A second pair of hands can go a long way in any business, which is why owning and operating a franchise alongside one or more franchise business partners can work so well. But with those benefits comes challenges. Fortunately, we are here to help! Here are some ways you can keep your relationship with a franchise business partner productive, happy and long-lasting.
Finding the right partner
This is one of the most important steps. Finding a franchise business partner you can work well with can make the difference between success and failure. It could be someone you used to work with, a family member or someone you haven’t even met yet. Indeed, there are opportunities on LinkedIn and networking events that can help as well!
Creating a joint business plan
Once you have found one or more franchise business partners for your new venture, the next step is to create a business plan to bring your shared vision to life. It should contain critical information such as:
- An executive summary outlining the major details
- A description of your business and what you plan to do
- A breakdown of how the business will be organized and managed
- Your strategy for marketing and sales
- How you plan on funding it
Delineation of responsibilities
Partnerships work far better when everyone understands clearly their responsibilities, duties, and rights within the partnership. Make sure you have a very thorough plan for how the franchise will operate and who will be responsible for which tasks. It makes life far easier if everyone goes in with their eyes open on what will be expected from them and expected from others. Detailed clarification can also help eliminate any worries about people not pulling their weight.
Maintaining a healthy cooperative relationship
It’s important to remember your franchise business partner is your partner, the person working with you for the success of the endeavor. So you both need to work together to keep each other happy, even when things get tough. Like all relationships, communication and understanding go a long way in keeping you both happy and productive!
Don’t let problems simmer!
You might have the happiest relationship with your franchise business partner imaginable, but problems are still going to arise. It’s just a part of life. You both just need to address them right away when they come up and work together to find a compromise. You don’t have to walk away completely happy—you just need to walk away content that the issue has been resolved so you can get back to work.
There’s a lot of overlap between the concerns and considerations of working with a franchise business partner and the concerns of any other relationship, from marriage to friendship. Take your time picking the right person, then put the effort in.
If you like more information on franchising, check out our complete financial guide to operating a franchise.