82% of first-time franchisees never owned a business
Congratulations! You’ve signed a new franchise owner.
You and the franchisee are anxious to get started. Before the ink is dry on their franchise agreement, you get them scheduled for training.
They arrive at your training center, filled with excitement and enthusiasm. Five or ten days later, you have downloaded an encyclopedia of the most vital information they must know to become a successful franchisee.
They pack up their manuals of vital information and begin the journey home, anxiously ready to implement everything you have taught them.
Dreams of Franchise Success
They board the plane, fasten their seat belts and as they takeoff they fall into a deep sleep, dreaming of the phenomenal success that begins with their arrival home.
But then … they wake up.
The dream is over and the hard work now begins.
- What should they do first?
- How do they make it all happen?
- Are they personally strong enough to do it all?
So, they call you. Then they call again. And again.
You do your best to guide them.
They Just Don’t Know!
But you quickly realize that despite the great training you’ve provided, there is so much that your new franchisee just doesn’t know.
- They really don’t know much about marketing, if anything.
- They are often afraid of selling. They don’t prospect enough, fail to convert and can’t close.
- They don’t know how to get the right people on their team and successfully develop them.
- They struggle with delivering your products and services efficiently and effectively.
- They quickly find that managing their finances is more complicated than they expected.
But those are just the business fundamentals. They are looking to you for even more.
There is an inner game they are battling as well.
- They begin to suffer from a lack of confidence.
- They make mistakes, then start to question their own decisions.
- They become overwhelmed and start slipping into analysis paralysis.
- They start looking to you for information you covered in their training.
- They lose their enthusiasm and become less motivated to take action.
The Franchisee Down Cycle
At this point, they are spinning down, as both their business and personal dreams are in jeopardy.
If you are fortunate, they will spin slowly and you will only experience a delay in achieving the goals you set for their franchise.
If not, you could soon be looking at a franchisee asking to sell their franchise.
Then the cycle starts all over again.
Franchising is by far the safest way to start a new business. But no business model, including franchising, is perfect.
While many franchisors provide great introductory training for their franchisees, most struggle to provide ongoing franchisee development in these two fundamental areas:
- Development in the fundamentals of business – marketing, selling, people, operations and finance – essential for success in any business, including a franchise.
- Development of the fundamentals of leadership – the knowledge, skills and personal development of the franchisee to lead and manage their business as well as the inner game in their own head.
As a result, too many franchisees languish for years before getting out of the red and back to black.
And far too many simply fail.
What’s the solution?
With franchisee mentoring:
- Franchisees will succeed faster.
- Franchisees will realize a higher level of success.
- Franchisees will enjoy their journey more, inspiring them to grow their franchise even faster.
Best of all for you as the franchisor, you won’t have to “hold their hand” every step of the way.
Learn more about franchisee mentoring with MentorMash.