Canadian Franchise Opportunities | What is a Franchisor?

A franchisor can be both an entrepreneur and a visionary of business.

They are entrepreneurs if they are the owners of the original business that was franchised. ?They are also a business visionaries because of their ability to understand, define an execute on the big picture ? the building of a network of strategic partners that we call franchising. ?However, not all franchisors are the original owners of a business. ?Sometimes the best franchisors are simply great at franchising. ?So, an answer to the question, ?What is a franchisor?? can be answered by both or either.

Franchisors Are Entrepreneurs

An entrepreneur has an idea or a product they know will sell. They take a financial risk and assume all the other risks associated with starting a business. After years of hard work and learning from mistakes, the business becomes a success. Now that the business is established and the owner discovers they are filling a need in the area served by their business, they assess their product or service and their options for growth.?Can their business lead to success in other areas? Is the business or product so successful and popular that other customers or clients will support it in other areas equally well? What is the best way to expand my business? Can the business owner put the operational framework, processes and systems required as a franchisor in place to enable the duplication of the business model? If the answer is ?yes?, then growth can be achieved through franchising the business with trusted strategic partners ? franchisees.

Franchisors Are Business Visionaries

Once the decision has been made to franchise a business, it requires the business owner to think on a completely different level. ?It is not as simple as starting a business over again in another area. The franchisor has to determine how to transfer, through training or embed through processes and systems, his knowledge and expertise of operating the business successfully. Success has been established in one area but, how others operate your business and sell your product or service in another area is a different challenge.

Before stepping out into franchising a product or idea, a business owner needs to have a vision of success both for franchisees and themselves. The structure has to identify and define the characteristics of the original business that made it so successful. That has to be defined, refined and built into a repeatable concept. It also seen as a partnership between the franchisor and franchisee. Once these and other details are set, the second phase of the business begins. Only this time, the area served may not just be a community, but region or a nation. To embark on a quest of that magnitude, one must be a visionary.

Some additional questions a business owner must answer when exploring franchising as a growth model:

• How do you pass on the passion for your business to another?
• How do you establish a shared vision?
• How do you define the company culture and ensure it is a key component of every franchise?
• How do you ensure high levels of customer service?
• How do you track and measure customer service?

A franchisor has to consider many different aspects of the business, all the while making it profitable for others to represent their product or service. Of course, it has to be profitable for the franchisor as well.

What is a franchisor? Answer: An entrepreneur who is a business visionary on a larger scale. Once success has been achieved as an entrepreneur, the business owner must look at things through a new lens, one of a franchisor. ?This requires a different set of skills and knowledge than running the business and success is achieved with a well defined business model, processes and systems that are measurable and repeatable. The owner begins assuming greater risks associated with becoming a franchisor ? with a chance of far greater rewards, for far more individuals.

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What do you think? ?Share your thoughts on what it takes to be a franchisor. Have questions???Start or join the discussion by adding your comments or questions in the box below.

About the Author, CFO Team

The Canadian Franchise Opportunities team is a dedicated group whose primary purpose is to help inform those exploring franchising as a potential business model. We believe that through education we can help prospective franchisees make better decisions when evaluating, selecting and buying a franchise.

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Source: http://www.cafranchiseopportunities.com/what-is-a-franchisor/

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