What to Look for in a Franchise Support System

The type of franchise support system that is in place with a franchise can make a big difference for new owners. If you are thinking about getting involved with a franchise, you first need to find out about the type of franchise support system that they offer. Here are a few things to look for in a franchise support system. 

Existing Franchisees

Many franchises will provide you with the opportunity to network with existing franchisees. By doing this, you can have access to someone that is already in the business that has been able to create a successful business with the same business model that you will be using. This is an invaluable resource that you can use to increase your chances of success. Many times, the parent company is not necessarily the best one to answer your tough questions. Talking to someone that actually does this business day in and day out can provide you with the specific insight that you need. They do not have any incentive to sugarcoat the information that they give you. This way, you can get realistic expectations concerning your new business.

Annual Franchisee Meetings

In many cases, you will also be able to attend annual franchisee meetings. The parent company will set up an annual meeting for all of the franchise owners. This type of meeting allows the owners of all of the franchises to get together and talk about what is going on with their businesses. The franchisor can provide you with new information about new programs and strategies that they have developed. Many times, these annual meetings allow you to attend seminars and classes on specific aspects of your business. These training sessions can be extremely helpful and informative.

Strategic Partnerships

Many established franchises also have strategic partnerships set up with various service providers. These partnerships allow you to contract with other businesses that will help you perform your business tasks more efficiently. For example, they may have a special deal worked out with an accounting firm that will help you with your bookkeeping. They might have a deal with an advertising firm that can help you buy advertising at a discount. By utilizing these strategic partnerships, you can often save a great deal of money and increase your profits at the same time.

Buying Group

Many franchises also offer access to a buying group. Since all of the franchises are going to be purchasing the same types of materials, you can take advantage of this buying power to save money. Your suppliers will be able to sell you supplies and inventory at a significant discount compared to what you would be able to get them at if you were an individual business. Most times, the buying group has already negotiated the lowest price so that you do not have to worry about doing any negotiating with suppliers.