4 Networking Practices You Need to Know in the Franchise Industry

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networking It is one of the most important business skills to master in the franchise industry. This is as important to the franchisor as it is to the franchisee. Developing and nurturing a network of professional peers is critical to career success and can give you a competitive edge at various stages of the entrepreneurial process. Franchisors use networking to enhance their lead-generation and sales strategies, while franchisees and candidates can use networking to build valuable contacts that will help them advance their interests in owning and running a successful business operation. can help.

But, networking quality is no more than quantity and has little to do with the number of connections you currently have on your LinkedIn account. If you want networking help specific to the franchise industry, here are four strategies that can help both the franchisor and the franchisee.

1. Put Yourself Out There

Fortunately, the franchising industry puts such a premium on networking opportunities. Franchisors can make use of a number of business events and trade shows to network with potential franchise owners, investors and stakeholders – some of which offer enhanced capabilities through sponsorship. During expos, trade shows, conventions and other franchise events, franchisees can get a feel for the industries, brands and business services they want to investigate one day.

These business networking opportunities are a great way for both parties to meet, greet and exchange franchise information. but you have to take part β€” and that starts by putting himself out there.

related: 7 ways to better networking

2. Be Real

Networking gives us the perfect opportunity to become the kind of person we want others to pay attention to. It’s time to put your best foot forward and present your true self. Why does this matter so much? Because, at its core, franchising is a purely sales environment. Franchisors are not just selling the idea of ​​an attractive concept and an attractive business model. They are the owners who are selling themselves and other franchisees in their system as brand representatives. For franchisees, networking events are a chance to showcase your business acumen, suitability and potential for owning and operating a franchise. For this integrated sales dance to become mutually beneficial, both parties must be genuine and express themselves honestly and authentically.

related: How to Display Ideal Body Language When Networking

3. Referral counts in business

Networking is many things, but it is not selfish in nature. Whether you are a franchisor looking for new owners or a franchisor looking for a franchise opportunity, this is never a meet-me-me proposition. Networking is a transactional environment. And when you find an opening to offer a real referral opportunity, take it. Referrals are the lifeblood of networking, and business practice depends on individuals seeking each other out. Even in the most casual conversations, a need or concern may come up that isn’t really your specialty. But if you know of someone in the franchise community who fits the bill, make a referral. In a way, referrals are a lot like karma. Whatever you want to put out there in the networking world, it has the potential to come back to you – sometimes in the most unlikely of circumstances. referral always matters.

4. Follow up every chance you get

Some people describe networking as a two-way job interview. Both the franchisor and the franchisee are putting themselves out there, taking the opportunity to connect to help further their interests. Sometimes it’s a bullseye. Other times, no. But regardless of the outcome, franchise networkers should never miss an opportunity to follow up with their contacts. Especially in light of the fact that it takes so little effort to do so.

People in the world of franchising keep changing jobs and titles all the time. And when the right people notice your diligence in following up, networking can pay off in ways you didn’t imagine. So, after collecting your business cards, phone numbers and trade show swag, set aside a reasonable amount of time to respond to people you’ve just met. Use these follow-up opportunities to share your mutual understanding of the value of franchise networking.

related: the art of follow-up