Franchise Advantages: Peer Support

As a smart investor looking into the world of franchising for you next, or even first, business opportunity, you have undoubtedly come across the terms "peer network" and "peer support" in you reading. These words come up a lot because they refer to one of the most valuable tools inherent in the world of franchising. Unfortunately, peer support is also one of the most often neglected tools, either because franchisees don't understand its value or they don't feel comfortable availing themselves of it.

What is the Peer Network

A franchisee's peer network is simply the sum total of all the other franchisees operating under the same franchising organization. They are the individual businesses from which the franchisor collects data to modify policy and guidelines. More importantly, this network is made up of individuals who understand the intricacies of running a franchise from practical, first-hand experience.

A Wealth of Knowledge

When an investor first starts a new franchise they have a unique opportunity that is not as readily available to the independent business owner. If the franchising organization has been around for any length of time at all, then there are people who have already been running franchises and have already dealt with most of the issues that the new owner will soon be facing. These experienced professionals are a new owner's peer network. It is the wise investor who takes the time to make connections within the franchise's community and utilizes the wealth of knowledge held by his or her more experienced peers.

Tapping Into the Network

There are a number of ways to connect to others within the franchise's community of owners. Franchisors have a vested interest in providing franchisees with every possible tool to succeed, and most franchisors understand the inherent worth of the peer network within their organization - if a franchisor doesn't seem to grasp that fundamental truth, then a potential investor would be wise to reconsider entering into an agreement with them in the first place - so many franchisors will actively assist in making these network of peers readily available and accessible.

Thanks to computers and the internet, this is relatively simple to do. Many franchisors maintain websites for franchisees where they can connect and assist one another and also gain support from the corporate body as well. Franchisors also often hold retreats, seminars and training courses to help develop franchisees as successful owners and also to give owners a chance to connect. Again, any franchisor that doesn't encourage peer interaction and support must be questioned as to their worth as a franchisor.

Burden of Responsibility

No matter whether the franchisor makes it easier or not, or to what degree it does so, ultimately it is the responsibility of the franchisee to make use of the peer network available to him or her. Even if the franchisor doesn't assist in this, a smart owner will take the time to meet other franchisee in the area and get on a first name basis with them. In a pinch, having someone who is knowledgeable and competent to turn to can save a lot of headache and potential error.