How a Franchise Agreement and a Franchise Disclosure Document differ
There are two documents that are of vital importance...
With it comes to Canadian franchises, one of the biggest draws for prospective franchisees is the ability to access a proven system and support. While these are tremendous advantages to any new business owner, there is another benefit that is often overlooked, namely the power of working with other franchisees to reach common goals. As you narrow down your list of franchise opportunities in Canada and move closer to making your move, here are four ways to tap into your franchisee community right from the start.
Go to the yearly conference
Just about every brand has some sort of annual conference, but not all franchisees see the value in attending. However, these meetings are usually a good way for you to learn more about the system as a group, share ideas and connect with your fellow franchisees. Take advantage of the educational sessions, round-table discussions and the other programming your franchisor offers. You never know what ideas you may come up with and what you can learn from other owners in your system.
Stay in contact with other franchisees
Regularly meet with other franchisees in your area to talk about failures, success and other things related to your brand and the system. Like conferences, this provides you with opportunities to learn more about your business, including local marketing wins and fails, unexpected challenges and other things only fellow franchisees are experiencing.
Use internal shared platforms
Whether it's on social media or a tool set up by the franchisor, being part of an internal communication system on which to share updates and news about the system and brand will only benefit your business in the long run. This will allow you to connect with other owners and stay on top of the latest developments in your system at the same time.
Particiapate in the peer performance group
In a franchisor's peer performance program, franchisees at locations that are similar based on maturity, geographic location and other factors meet regularly to share performance benchmarks with each other. These groups are normally small - from five to seven people - and are designed to help franchisees identify their performance and establish a baseline. If your franchisor does not currently have this type of program, you should suggest it to the support team.
Being part of a franchise is beneficial in many ways, and it pays to take advantage of all that comes with being part of a larger system. As a franchisee, remember that you are not alone!
