In franchising, there is a much-loved phrase, “Be in business for yourself but not by yourself.” This instructive advice summarizes the essence of franchising: a network of smaller, individual businesses working together to learn from each other, share ideas, and grow their individual businesses. In the best cases, franchisees don’t compete; instead, they help each other, sharing hard-won knowledge and even customer referrals.
Why Networking is ImportantAlthough there can be the tendency for franchise owners to “do it on their own,” don’t ask for help, or get lost in the grind of day-to-day business, those owners who are most successful realize that all business is people-centric and that their network determines their net worth. In fact, 78% of start-ups list networking as a top ingredient in the recipe for business success.
That’s why attending networking events is one of the best investments owners can make. Rubbing elbows with other motivated and ski…