When edifice a franchise organization, there is a transition procedure that takes place within the management ranks of the business. As a franchise organization - expert advice, an organization with the franchise, reliant on the business, there will be a slice of the management team that is dedicated explicitly to the management of the franchisees. People and positions that are utterly focused on building, managing and overseeing acquiescence of franchisees. Initially, when a franchise network instigates to be developed, the resources and people within the corporate business will be tasked with also managing the; manoeuvres of the franchise organization. This, of course, is not effectual after several franchise units have been sold and take some stern juggling when first building a franchise enlargement model. In a well-managed organization, we have worked with franchise businesses where interior staff have managed several franchised sites before the need to hire additional staff has become too tenacious. Because franchisees are autonomous business owners and hopefully have been competent to the point where they are apposite for the franchise organization and have the skill set, capital and business approach to trail the system and operate the franchised business according to the franchise operations guide – they don’t require the equivalent level of hand-holding and management that company employees or managers would necessitate. When in view of whether to franchise your business, this evolution period is a perilous time to deliberate and plan how to manage. What do you do with cash flow when the business desires additional resources and management to superintend the new franchisees, but the revenue from the franchise system isn’t making enough volume to corroborate a large salary? This is where some franchise consultants can come into play as a virtuous “go-between” to assist to bridge the slit from the preliminary start-up of the franchise organization and the adolescent phases of the business. Franchise consultants will utmost often work with numerous franchise systems which permits them to work for less than say a full-time employee on salary because they have manifold clients they manage. There are many sovereign franchise consultants who offer these franchise consulting services and have many eons of experience & expertise of working in the franchise industry, most will provide services at reasonable prices too to support and benefit with sales. By having lesser overhead and costs to manage the franchise evolution, this consents businesses to get to the point where they could then rationalize a handsome amount as per year salary to a franchise director or franchise field support professional to go on spot visits and subsidize with franchise training. Franchise Consultants are similar to any service provider. They bring expertise and specialized attention in a particular field of work. In this instance, franchise development. The reasons that businesses chartering specialists are numerous, but in any precise case, there should be a cost vs. value proposition examination by the business owner in the acquisition of a franchise consultant. If the cost or speculation is lower than the value proposition, the strategic partnership should be moulded …if not then it may be finest to go it alone. Franchise consultants will not know your business healthier than you do, but they should deliver valuable intuition into how to bundle your business as a franchise opportunity. Franchising is a very structured process, a business owner launching a new franchise system should be conscious of the regulations and rules they must abide by to be considered acquiescent as a franchise organization. In addition, like any novel venture, franchising has its own industry processes and approaches to it that can only be discovered through practice. How to vend a franchise? How to walk a budding franchisee through the FDD? How to the folder the FDD with a state? How to regulate franchise fees and franchise edifice? These are just some of the significant elements that can make or break a franchise system as a triumph or fiasco. Typically, by having a competent franchise consultant working with a new-fangled franchise organization, these problems can be assuaged, and the opportunities can be brought to the vanguard. When you franchise your business, you gross it through an evolution process. It is a direction and strategy that commits both you and your business to growth and new market expansion. Franchising is not an end result…it is important for any business owner to remember this, it is a vehicle to expand a brand, system and capture market share through the combined strengths of a group of entrepreneurs working under a unified system. The maximum efficacious franchise organizations we have worked with have stanch to this process and identified novel markets that would benefit the brand and generate market opportunities for the company. 1. Circumvent common mistakes
