How Can Franchisors and Franchisees Benefit from a Mastermind Group?

As described by Napoleon Hill the premise of the “Master Mind Group” is that before we can achieve our goals and desires we must first acquire the specialised knowledge in the field we have chosen for bringing our dreams into reality. Hill claims that it’s unlikely that we possess or that we’re willing to learn all the knowledge we need to make this happen, and that a Mastermind Group can and will ‘bridge our weaknesses.’

So, what does this all mean in the world of franchising?

Franchisors, regardless of their industry, share the common goals of awarding more franchises, supporting and training franchisees towards success, and operating a financially rewarding company. Franchising companies are proficient and have the required knowledge in their business; but, let’s face it, especially for new franchisors the world of franchising is complex, multifaceted; and, at times, quite scary. Most new franchise companies try to learn as they go, yet this is not the most efficient or effective path. If experience is not complemented by other methods of acquiring knowledge and information new franchise companies generally struggle needlessly and the growth of mature companies becomes sluggish. Hiring consultants is one option that can pay for itself by avoiding costly mistakes. Forming or joining a Mastermind group is another powerful method to help companies learn the skills and access the information that will empower them to excel in franchising.

Franchisees can also benefit greatly from joining a Master Mind Group. There is a lot to learn about growing a successful franchise and Mastermind groups can certainly shorten the learning curve for new franchisees while assisting mature franchisees get out of unproductive ruts.

Whether you are a franchisor or a franchisee joining a Mastermind group can:

1. Bring you and your objectives into focus

2. Provide accountability

3. Support you in your efforts to achieve your goals

4. Offer new information and specialised knowledge

5. Afford you the opportunity to learn new strategies and methodologies

6. Bring a new perspective and new ideas; and

7. Help you formalise an action plan and keep you on track.

For Mastermind Groups to work in franchising they must:

1. Meet on a regular basis

2. Follow an agenda

3. Have members committed to sharing and supporting others

4. Maintain perfect harmony and

5. Have a diversity of experience and knowledge in the areas that support each member’s needs.

Napoleon Hill shares how Mastermind groups worked for Henry Ford and for Andrew Carnegie. They can also work for you! Accepting that we don’t know everything and that others can assist us is the first step. Seeking help is what brings winners closer to success! Are you ready to make your franchise work for you? Consider joining or forming a Mastermind group today!