Some of the most successful people today have had a mentor to guide them to the right path. When venturing into a new industry, such as a buy and sell business, that guidance will prove invaluable. Regardless of the industry, asking advice from highly knowledgeable and experienced consultants is a great way to start one’s career development.
Developing a Franchise
In the context of franchising, a potential franchisee can learn about the industry by seeking advice from a franchise consultant, franchise developer or a business broker. These three types of experts can lend their advice and assistance when it comes to marketing, strategic planning and growing one’s customer base. At Transworld, we give you the opportunity to open a business brokerage franchise that focuses on helping people become a franchisee.
The Elements of a Strategic Plan
To help other potential franchisees, consider guiding them on developing a strategic plan that would set them on the right path. Lay out the basics of a franchise before establishing long-term goals, and demonstrate the course of action to take to achieve these goals.
Vision-Mission and Values
Although franchisees follow an established business format and methodology, they should have their own vision-mission statement and corporate values. While vision and mission statements state long-term goals, corporate values contribute in developing a company’s identify.
Encourage your clients to craft their mission statement, ideally in less than 15 words. Ask them where they see themselves in 10 years and establish that as their vision statement.
For their corporate values, advise them to identify principles that best describe their identity as a business, and how they will embody these values to attain their vision and mission.
Long-term Goals
For long-term goals to be meaningful, they need to be concise and clear. You can suggest to your clients to make their long-term goals specific to the important areas of their franchise. They may also want to set a potential date for when each goal will be accomplished. Ideally, franchisees can set well-developed goals for their sales, marketing, client return visits and staff.
Franchise Manual
To organise all the essential information on their strategic plan, help them create their own control book or manual. A franchise manual contains all the critical details, including the vision-mission statement, corporate values, description of functions of each area in a franchise and financial statements. By having all the information in one manual, franchisees can review all the important details of their strategic plan at any time and innovate strategies to accomplish their goals.
By becoming a business broker at Transworld, we give you the opportunity to help people excel in the franchise industry. In your role as a business advisor, you will offer guidance, advice and solutions to your clients to them grow, buy or sell businesses.
What’s unique about us is that we provide you with entrepreneurial freedom, which means you can work whenever and however you want. For more information about our franchise opportunity, call 1300 638 443 or fill out our form.