You’ve must have heard the saying, “Never make the similar mistake twice.” But, why make it once if you can dodge it? When you work with a competent franchise consultant, you have the intuition of a seasoned professional at your fingertips. They have the obligatory experience to see common problems coming and aid you to steer vibrant of them. That way, you’re spending your stint strengthening your business instead of scrambling to deal with encounters you could have sidestepped. 2. Recognize a Tricky Industry Your swift thinking and staunch commitment to your company made you a prodigious entrepreneur. However, running a franchise system is an although different animal. It can be hard-hitting for entrepreneurs to fine-tune to the slow, strategic pace of the franchise industry, and many come in without a dense understanding of what it takes to thrive. A franchise consultant will aid you to advance franchising shrewdness you need to circumnavigate the industry like an ace. 3. Detect Underlying Problems The pain points that many franchisors ticket as sales problems is actually pointers of grander issues with their business models, brands, systems or support edifices. A franchise consultant will audit your entire business to pinpoint delinquent spots, advance laser-focused tactics to iron out the factual problems and set you up for sustained feat. 4. Choose the Right Goalmouths Tap into your franchise consultant’s know how to detect the finest goals for your business. It might feel prodigious to sign on novel franchisees. But, if your business doesn’t have the resources to consent them to open and activate efficaciously, you’ve missed the mark. A consultant will support you to appraise your business, identify the maximum strategic goals and lay out a vibrant plan to accomplish them. 5. Find a Conversant, Reliable Sounding Board Tailor your consulting experience to fit your requirements, your market and your communication elegance. Get more bang for your buck by finding a consultant with experience in your forte and an understanding of the current problems facing franchisors in your industry. A good consultant will travel to assess your business and get a robust sense of its mechanisms. You can decide how often you want to trace base with your consultant and which areas of your business you’d like to confer. Your consultant should be someone you can be contented and honest with. He or she might not always express you what you want to hear – but your business will be improved for it. Conclusion Franchise management services consultants aid to take the hesitation out of this transition. These consultants oblige as experts-for-hire, using their experience as efficacious franchisors to guide you through the impediments and opportunities franchising prevails. Whether you’re managing a well-known franchisee network or initiating your first franchise, franchise consultant can always help to curtail your barricades and maximize the health of your business: The experienced franchise management consultants at Frantastic can aid your business to grasp its full budding. With eons of franchising experience and numerous franchise owners representing various locations for top brands, Frantastic is a trusted name in franchise consulting where we help in expanding the business.
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Fitness franchise in India is getting prolonged as a lot of Entrepreneurs are keen on affirming their franchise. The fitness franchise program has been premeditated to give topmost gym operators and entrepreneurs around the world the prospects to benefit by representing the Fitness. Fitness franchises are very communal these days and there is enormous profit in these businesses. By striding into the shoes of the franchise, owners are earning massive revenue through the franchise model. Taking the plunge and initiating your own fitness business can be a petrifying prospect, exclusively if you are doing it for the first stint. You may be a special trainer or have a related sport contextual. As a fitness professional, you already have the skills to generate and run workout curricula that will help your members range their fitness goalmouths. But there is so plentiful more to it than that. You are no longer just a personal trainer or fitness expert. You are now a business proprietor. And with that derives an entire world of responsibilities that may, at first, seem like a massif that is impossible to hike. If you are construing this, it is likely you are either just initiating your fitness business journey or you are presently on a well-travelled road. In any case, here are some strategies that you should ponder implementing based on people who have been efficacious. 1. Vibrant Goal Setting The fitness industry, especially boutique aptness, is exploding, with studios not only bursting in major cities but also in smaller cities and towns across the world. Novel and exclusive group fitness studios are becoming more reachable to people from utmost walks of life. Because of this, and the universal escalation in the admiration of fitness, the industry has never been more reachable. If you are enormously into fitness, getting certified and getting a career in the aptness industry seems very alluring given the fruition in the market. It’s strong, don’t be the sort of fitness entrepreneur that does trifling work and takes easy shortcuts in the hope of accomplishment. And the mode to do this is very meek. Set vibrant definable goalmouths for your fitness business. Ask yourself a few critical questions to really gibe into who you are and what your stance for as a fitness magnate. Ask yourself core questions regarding business expansion & strategy for the same and you will soon be able to figure out if you are in this game for the right motives. If you are, you will be then able to set clear and definable goalmouths that will help you on the route to accomplishment. 2. Edifice Your Tribe One of the significant parts of the most efficacious fitness movements is their emphasis on edifice a community or tribe of affiliates. Efficacious fitness entrepreneurs shape brands by creating an exclusive culture that cliques their studio apart from the rest of the competition. This becomes possible by reaching more and more people, which the giant fitness brands do by adopting the franchise business model. These are just some of the significant aspects of the giant brand and this has erected a culture that helps members feel part of something exclusive and exceptional. They are a chunk of the giant tribe and showcase it smugly to their peers, usually through social media. And it is not just the superior efficacious studios who are doing this, even the new players are shadowing the same By following the franchise business model of these efficacious boutique studios, you can also shape a tribe that your members can feel gratified to be part of. This will lead to more fanatical cliques. 