- The guiding principle in a successful franchise operation is total transparency. What you do for one franchisee, you must be prepared to do for all the others.
- Don’t overpromise and underdeliver. Rather, underpromise and overdeliver!
- Never set up an organization that is in competition with your franchisees. If you do, make sure the franchisees understand your role and that you will treat your offices the same as theirs with no preferential treatment.
- Adapt and localize the core deliverables such as policy and procedure manuals, training courses, business models, legal documents, financial systems, technology platform and marketing materials before commencing the franchise affiliation process.
- Test every employee on the full terms of the franchised contract and the policy and procedure manuals before they ever get in front of one of your franchisees or a franchise prospect. This will ensure that the same message is given to every franchisee or prospect every time.
- Take time to know who your business partners really are at all levels and have a firm written commitment for the funding before you enter into a master franchise with them.
- You are only as good as the weakest link, so when you have an underperforming staff member, cut them out as early as possible from your franchise team.
Seven Secrets of Franchising Success
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.
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