Franchisor Tips: The Importance of Networking to Grow Your Franchise
Sophie Cole, writer
Published at 13/01/2018, Updated on 04/05/2022 , Reading time: 5 min
The importance of networking for franchisors in particular can’t be overstated. It’s one of the most invaluable tips for growing a franchise, as it can help you find experienced and knowledgeable professionals who can take your network to even greater heights. In this article, we’re going to explain why savvy franchisors should be using networking to grow their franchise.
You’ve no doubt heard the phrase ‘it’s not what you know but who’. And in the world of business that’s often very true. You could have pages of qualifications but, without any useful contacts, you’ll struggle to put your vast wealth of knowledge to good use.
If you’re a franchisor, or are considering rolling out a franchise package for your business, networking is one of the most important soft skills to master. When utilised effectively, it can help you find the best talent, stay in the loop about the most innovative ways of working and even keep costs down.
Here’s our guide to networking as a franchisor, whether you’ve been in the franchising game forever or are just starting out.
Building a professional network
Before we offer our top tips on how to network, it’s important to understand why networking is such a powerful tool. It can:
Help you get noticed by important people
Allow you to improve brand awareness both locally, nationally and (if you’re ambitious) internationally
Expand your professional black book of handy contacts
Teach you new skills and ways of operating
Offer you a professional support network of like-minded people
Life as an entrepreneur can be difficult and lonely, so building a network of people you can reach out to will give you the best possible chance of success. It will also help you find great franchisees who are well suited to your business and committed to making it a success.
Business mogul Bianca Miller Cole explained to Forbes:
“You might think that your current level in your discipline might be the greatest height you could ever achieve. But have you ever taken an in-depth look at the different levels of your chosen career and how other people with similar positions have attained their present height?”
>> Read more:
- 5 Qualities of a Successful Franchisor
- 5 Reasons Why A Strong Franchisor-Franchisee Relationship Is So Important
- 5 Ways to Keep on Learning as a Franchisor
- Top 5 Mistakes To Avoid Making As A Franchisor
- What It Really Means To Be a Franchisor
- Ten Ways to Be the Best Franchisor a Franchisee Could Wish For
- Why it’s Important for Franchisors to Visit Franchisees.
Effective networking strategies for franchisors
1. Attend franchise events
By meeting and talking with the franchise community at events like a franchise exhibition, you get the opportunity to gain further insight into industry best practices from well-established franchisors and executives.
At these industry events, you can expect to discover new tools, technology and methods to help your franchise system grow. Network with suppliers who focus on the franchise industry and they will take you through what products and services have recently been developed and improved, including POS systems, internal franchise-specific sites, lead tracking software and more.
Discovering new and innovative methods within franchising could help you cut costs, save time and even help you grow quicker. This is particularly important if you’re trying to stay ahead of the curve in the today’s rapidly changing digital marketplace. Attending a franchise exhibition also means you can gather everything from fresh ideas about franchise recruitment to information on competitors.
It can also be a great way for a franchisor and franchisee to meet, as exhibitions will attract both. You may meet a franchisee who is looking to add to their portfolio, or a potential franchisee who is interested in making their first franchise investment.
>> Read more:
- 6 Tips for Recruiting Specialist Franchisees for Niche Sectors
- What Franchisors Look For When Recruiting
- Tips for Recruitment and Selection
2. Set up a franchise event
Can’t find a franchise event that helps you network with the right people? Set up your own instead! By bringing together the people of your local business community and helping them find new contacts, you could also bag yourself some handy names and numbers in the process. What’s more, you’ll improve your reputation among local entrepreneurs as a prominent figure, potentially attracting more franchisees your way.
We’ve got plenty more advice about how to organise a franchise event in our previous article. Or, check out how to organise a successful in-person or virtual event if an online event sounds like it’s better suited to your business.
3. Utilise in-person and virtual networking
While traditional networking methods like a round of golf or a pub lunch still have their place in today’s professional world, there are plenty of other ways to forge new connections. Professional social media sites like LinkedIn are great ways to find new connections, whether you’re looking for aspirational figures to inspire you to greatness or want to drum up new business through local connections.
You can also use sites like meetup.com to find local groups in your area. It’s an excellent way to get more involved in your local community and establish yourself as a notable figure in the local world of business.
There are plenty of ways to bring people together and start networking, so don’t let the current climate stop you getting yourself out there and making important new connections.
4. Join a franchise networking site
A franchise recruitment and networking site is a highly cost-effective way of connecting with like-minded individuals. As a franchisor, you’ll be supported by dedicated teams of experienced franchise professionals who understand the industry inside out. You can speak to them about how to reach greater numbers of franchisees, or how to find aspiring business owners that fit a specific profile.
Point Franchise is one of these sites, and we’ve already welcomed more than 300 franchisors onto our books. If you’re interested in joining our ever-expanding network, you can find out more on our advertise page.
Networking for growth
As you can see, there are plenty of reasons why and ways to start networking as a franchisor. If you’re looking for more helpful advice, check our out ‘Articles for Franchisors’ section. You’ll find well-researched, trustworthy business guides covering everything from budgeting to redundancy to advertising.
Sophie Cole, writer