How to Find a Business Partner for Your Franchise
Starting a franchise business can be a daunting experience, especially if you’re looking to start one on your own. In fact, there are many situations in which an aspiring or established franchise owner could benefit from having a business partner. The combined financial resources of a partnership can mean lower startup costs for each person, and shared administrative and management tasks may lead to better efficiency and less pressure.
However, finding a business partner isn’t always easy, and many franchise owners are unsure where to start. Use these tips on how to find a business partner for your franchise business to begin your search.
Why Consider a Franchise Partner?
When looking to start a new business, one of the biggest factors that many entrepreneurs consider is whether or not you should partner with others. When done correctly, franchise partnerships can be highly successful. In fact, having the extra support of a partner can help eliminate some of the fears - and stress - of starting a business.
One of the main reasons that many franchise owners choose to work with a business partner is to gain access to additional financial resources. Sharing costs with a business partner can make business ownership more accessible for entrepreneurs on a budget. The other top advantages of a franchise partnership include sharing responsibilities, gaining access to complementary skills, leveraging valuable relationships and ongoing support. Whether you’re seeking investment for a new location, or you simply want to share the burden of ownership, it can be helpful to have another person on board to help you achieve your goals.
Qualities to Look for in a Franchise Partner
When searching for the right business partner, one of the best ways to think about it is by finding someone who exhibits the same qualities that franchisors look for in new franchisees. These qualities include:
Shared Values. For franchise partnerships to be successful, they should be established on a foundation of shared values, transparency, and strong communication skills. You will be more likely to agree on priorities and the direction you want your franchise business to go when you share trust and values with your partner.
Complementary Skills. A great franchise partner will also have qualities that enable them to fill in any gaps you may have in knowledge, experience, and skillset. For example, if you're a relatively new franchise owner who is looking to expand rapidly, partnering with someone who has experience in this area - such as someone who already has experience expanding their own business - could be a smart partnership.
The Desire to Learn. Learning is the root of successful franchising. This is especially true if you are starting a franchise in a new industry or are a first-time business owner. There is usually no experience required to start a franchise business, but a willingness to learn is crucial. If your potential business partner has no desire or no time to continue learning, they may not be the right fit. People who are not lifelong learners tend to be more closed-minded, which can undermine a business relationship and create unwanted and unnecessary conflict.
Motivation. Motivation is one of the most important qualities to look for in a franchise business partner. Without motivation, it can be difficult to achieve your shared goals. The right franchise business partner will be enthusiastic about partnering with you and building a business together. If that isn't the case, it will likely be frustrating, especially if you're putting in most of the time and effort while your partner is only contributing a few hours or putting in minimal effort.
How To Find a Franchise Business Partner
When searching for a business partner, knowing where to look is half the battle. There are many good places to locate people like yourself who are also wanting to expand their professional horizons with a business partner.
Examine Existing Relationships. One of the best places to start looking for a business partner is among people you already know. For example, current or former colleagues may offer the mix of skills and motivation you are looking for. Colleagues who display respect, integrity and have a strong work ethic may be solid candidates. There's no need to limit yourself to people that have worked in the same companies as you. Former clients, service providers, or other business associates may also be the right fit.
Networking. If no one emerges as a potential business partner after you search through your immediate network, you may need to expand your search. A great way to do this is through networking groups and online sources. For example, many cities have networking groups specifically dedicated to helping business owners find partners. Finding one or more local groups could help you meet more like-minded entrepreneurs and form new business relationships. There are also many online resources, such as LinkedIn and other social media platforms that could lead you to the right person. Even a small mention to your online friends and family that you are looking for a business partner could turn into a lead.
Consider Friends and Family (Carefully). Another way to find a business partner is to choose a friend or family member. There are many benefits to running a family-owned business, and many examples of successful small businesses founded by couples, family members, and friends. For example, ice cream icons Ben and Jerry were childhood friends long before they went into business together. And who hasn’t heard of Warner Brothers, the entertainment giant that was, in fact, founded by four brothers?
One of the main benefits of choosing to partner with a friend or family member is that you already know them, including their strengths and weaknesses. This can make it easier to determine whether you both share similar values or have complementary skill sets that, when combined, could help you build a successful business.
Before you choose a friend or family member as a business partner, however, it's important to be honest about how well you communicate with each other. You should also be realistic about personality quirks or emotional issues that may intensify when working closely together, and whether they would eventually become a problem. No matter who you choose for your business partner, be sure to weigh the pros and cons of working with them carefully before making your final decision.
Get Started with the Right Franchise – No Partner Required!
Although there are many reasons to work with a business partner, forming a business partnership with another individual may not be right for everyone. Sometimes it may be too difficult to find the right person at the right time, or maybe you just want a little more independence than having a partner provides.
The good news is that you don’t have to go it entirely alone, whether you have a business partner or not. Either way, you can benefit from an extensive support network by owning a Neighborly® home services franchise. Franchising with Neighborly’s family of brands gives you access to comprehensive startup support, marketing resources, industry-specific and business management training, networking opportunities, preferred vendor discounts, and much more!