Networking: In Business for Yourself but Not by Yourself
The Benefits of Franchise Networking Events
In franchising, there is a much-loved phrase: “Be in business for yourself but not by yourself…” While this might sound a little cliché, it speaks volumes about what franchising is – a network of franchisees working together to promote the success of the franchise. You see, because franchisees aren’t competing with each other, they are all helping each other. Let's talk about the benefits of franchise networking events.
Think about the number of good things that happen in someone’s personal or business life, and how many of these things are a direct result of the relationships they started. Whatever the situation, rubbing elbows with other people can lead to fruitful opportunities and enlightening encounters. Attending a franchise networking event could provide you with the insight you have been looking for.
At Franchise Networking Events, You’ll Meet Others Who Have “Been There, Done That”
It doesn’t matter how long you have been a franchisee; there’s always more to learn. Even though a good franchisor will provide you with plenty of business support, franchise networking events give you the chance to learn from people who have firsthand experiences of the day-to-day operations you deal with.
For example, you may think a localized advertising campaign is working well for you, but another franchisee may have had even more success doing it a different way. A chat over a cup of coffee may provide you with valuable insights about what works and what doesn’t. Equally, you may be able to provide other franchisees with some advice about their company, creating a strong business relationship you can both continue to benefit from for many years to come. With relationships like these, you’re all in business for yourself but not by yourself.
Join a Bigger Community
You don’t have to network within the limits of your own community of franchisees either, even though they may be the only ones that can provide you with advice that is directly related to your business model. The International Franchise Association (IFA) also runs franchise networking events that are well worth attending. They provide an overview of franchising in general, which means these events are great for listening to what competitors are doing, hearing how other franchises are developing, and gaining an insight into the industry as a whole.
Isolating yourself from franchise networking events can only mean one thing – there are few new and fresh ideas entering your business. In the time you are standing still, your competitors could be gaining ground. Using a franchise community’s collective knowledge can increase your business’s productivity and improve your operations.