Why franchise experts hire other experts.
I was basking in the glory of our Google analytics this morning and texted my colleague Richard a screenshot of our year on year stats. We’ve doubled our traffic, doubled our hits, lowered our bounce rate, blah blah blah. Basically everything is going swimmingly.
We’ve achieved this through a mixture of things but principally by working with other professionals. Internet marketers and SEO boffins. Our strategy has been an irregular blitz from several experts matched to regular guided in house work carried out by ourselves. I’ve become quite knowledgable on this topic as a result and now we’ve learnt it ourselves our in-house efforts supplemented by their technical input works wonders.
Our expertise is limited to being franchise experts, not everything else!
It’s amazing what you learn and can achieve when you put the money in and let the experts you’ve hired just get on and do their thing. Which got me thinking ….
Isn’t this what franchising is actually all about?
Entrepreneurs invest in a franchise. The franchisor shares their knowledge and the “how to do it”. Franchisors then support the franchisee to replicate the business over the long term. Guide them, support, them, sometimes it’s just about providing reassurance or motivation!
Your franchisor has walked the walk and their input into your business is based on experience that is usually very hard earned. Every franchisee investor puts their money down to learn from someone else. To benefit from that expertise requires your investment. The best things in professional life aren’t free! In Yorkshire we’re famously frugal but I learnt the difference between price, cost and value sometime ago. Price is what you pay, value is what you get, and cost is very often not a monetary element. Hiring the best we can afford is what we do here at Lime. The input of great professionals who are experts at what they do helps us a lot.
Cheap doesn’t work
We’re not really interested in a cheap price. We’re interested in working with proven professionals and experts, and they charge more, but 95% of the time they are worth it. It’s been a guiding mantra for Lime Licensing Group, we hire the best we can to help us. We’re the franchise experts, and the people we engaged with are other experts. Our web boffins do their thing, we do ours. Which is also why I drive a good quality car, why my accountant is more expensive than most, it’s why I hire proven suppliers and yes pay the premium for that privilege. But you know what? Their higher price isn’t more expensive – It’s usually cheaper down the line because underperformance costs money and time.
The outcome for us has been that Lime Licensing Group is a very solid company, we’re solvent, we’re successful, we’re growing at a manageable speed and stay focused on what we do rather than tazzing around being distracted on this that and the other. We’re not regularly dealing with supplier issues because we only work with great suppliers. In footballing terms Lime Licensing Group is in the champions league of advisory firms and hiring the best people and suppliers is what has got us here. We wouldn’t have done so by hiring my mates mate from down the pub would we?
An easy lesson to implement in your own business.
So if you’re mulling over buying any service or a product I’d encourage you to consider my approach. I don’t want the cheapest of anything. I want quality first and foremost. We’ve benefitted massively by adopting this strategy. We’re experts who hire other experts and we’ve learnt so much from all of them. Don’t get me wrong some of the quotes I get make my eyes water but as a general point, we buy on quality first and price second.
Lime’s own franchise team is similarly a well qualified, proven group of professionals, honest and successful people. I’ve declined the opportunity to sign up several other franchisees for Lime because we’re not interested in selling our own franchise just for the sake of it. There is a cost for all Franchisors who recruit the wrong franchisees. Just as there is a cost working with the wrong suppliers. You’re always better off with a smaller team who are all successful than playing the big numbers game and selling as many franchises as you can. For our own franchise network then, we’ll wait for the right people and grow at our own pace with them, when we find them, or when they find us. Then we’ll work with them and their efforts will be supported by us at HQ, and also the other franchisees who all willingly give their assistance and the external professionals whose fees we happily pay as they support our business model and give best in class advice. That support and expertise is why we as franchise experts hire other experts.
Franchising automatically brings experts into your own business.
That’s what franchising is too – strip it all back and franchising should be seen as reassuringly expensive with a pay back that brings success and longevity. In all likelihood your franchisor is amongst the more successful brands in their industry, they can teach you everything – and that’s worth every penny of whatever franchise fee you pay!
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