Rhino 7 is far from new to the franchise industry. With over 15 years of experience working with many different Franchisors in multiple industries, we pride ourselves on having created our own “secret sauce” that we attribute to our success. Of course we can’t share all of our secrets, but following are 3 key steps that we take with all Franchisors we represent:
1. Strengthen the Offering
By the time Rhino7 begins working with a franchise, the Franchisor has typically spent years building and refining their business model. They’ve probably successfully opened a number of units, but then hit a plateau that caused their growth to slow or even stop. When Rhino 7 gets involved, we first perform a thorough evaluation of what’s working and what isn’t. Through this in-depth analysis, we may focus in on a number of different areas. For example, oftentimes the FDD (Franchise Disclosure Document) needs some attention. A good amount of time may be spent making any necessary adjustments to it, including but not limited to royalty fee structure, Franchisee advertising, how the Franchisee marketing program works, and many other components. Rhino 7 also evaluates whether the Franchisor is selling the model that is most effective for the business – for example, they may want to sell the brand as a semi-absentee business model, while they operate as an executive model. We basically slow the franchisor down temporarily so we can take a look at a lot of different parts of the system, and ensure the business is positioned to operate as successfully as possible going forward.
2. Build a Solid Support System
Once the franchise business model and FDD have been analyzed and any changes implemented, Rhino7 works closely with the Franchisor to help develop a strong support system. This might include providing training systems they can share with their Franchisees on how to hire the right people, improve sales processes, and more. We also work with the Franchisor to put monitoring systems in place so they are communicating regularly with all of their Franchisees, as well as making sure the Franchisees are monitoring themselves and their employees. Basically, Rhino7 takes an emerging Franchisor and, through implementation of easy-to-use but powerful systems, helps turn the business into a brand that presents as if it is ten years old and has hundreds of units.
3. Make the Franchisees Successful
While Rhino 7 is very successful at selling franchise units, we know that helping secure new, solid Franchisees is just a part of making an entire system successful. We understand that if our brands are “buttoned up,” so to speak, Rhino7 has a much better chance of helping secure that potential Franchisee for the Franchisor. Being buttoned up means this: Long after a Franchisee candidate has chosen one of our brands and been approved by the Franchisor, we are working closely with the Franchisor to do everything possible to help make the Franchisee as successful as possible.
Successful Franchisees will positively validate their experiences when speaking with prospective Franchisees who are considering buying into that system. This requires a tremendous ongoing commitment, but is well worth the effort.