Building a Franchise Dream
By Louis Germishuys, CEO of Galito’s
One cannot deny the importance of small businesses in terms of economic growth and job opportunities – but more than that, it’s where dreams start. It’s where blood, sweat and tears turn that dream into a reality and it’s from these small beginnings that larger global businesses are born.
However, building a dream is always easier said than done.
- Markets are crowded,
- Economic uncertainty threatens growth and
- Risk is rife,
…but for those that want to grow their business into something bigger it starts with:
- a lot of hard work,
- a little bit of luck and
- having the right funding model to be able to grow.
It is all about:
- Making smart choices,
- Guided by market research and
- A critical understanding of the local market and
- Partnerships and relationships. In fact, creating a network is critical.
Businesses need a network of people they trust – whether franchisees or funding partners. Good businessmen and investors are hard to find so it’s essential to make a concerted effort to network in different ways and at every opportunity. Speak to as many people consistently about your company’s journey or your vision for the future to gain buy-in and, more importantly, to gain exposure for your business to a larger audience. A core vision that is shared among partners goes a long way in its success.
Many times in networking situations, individuals drive their own agenda – focusing on what they want out of the relationship. This is one of the biggest mistakes people make. The key is to strike a balance between your agenda and that of the person you are talking to. Relationships have a knock-on effect. One good relationship can transpire into hundreds of business connections and a strong network of connected individuals.
Most good businesses are grown through word of mouth and so, with a foundation of a strong network businesses can harness the power of such relationships, for tomorrow’s success! However, a business is only as good as its product so make sure you have the best product in the market.
Keeping control of your supply chain is critical to ensure quality. So many businesses outsource their supply chain logistics which, in the short term, keeps the clocks ticking and makes logistics processes easier. However, in the long-term, it opens up room for the quality of your product to fail. As such, supply chain control is essential in ensuring the product is consistent and that the consumer’s experience with your brand is dependable – no matter where in the world they are.
Tell your story
So, you have great partners and a great product, but how do you ensure that your brand is known within the market? Well, great products sell themselves and so your job is half done. However, as the deal-maker, you need to talk the talk. Speak of your journey and your story often and with passion. People only buy from, and partner with, those that are authentic and believable and as such, it is important that businesses looking to grow are led by people that talk from the heart, that are believable and that remain grounded.
Businesses led with these 3 core elements are almost always successful in any industry, but for a successful franchise model they are crucial. It always starts with a dream – but through hard work and determination, that dream can be turned into a reality.