As you begin to enter the sign-making industry and start scoping out sign business opportunities, it’s important for you to consider the importance of a good franchisor/franchisee relationship. When you opt to open a franchise rather than open a brand new business from scratch, you are entering into an important partnership with a well-established brand. There are a few key reasons this relationship is important.
Establishing Trust
When you choose to franchise with a larger brand, it is important that both the franchisor and franchisee are coming from a position of honesty and trust. Franchisors rely on franchisees to represent their brand to the best of their ability, to follow their guidelines, and to help the larger brand to prosper. Franchisees rely on franchisors to provide them with excellent training and support, to give them the benefit of their experience, and the tools to get their business started off right. If both parties aren’t dedicated to honesty and trust, it will be difficult to develop a strong relationship.
A Mutually Beneficial Relationship
The relationship between franchisor and franchisee is unique because it is symbiotic, or mutually beneficial. Both parties have something to gain from the partnership. It is important to franchisors that their franchisees prosper because their success reflects upon the brand. This is one of the reasons why franchisors like Signarama offer extensive support to our franchisees to help them to keep their business running as smoothly as possible. Franchisees rely on this support to help them answer everyday questions, handle operations, maintain their equipment, and more. Thus, franchisees and franchisors alike have a vested interest in keeping each franchise location going strong.
Research and Development
Another key advantage to running a franchise is the access to resources franchisees enjoy. One such resource is the research and development conducted by the franchisor. In order for franchisors to gather accurate data about industry trends, they need to rely on their franchisees to communicate and provide relevant information. In turn, franchisees can rely on franchisors to provide reports that they can use to help to build their business. For instance, at Signarama we have conducted extensive research on growth in the sign industry. We use this data to help us decide which products and technologies to invest in. Thus, both franchisees and franchisors benefit from research and development.
These are just a few of the reasons it’s important to cultivate a good franchisor/franchisee relationship. If you’d like to learn more about what we offer our franchisees at Signarama, give us a call at 1-877-959-8087, or visit us online at https://signaramafranchise.com.au.