3. Giving Worth with Social Media As a fitness magnate, you should have numerous different development strategies at play for your fitness business. Your social media stratagem is the most significant to reach more people for your business franchise model. We go on and on about how imperative social is, but a lot of fitness entrepreneurs are still snubbing its potential. The motive for this is that it usually takes time and exertion that a lot of fitness magnates just don’t have, specifically in the initial stages of their business. However, it is one of the most operative ways of showcasing your practice and edifice up your affiliation at all franchise. Custom social media to give away high eminence, fetching content. If your free content is of high eminence, it will leave your audience expecting the eminence of your paid amenities to be even sophisticated and possibly worth trying out. Look at the most efficacious fitness influencers. They give away prodigious free content daily to shape trust with their spectators. When it comes to offering up their newest workout program, fitness attire, or book for sale, they have an audience equipped to buy. 4. Build a franchise model The concluding strategy aids you actually get affiliates into your fitness business. The biggest mistake that many fitness entrepreneurs make is not tapping enough exertion into one very decisive thing – sale. Having put all the exertion into setting your goalmouths, forming a brand that will shape a tribe and making appreciated marketing content to fascinate customers, don’t let it all go to waste by letting them tumble through the cracks in the sales process. And we have one particular strategy that expectantly will put a halt to that. Sales are the most important strategy. Increasing the customer base and reaching more and more people to create a good customer base is key to success which is possible only by adopting the franchise business model to expand across the country and even abroad. Experts advise using the franchise business model as a way to more efficiently sell core memberships. By receiving even, a financial commitment up front, you riddle out the people who have interest & passion for fitness and can take the business to new heights of success. The person who is enthusiastic to pay time, money & passion for a franchise, is more likely to bring success. Why fitness Franchise is booming? Two major reasons for boom in fitness franchise are; Fitness industry endures growing
The fitness industry has only grown for the previous 20 years. It has not had an evil year. This unmatched industry progress makes it a prodigious industry to pick when thinking about franchising. People are determining the benefits to steady exercise and as a result, the progress rate of the fitness industry is anticipated to hike. Being part of an escalating industry can offer aids that no other experience can. If you want a business with high evolution potential, you want to start the franchise in a growth industry. A franchise will provide unrivalled support With the fitness industry being so prevalent it may be alluring to start your own fitness business. Why pay someone a licensing fee and a royalty fee for all the effort that you do? The answer is that you are not just compensating for a name, but you are paying for sustenance. When initiating a business, it is significant to understand that there are many elements to triumph. Being good at all of the success elements is the persuasive combination. If you are nasty at site design, most fitness franchises have teams in place to aid you with that. Marketing provision is another reason that a fitness franchise is a prodigious choice. Marketing in the fitness industry is very modest and vital. Active, effective and aggressive marketing techniques are desirable to maintain sturdy membership numbers. Most fitness franchises will also aid teach you the obligatory sales techniques to adjacent sales to keep the customers that are gained through the leads that marketing advances your location. A decent fitness franchise will also provide appreciated systems and operations trials. It can be years of practice before a new business owner finds the recipe for victory. The pleasant thing about fitness franchises is that they have approaches to operations that are efficacious in other places. With hard work and a bit of capitalized energy, you can style their procedures work for you. The last reason that you should contemplate a fitness franchise is because of the communal a franchise provides. Many franchise owners note that they were effective only because of the support that the fitness franchise provided to them Franchising is a smart verdict. Franchising in the fitness industry is an even shrewder investment. Ensuring your business is in the right industry and has the right tools is just a chunk of being an effective Conclusion When you twitch a fitness business journey, you have to get to clasps with all facets of seriatim a business. These embrace accounting, sales, marketing, hiring, motivation, and management. Hopefully, after reading this blog, you will take some time to get your head out of those weeds and make certain you have the precise stratagems in place to give yourself the sturdiest probable chances of triumph. The franchise business model is no further a man's game. More and more women are discovering a business home in the franchise world - and loving it very much. Women in franchising have many motives to be pinched into the industry – a sense of community, a structured entrepreneurial endeavour, an opportunity to shadow their passions. However, franchising or transmuting a company into a franchise has its share of encounters.
