirational leader-How ?
1 - Define your rallying call
Think about anyone you have ever been inspired by. They usually have some big goal or a big game they’re playing that’s larger than themselves and their business - something that calls the leader and the team into massive action over time.
It should be something you and your team are proud to be pursuing.
Building on that, it’s your intention, vision, and mission.
Most people are familiar with a vision and mission statement.
However, your intention is the key.
Your vision is about outlining your five or 10-year goals. Your mission outlines how you and your team are going to achieve the intention and vision over time.
Overall, this should be an inspiring platform to lead from, to share, and speak about, to drive your brand, to reference as you make key decisions, and to share with your team and customers.
If you’re a franchisee, what’s the larger purpose of the franchise group that inspires you? Of course, you can and should create or personalize your own intention, vision, and mission for your business to rally around.
2 - Feel your way
Sometimes you have to feel your way through the business.
You have to be able to feel how your team is feeling, to feel how your clients are feeling, and to feel the market itself.
Getting what your internal or external audience is feeling and then being able to respond appropriately is critical to being able to inspire those very people to take an action you intend. It’s what I call the ‘get it factor’ - you get what it’s like for them and set up responses, structures, and wow factor processes to address their experience.
3 - Be positive
Business leaders often think they have to have all the answers.
People need to be led People need hope and we all love certainty. depending on the type of business, its size, and financial health and strategy, can be hard to deliver right now, but people can be and need to be certain of you. Certain that you will always, working with them and others, find away. That in itself is inspiring.
4 - Keep your perspective straight
Perspective is critical. Remember that business is a long game - Where do we want to be in 10 years’ time? What do we want this business to look like? What will it be producing in financial returns?
What about lifestyle for you as the owner or the franchisee? And what impact and reach will the business have?
What valuation would we want to hit by then? What does the future look like by 2030?
Get clear on that and as you’re making short-term decisions think about that long-term outcome. That long-term perspective is critical to making strong decisions as a leader and inspiring others.
It’s so easy to get caught up in the day-to-day. You have to be able to hold that long-term view, while you handle short-term needs.
5 -Decide on your strategy
Your strategy is your plan for getting from where you are now to where you want to be in a given timeframe in the fastest, easiest possible, and most profitable way.
Most business owners are too busy being busy to spend time on their strategy, yet it’s the key to exponential growth. You have to set your vision and then work backward from that, looking for the leverage points in your business to fast track your results.
Leverage points can be hidden in plain sight in many businesses across how you do what you do, to average transaction values, conversion rates, client mix, marketing, sales processes, understanding the lifetime value of a customer and strategic hires and key team members being led on that journey by you.
6- Be authentic
As a leader, despite beliefs to the contrary, you don’t have to have everything figured out.
Authentically being open about what you don’t have an answer for or how something has impacted you or the business can actually deliver a greater connection with your team.
At the same time, you must be able to communicate your commitment to transform that area with their help.
7 - Clarify your leadership role
Some people see leadership as a ‘doer ship - the more I do, the better leader I am. You’ll often hear these business owners say something like: “By the “As a leader, despite beliefs to the contrary, you don’t have to have everything figured out” the time I spend 20 minutes explaining how that could be done, I may as well have done it myself.” That’s a huge mistake because every time you do that you miss the opportunity to train and develop that person and build better systems and processes. Others associate leadership with power - being able to exert themselves and their will over others.
If you want to be an inspiring leader, check your definition of leadership and gauge whether you’ve fallen into the trap of ‘doer ship or if you’re leading by empowering others.
8-Understand that the buck stops with you
To be an inspiring leader, you have to take the view that the buck stops with you. For example, as a franchisee, it can be easy to fall into the trap of thinking that it’s up to the franchisor to create everything you need to be successful.
While the franchisor has key responsibilities, this thinking is a pathway to limited results.
As leaders, ultimately our results are our own. If you can own that, while it can sometimes feel daunting, it’s also liberating. Then do all you can to make your business work, inspire your team and produce the success you’re seeking.
9 - Act like a leader
Identify three leaders who inspire you. These could be from any walk of life. They could be celebrities or a family member. The key is that they have to be a leader you’re inspired by.
Make a note of each person and the qualities you admire most about them. You’ll likely see a pattern of characteristics across the three you chose, so set about emulating them.
When facing an opportunity or a challenge, ask yourself: what would a leader do? And then act from there. It’s an empowering way to build leadership muscle.
10 - Ways to Become an inspirational leader
How do you relate to your team?
their biggest challenges leaders face nowadays are cash flow and people.
As an inspiring leader, you need to relate to your team as the beating heart of your business.
They are the people who make it all happen.
Instead of thinking of them as a problem or challenge, alter your perspective. Given people spend most of their waking hours at work, consider they’re giving you their life force, time, talents, thinking, and strengths to fulfil your goal.
Your team is a gift that makes your life and business results possible. Relate to them like that and you’ll be a long way down the track of being an inspiring leader.