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Franchising can bridge the gap between business ownership and success, says Brian Woods, group vice president of franchise development for Neighborly, the world’s largest franchisor of home service brands.
“Conversions are win-win scenarios because conversion candidates get a strong brand name they can leverage in the home services industry, along with marketing, technology, and special discounts from vendors,” says Woods.
And as the world’s largest franchisor of home service brands, Neighborly has a robust conversion pipeline. Wood’s lead development team focuses on identifying qualified, independently owned plumbing, HVAC, and electrical businesses. He looks to partner with “natural leaders” who are an asset to their community and who understand how to work on the business, not in the business.
Still, he says, conversion is not for everyone as prospective franchisees must comply with brand standards and not deviate from the business model. Converting to a new way of operating within a system can have a steep learning curve, and Woods encourages business owners to think carefully about starting a new relationship as a franchisee when they have been used to operating independently.
“Trust and strong systems come into play at the very beginning of the mutual evaluation process,” he says. “We like to ask the right questions to ensure we select the right conversion candidates who will follow the model and proven systems.”
When weighing an opportunity to convert to franchising, Woods urges independent owners to recognize the power of a proven system and a recognized brand name, which will provide additional business opportunities. These include:
• taking advantage of marketing, operations, technology, and related support available to all franchisees;
• reducing the risk of business failure by adopting proven systems that have made others successful; and
• leveraging your fellow franchisees to gain valuable insights on best practices to help improve your overall business.