It’s often said that ‘two heads are better than one’ – we’ve certainly benefited from joining our collective brainpower here at Rolld. And while I believe this saying is correct to an extent, I often get asked about franchising with a partner vs. going alone. Here are some things I think should be considered first.
Know yourself and what you want
Before you approach a potential business partner, step back and think about what you imagine the business to look like. What kind of environment would you like to create and grow? Does that picture include a business partner? If so, what would they contribute to the business? Why do you want to partner with them? Would the business be made better by both of you owning it?
If you struggle to imagine a business built on shared ideas or to clearly identify in positive terms what your potential partner will bring to the business, it might be best that you fly solo. And there’s nothing wrong with that. It simply means you may be better suited to pursue your own business vision, working how you want and recruiting the people you need to get there rather than partnering with someone.
If, on the other hand, you believe the franchise would be made better by a partnership, then read on.
Business partnership is a serious relationship
Business partnerships, just like any other relationship, are best when they are based on clear communication, support and shared goals. While they require compromise they can also bring greater expertise, broader skills, resources and someone to work alongside and share the responsibilities and rewards with.
If you’re considering going into business with a partner, it’s important that the relationship starts with an upfront discussion on what each person’s goals and expectations are – for themselves, their partner and the business.
You must be open and honest
Talking about who is responsible for what parts of the business, how business decisions will be made and implemented, how each of you would like to work and your ideas on management. Being incredibly open at this stage is crucial – especially about your potential weaknesses.
Embrace your personal differences
It’s also important that your personalities are complementary when it comes to the running of the business. If you were thinking about partnering with your sibling to open the franchise but you have a tendency to be competitive or fight with each other, it’s not likely to be a successful pairing.
Embracing the differences in your skillsets and personalities by constantly communicate and working together is vital well in stressful situations. And as a new business there will be some tricky times. Support from a partner is key.
Help at hand
Whether you choose to go solo or take on a partner in your franchise venture, the truth is in franchising you’re never really alone. Your franchise family will be on hand to provide guidance, training and support on matters relating to your business.
We at Rolld love seeing businesses succeed and love to hear from people who are keen on expending into the franchise world (whether solo or as a duo).
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