When considering which franchise to buy, support is one of the vital factors you should be looking for. A good franchisor will offer help with setting up the business, training, and a system that works for you. You should be aware of specific franchisor responsibilities to understand better your role as the franchisee and what you will get out of your partnership.
What is a Franchisor?
A franchisor is a company that allows others to open branches of their business under their name. This way, the franchisee takes on less risk as they can set out a proven successful system. Franchisors often have a name and brand that people know and trust, so it is an excellent way to expand their operations. For example, MY SALON Suite has been around for over a decade, has over 240 locations, and is the No. 1 franchise opportunity in North America and growing.
Franchising is often perceived as a win-win situation where the franchisor gets access to new markets and additional revenue, and the franchisee acquires expertise in the form of training, marketing, and operational support from the franchisor.
A good franchisor will be there for you throughout the entire process of buying a franchise. Some franchisor responsibilities include answering your questions, walking you through the paperwork, and guiding you in getting your business off the ground. Franchisors are there to help you with any part of owning a franchise. Read on to learn more about what you should expect from a great franchisor.
Functioning Support System for Franchisees
A good franchisor will have a support system for their franchisees. They will have a team working on different aspects of running your business, including real estate, construction, marketing, and operational support. Connecting with and getting advice from fellow franchisees is also a great way to learn and grow without the common missteps of running your first business.
MY SALON Suite strategically designed our systems to support the growth of our Franchise Partners. Our franchise salon suite model has proven to be very successful through the growth of our Franchise Partners owning and developing multi-unit stores. This offers peace of mind to our Franchise Partners and the confidence to plan and expand their businesses.
Marketing Help and Guidance for Your Business
Marketing assistance is one of the most beneficial franchisor responsibilities. This could be a media relations campaign or putting together social media posts and advertisements. Marketing is a vital part of any business, so it is essential to have this covered by your franchisor. A good franchisor will have experts who can help you craft your message and find ways to reach your target audience locally. This can help you get your business off the ground more effectively and quickly.
A Unique Selling Proposition (USP)
A good franchisor will have a Unique Selling Proposition, which is a statement that articulates the brand’s value and describes the benefits of working with that franchise. This is important because it helps you as a franchisee know what distinguishes you from competitors and helps buyers understand what makes your business a better choice.
When a buyer decides to spend their hard-earned money on a product or service, they are often swayed by the marketing materials from the businesses around them. That is why a franchise needs to have a powerful and enticing message. This will help franchisees find customers and turn them into repeat buyers.
In 2020, a market research report summary from IBISWorld stated that in the United States, the size of the hair salon industry is valued at roughly $47 billion. Having a USP is essential to business growth. Articulating how you serve your salon suite tenants in a unique way, what’s special about them and how well you understand their needs will help fill your suites and increase the chances of long lasting customers. Also, sharing your unique story can help your business stand out. Franchises who have seen tremendous growth like MY SALON Suite in the hair salon industry have found a way to target the needs of their consumer and get creative with their marketing to attract more business.
Networking Opportunities for Franchisees and Employees
A good franchisor will offer networking opportunities for their franchisees. This could be in the form of meetings where franchisees can come together and discuss their challenges and successes, or seminars where experts can share their experiences and knowledge to promote growth. This is important because it allows you to interact with franchisees and other industry professionals in your area. As a franchisee, you also have the option to take advantage of the franchisor’s executive team and employees at other levels who could help with many aspects of growing your new business.
At MY SALON Suite, the corporate office offers a number of different networking opportunities, both in person and remote. Opportunities are hosted on an annual, monthly and weekly level.
Purchasing and Vendor Relations
A good franchisor can offer guidance and help when purchasing equipment, supplies, and other services for your business. This can come in the form of advice or even helping you find vendors to work with and provide you with quality products at a reasonable price.
MY SALON Suite works with trusted vendors to help their franchisees see fast results without the hassle of dealing with untested suppliers that don’t deliver on their promises.
A turnkey franchise like MY SALON Suite offers a plug and play system for success in a fast-growing industry. Suite Management Franchising is growing with tremendous momentum, and we want passionate entrepreneurs to be a part of this growth. MY SALON Suite grew from 12 to 200 locations in just eight years! Are you ready to join the MY SALON Suite movement? Contact us today to learn more.