5 of a Great
Feature
The
Secrets
Franchise System
Exactly what makes a great franchise system? And by great, we mean, what is it that will ensure a franchise system maintains relevancy and endures and even prospers, especially during challenging economic times?Â
by Marietta Snetsinger
Here are five secrets that we think can go a long way to creating a great franchise system. When looking at a system, be sure that:
1
The franchisor is a subject matter expert (SME)
Being an expert in their industry is critical for a franchisor. The franchisee doesn’t want to do the industry research, and that is probably why they invested in a franchise in the first place. The franchisor needs to understand their industry and be aware of
32 The Franchise Woman
the most recent developments. This includes anticipating future trends or changes in the industry or even foreseeing the products or services that their customers may want. Being able to adopt change and maintain relevance is a critical part of being a franchisor. Think of
Blockbuster. The company failed to innovate and adapt its business model to the current trends, which ultimately resulted in their demise. It is critical for the franchisor to be at the forefront of innovation and be able to adapt their franchise system accordingly.
