Entrepreneurs across all industries are feeling the mounting pressures of this uncertain economic climate. Inflated costs, lingering supply chain issues, and other global disruptions have caused many business owners to rethink their approach to entrepreneurship and seek safer ground in franchise relationships. In 20 years in the real estate industry and more than 25 years in franchising, I’ve seen firsthand the tremendous value that the right franchise partnerships can create for businesses, helping to cultivate growth for both parties. It’s important to note that not all franchise partners are created equal, and the best ones are powered by a network of leaders who are intentional about sharing their deep expertise and invested in fostering successful outcomes for their partners, which is especially critical in tumultuous times.

GOOD, BETTER, BEST: SIMPLE, EFFECTIVE TOOLS FOR GROWTH

Some tools are standard in franchise relationships. A good partner will offer branded marketing materials, digital productivity tools, and prospecting solutions to help streamline business operations for franchisees and quickly align them under one business approach. An even better partner will be more thoughtful about business integration and offer onboarding tools to support new affiliates and help their franchise grow. Ultimately, the BEST partner for growth will create tailored, proprietary tools and prioritize ongoing learning opportunities with their franchise owners and employees in mind.  It’s a simple, yet highly effective approach that is built on true partnership and a deep understanding of the evolving needs of affiliates. At Coldwell Banker, we build products with agents, not for agents. Tools like our automated Listing Concierge were developed alongside Coldwell Banker affiliates to help them become stronger listing agents, increase productivity, and give them more time to grow their business. Upon adoption, affiliates have reported being 2.9 times more productive than those not utilizing Listing Concierge services. By prioritizing success through collaboration, the right partner will provide franchise owners with what they need to not only stay afloat but to thrive, never having to do it alone.

A NETWORK OF EXPERTS AND MENTORS

Navigating a new franchise relationship can be intimidating if you don’t know what you don’t know. Today, business owners are tasked with accurately forecasting the success of their company amidst a volatile market, while balancing the challenges of their current business in addition to planning and recruiting for their future. It’s a tricky feat for businesses of all size, but the right franchise partner will have a strong network of experts to help entrepreneurs build a solid strategic plan. With a large company as a partner, new owners have access to a wealth of industry and institutional knowledge from a network of leaders experienced in scalable, sustainable growth to help strategically secure and manage talent. At Coldwell Banker, franchise owners are empowered by the nation’s largest owner and operator of residential real estate brokerages. Regardless of their business size, our affiliates have open access to a wealth of knowledge from the network and enjoy our culture of mentoring, including assigned mentors when they first join Coldwell Banker.

A company’s network is its strongest asset and it’s critically important to consider a company that can provide valuable industry connections. The opportunity to meet with industry leaders and fellow franchise owners provides new affiliates with priceless expertise that independent owners may not otherwise have access to. Leadership summits and other big and small networking events—either digital or in person—are important investments that foster growth and create opportunities to make meaningful business-generating connections with the best of the best in the industry. In March 2022, Coldwell Banker held a Leadership Summit in Boston featuring a consortium of industry leaders gathered to discuss current market conditions and real solutions that affiliates could apply to their business plans.

INCLUSIVE CULTURE AS A FOUNDATION

A partnership, at its core, is a mutual relationship, and inclusion is paramount to forming and maintaining a successful network. As new owners enter franchise partnerships, they should feel valued, respected, and appreciated by their company. Each party has something unique to offer and beyond the business, there is a human connection. At Coldwell Banker, I supported the launch of the Inclusive Ownership Program, which aims to increase representation of People of Color, women, LGBTQ+ and veteran entrepreneurs in the real estate industry. I’ve had the pleasure of welcoming 30 new affiliated companies since the launch of the program in 2020. The program provides franchise fee waivers, mentorship opportunities, and other incentives to help build a more equitable space in our franchise. A strong network stands on a foundation of diversity and inclusion, and it’s important to consider a partner that prioritizes underrepresented communities within their industry.

DON’T DO IT ALONE: A TRUSTED PARTNER CAN HELP

At Coldwell Banker, our number one priority is to help new and existing owners successfully grow their business. With an inclusive company culture, a robust suite of educational tools and resources, and one of the most powerful global networks in the industry, we’ve built a system designed to drive growth for all our owners and agents. As a result, Coldwell Banker has retained more than $1.6 billion in sales volume in just the first half of 2022. For more than 116 years, the Coldwell Banker network of industry leaders and trailblazers has empowered agents and affiliates with the resources required to guide people home.

As an entrepreneur, it can feel unsettling to take the next steps towards growth—especially during times of turbulence. The right group of leaders and industry experts to guide and mentor you makes all the difference. From economic advice to recruitment and retention training, company leaders can guide new owners towards exponential growth. Opening a company independently can feel isolating, but opening a franchise provides protection, resources, and insight from the industry’s best and brightest.

If you’re ready to build your business with Coldwell Banker, visit https://www.coldwellbanker.com/franchising to learn how.

Liz Gehringer is the president of Coldwell Banker Affiliate Business and chief operating officer of Coldwell Banker Real Estate LLC. Follow Liz at @lizgehringer on Instagram and @Liz_Gehringer on Twitter.

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