- Make sure your supplier network is in place and that you have inspected the quality of their products before you grant your first franchise!
- Inspect all your suppliers’ production facilities before signing with them to ensure that they will be able to support your needs as you expand.
- Only select service providers who have a proven product.
- Ask your master franchisor for a copy of their vendor contract and have your legal team adapt it for your local use and make sure that every vendor has agreed to all terms and conditions and signed it. In addition to time tested compliance issues this will ensure that they will also participate in your ongoing events and annual conferences.
- When negotiating contracts with your vendors, leave them some profit so they will continue to provide excellent service. It must be a win-win deal for both sides.
Five Considerations When Setting Up Your Vendor Network
Bill has had over 40 years of management and leadership experience within the real estate industry. Bill has spent the majority of the last 20 years overseas in executive roles within the Century 21 system. As President of Century 21 China, Bill was instrumental making them the largest real estate network which is now listed on the New York Stock Exchange. His newest venture, Amanzani Group Ltd has consulted to major Beijing Developers on various projects.