Make It a Team Effort
As our world moves toward recovery, franchises have a secret weapon that other businesses don’t: strength in numbers.
by JAMES VITRANO and DANNY CATTAN
Franchising has always been a little different from the rest of the business world. We grow differently. We operate differently. But COVID-19 threw everyone a colossal curveball, and no business—franchise or otherwise— was spared.
But while other entrepreneurs struggle through this crisis alone, the franchise industry still has a unique strength to rely upon: community. Franchises are built upon the idea of working together, and now, more than ever, it’s crucial that we do.
For franchisors: It’s time to show up for your franchisees. And for franchisees: Now is the time to ask your franchisor for help. They are, after all, the experts in how to operate your concept and the different ways it can be configured or adapted. Any good franchisor will offer flexibility in how the model can operate, enabling a franchisee to try something a little different.
Keep in mind that many franchise concepts were developed and sold to franchisees based on a world that may not exist anymore—at least not the way it did pre-COVID-19. There might be a need to fundamentally rethink offerings on a permanent basis, rather than just a temporary one.
For example, if a franchise has traditionally been a lunch-and-dinner destination, but there are just too many other businesses selling to-go lunches and dinner packs as our communities reopen, try selling breakfast instead. And if you didn’t deliver before, why not try it now? These experiments might just become a staple of your business moving forward.
This story is from the August 2020 edition of Entrepreneur magazine.
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This story is from the August 2020 edition of Entrepreneur magazine.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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