The Value of Peer Learning for Emerging Franchisors

June 24, 2020

The schedule of any franchisor is bound to be busy, but a peer group or mastermind group is one endeavor that’s worth making time for. These groups bring together leaders who are in similar situations so that they can help each other and benefit from one another’s perspective. Whether you’re just getting your first franchise or already have dozens, there are multiple benefits to realize from joining a peer group.

Network with Other Franchise Leaders

First, a peer group of other franchisors gives you a network or people in similar positions whom you can rely on. Not only will these other leaders help you (and visa-versa), but they also have connections with all sorts of professionals whom you might want to consult.

Should you ever need an accountant, bookkeeper, lawyer, consultant or other external aide, someone in the group will likely have a referral. Even if you just need a new manager, there’s a chance another franchisor knows of a qualified candidate who would work out well at your location.

Learn From Other Franchisors’ Experiences

Second, the other members of your peer group have a wealth of experience for you to draw on. Many have already gone through issues that you’re currently facing, and some will have seen problems that you haven’t yet been challenged by. All of this experience can yield valuable insights for you, and your own experiences will enable you to help others for a symbiotic relationship.

The benefits of other franchisors’ experiences is a major reason to join a peer group or mastermind group that’s specifically for franchise leaders. While a generic group can be helpful at times, a narrowly focused one will ensure the members have experiences that are relevant to your situation.

Strategize Plans and Follow Through

Third, the group dynamic of a peer group will have a direct impact on your specific plans of action. Group members can help you assess different potential courses of action and determine how to best move forward with whatever your goal is, and they can also hold you accountable to that goal. If you’re regularly brainstorming but rarely following through, this accountability is especially helpful.

Remain Motivated Along the Journey

Building a national franchise brand is not easy work, and there are bound to be difficult and discouraging moments along the journey. If you’re on your own during these times, it’s easy to become downtrodden and less productive. Depending on the circumstances and your own disposition, you may temporarily slow down or might altogether quit if things get bad enough.

During these difficult times, the other members of a peer group are available to help pick you up. They can provide encouragement, so you remain motivated all along your franchising journey.

Join a Franchisor Peer Group

To join a franchisor peer group, become a member at ZorForum. A mastermind group specifically for franchise leaders, ZorForum is a place to connect with others who can help you and receive help from you.  www.zorforum.org