Don't Want to Franchise Alone? Dream Dinners Franchise on Partnering

Don't Want to Franchise Alone?

Have you considered investing in a franchise concept, but aren’t sure you can take care of the financial or operational responsibilities completely alone? Many people in this sort of conundrum contemplate the idea of franchising but never actually make the commitment because they don’t know their options.

Not everyone has the resources, time or desire to go into franchising alone. However, these individuals do have options. If you’re looking to enter franchising but don’t want to do it alone, consider finding a franchise partner. When looking at franchise partnerships, there are two main types: Financial partnerships and operational partnerships. Today, Dream Dinners franchise reviews the difference between financial and operating partners and if finding one of the two may be an ideal option for you.

Financial partnerships most commonly involve an investor lending capital to a franchisee. This type of franchise partnership is best suited for an aspiring franchisee who is looking to invest in a franchise and maintain a majority of the control, but lacks the resources to fund the business completely alone. The majority of the time, these partnerships are solely about money and finding the funds to initially get the franchise off the ground, however in some instances the investor(s) may want some form of control or say in the business on a smaller scale. Whether your potential investor wants control or not, it’s crucial to establish this from the beginning of the relationship and work this into the contract.

Financial Partner

The other type of partnership is referred to as an operating partnership. In these types of relationships, the partners share operational control of the franchise along with financial responsibilities and can be thought of as co-franchisees. These individuals share the accountabilities of managing and working in the franchise. Finding a franchise operating partner is best suited for aspiring franchisees who are looking for both operational and financial support in the business.

Not all operational partnerships are a 50-50 split; oftentimes they involve one franchisee owning a majority of the business. There are many benefits of co-operating in franchising, such as having the ability to split tasks, expanding your financial capabilities and widening your network of potential customers.

Operating Partner

However, when deciding to find an operating partner for your franchise, it’s important to carefully examine the following characteristics:• Complementary skills: It’s best to look for a partner who has complementary skills to

yours. This may mean their strengths can be considered your weakness and vice versa. If you’re good at finances and marketing but lack management experience, consider looking for a partner who excels in management but may lack the other components. Looking for complementary skills rather than overlapping skills will allow you to delegate the tasks in your franchise according to each of your strengths and weaknesses – helping you to avoid stepping on each other’s toes and unnecessary arguments.

Partnership Characteristics to Examine

• Similar motivations/goals: If your goals or motivations don’t line up with your operating partner’s, then this opens up a lot of room for disagreement. Start by establishing why you’re looking to invest in a franchise and what your ultimate goals of opening a shop are. Ask each potential operational partner what his or her goals and motivations are to see if they line up with your vision of the current and future. Having similar goals and motivations will ensure that you’re on the same page throughout the entirety of the agreement and are constantly working towards the same goals.

• Market knowledge: Franchisees may not be an expert in the industry until they’re actually fully integrated into it, but having a grasp of the industry is vital to look for in a partner. Demonstrating knowledge both in the franchising industry and in the specific segment that the franchise opportunity falls into shows that they are serious about the prospect and have done their homework – making them a contender.

Partnership Characteristics to Examine

Sara GilBride and Laura Prefling, sisters and now Dream Dinners franchisees, decided to become franchise partners after discovering the franchise and falling in love with the concept. In August of 2006, the sisters opened their first Dream Dinners franchise in North Phoenix, Arizona. Less than a year later, they purchased an existing Dream Dinners franchise for sale in Ahwatukee, Arizona, and in 2013 opening a third location in Scottsdale, Arizona.

The sisters became franchise partners because they were young and were intimidated by investing in the opportunity completely alone. In terms of running the business, the sisters have complementing skill-sets that help their Dream Dinners franchises thrive. Sara handles all of the operations while Laura manages the marketing and together they complete the sales aspect.

Dream Dinners Franchise Partnership Success Story

Read more about Sara and Laura’s franchise journey here:

http://dreamdinnersfranchise.com/sisters-turned-dream-dinners-franchisees-a-family-franchise-success-story/

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Dream Dinners Franchise Partnership Success Story

For more information about how you can become a Dream Dinners franchisee and start strengthening the families in your community, visit the Dream Dinners franchise information page today http://dreamdinnersfranchise.com/.

Become a Dream Dinners Franchisee!