Owning a franchise is more than just a hobby. Learn about the 3 core values every successful franchise needs.
Owning a franchise is more than just a hobby or a side-gig. It’s a commitment to your community, employees, and customers. It’s a passion for providing exceptional service and helping customers solve problems. It’s also an investment that can bring freedom, flexibility, and financial independence.
If you’re considering franchising but haven’t decided which brand or business is right for you, then you’ve come to the right place. Being a business owner means your success ultimately depends on your hard work and dedication. When your business is part of a franchise network, you benefit from having access to systems, tools, and processes that can help you along your path to success.
The franchise concept is built on the idea that a national brand can better serve communities through local franchise owners. Brands are able to deliver personalized customer service at the local level thanks to the trust and relationships franchise owners build with their communities. In return, franchise owners leverage the power of the corporate brand to drive customer awareness and brand recognition at the local level.
For successful franchise systems, the brand’s power goes deeper than a name and a logo. The true power of those brands lies in foundational elements that fuel franchisees to provide exceptional service at the local level, differentiate the company from its competitors, and allow the brand to conquer their market segment. Foundational elements like:
- A positioning statement – outlines what the brand does (i.e., the products and services the brand offers).
- A company mission – identifies who the brand’s products and services are designed to help.
- A company vision – explains why the brand exists.
- A set of values – explains how the brand delivers its products and services to customers.
The first three elements are usually comprised of one or two sentence statements that are unique to each brand. In contrast, brands could have several values they rely on to serve their customers. While the semantics may vary, the values of successful franchise brands usually have similar themes. Below are three values we consider most important for franchise owners to succeed.
No. 1: A Commitment to Providing World-class Customer Experiences
No matter what industry you choose, the environment is likely to be competitive. When consumers are faced with so many options, the actual products and services become more of a commodity. The differentiator then lies in the service, the experience customers have with the brand, and in the business’ commitment to providing that world-class customer experience from the top down.
If you’re looking into franchising, it’s important to find a brand that shares this value and promotes it to every franchisee. This ensures your customers get the same amazing experiences regardless of which location they visit.
No. 2: A Dedication to Go Beyond Expectations
To build a sustainable system that consistently goes above and beyond customers’ expectations, franchise brands should rely on complementary efforts at each level of the organization. At the franchisor level, the brand should constantly improve the technologies, tools, and strategies that deliver the organization’s products and services. At the local level, franchise owners must strive to get to know their customers better – asking questions to understand their needs, wants, and business goals (if you serve local businesses) – using this knowledge to provide increasingly better customer service each time a customer walks through the door.
Look for brands that provide extensive upfront training as well as ongoing programs to make sure you’re equipped with both the knowledge and tools needed to deliver ever-improving customer service. Also, look for brands that welcome feedback from franchise owners and use it to develop innovative techniques and tools to improve customer service across the board.
No. 3: A Focus on the Community
The nature of a franchise business is that it is local – local franchise owners serving local consumers and local businesses. When you take on franchise ownership, you have to make a point of becoming entrenched in the community you serve. Look for franchise systems that understand this responsibility and want to help their franchise owners strengthen their communities from within. The best franchise systems understand the importance of local service and allow individual locations the flexibility to adapt their business to fit the needs of the people in their communities.
Finding the Franchise Brand That’s Right for You
Becoming a successful franchise owner requires a strong set of core values – both personally and organizationally. As you go through the process of finding out which franchise system is right for you, make sure the business’ values are well-established, well-communicated, and—perhaps most importantly—well-aligned with your own.