The franchise industry is acknowledged for fostering mentorship, exclusively among women. Whether its franchisees sharing instructions or franchise owners guiding others through the process of whirling a business into a franchise, no one in franchising makes it deprived of expert advice and at FourFeather we share our expertise for the same. Women might be fringe in the franchising business world, but whether they are floating into prevailing industries or franchising their own concerns, numerous of them are tiling the mode for others to do the identical. Women are astounding executers and astonishing collaborators. If done correctly, franchising is an incredible community of collaboration, it’s getting super attractive for women, to be a part of something superior. The openness is, in several ways built into the structure of franchising. While utmost small-business owners’ operations were mostly unaccompanied, franchisees are provided with the built-in communal of the broader franchising industry as well as other franchises. Franchisees have the exclusive opportunity to start a business with access to the experiences of a network of individuals going through bizarrely analogous processes. In the case of evolving franchises, associations between franchisees are especially perilous to success. Women in universal are collaborative and want to create win-win dealings, women make wonderful franchisors. But, being a franchisor is entirely different from starting and building own business where you are not in control of your baby. Many women also saw franchising as inimitably suited for women as it offers control and flexibility. Women are in several ways well-matched to franchising and make an even more striking group as potential franchisees. The under are triggers for the boom in a women franchise business; •Women are habitually skilled activity and people coordinators; women franchisees are thus often naturally tending to accomplish their chosen franchise break even more productively and commercially. •Women are often skilled with setting significances; these skill counterparts the franchising industry along with planning, staffing, financing, and people administration responsibilities. •Women typically strive to work toward mutual goals and relish networking; female franchise operators’ intent to make their franchise a feat, working well with the entire team, and ensure active communication between franchisee and franchisor. •The franchise prototypical is appealing to women who are in search of the financial haven and flexibility that is becoming increasingly grim to attain in the corporate world. •There is also much more assortment for women to choose from today in franchising. Gone are the days when women were merely relegated to working in more feminine-type businesses such as beauty and health-related franchises. Today's franchising world offers up opportunities across all sectors and categories of franchising - and there are female triumph stories in all of them. More than anything, women in franchising counsel other women not to be restricted by stereotypes. Women want to look at all the diverse options and should not limit herself because she thinks – oh! that’s something for men to fix, or that’s something that only married people do compose. Women have the aptitude to be empathetic and understanding… and they’re less likely to be trying to do the whole thing on their own. Women make very virtuous business owners—as do men. But women need to have some other breaks. Sometimes women leave the workforce to take upkeep of children and then come back and the jobs may not be there, so why not be your own boss? In franchising, one like to say that ‘you’re in business for yourself but not by yourself’, and franchising is striking to women for that reason. Furthermore, expert says, they think women bring so much worth to franchising because they’re giant collaborators. One doesn’t mind meeting with a cluster and saying, ‘what’s the best way to do this’. And when women are with a franchising communal, she needs to listen to those franchises— they’re out there doing it on the combat zone doing it day in and day out. Women need to be enthusiastic to sit down and perceive what they have to say and [figure out] how do she make this better than they already have. So, experts think women are an expected fit for franchising. Statistics divulge that women will only continue to have a dramatic impression on the business. According to franchise experts, women-owned small businesses will engender more than half of the projected 9.72 million new small business jobs ahead, and roughly one-third of the 15.3 million total new jobs anticipated. Franchising is unequivocally conducive to the needs of women. Its extents more than 300 industries. Whether it’s a beauty & health care, or frankly, home services, women franchisees have it all & own franchises. There’s something for every woman in the franchise business. The International Franchise Association is seeing a drastic shift in women entering in franchise business globally. Women-owned franchise locations jumped to 27 per cent in 2017, compared with 20.5 per cent in 2007. The franchising world is keen to understand what’s behind the trend so that the industry can help hurry it along even further. But the answer isn’t a meek one -- in part because women come to franchising for so numerous reasons. Many are fascinated to franchising for the same reasons that men are. They like the ability to seam a company that already has an efficacious track record. They like the fact that franchises come with a set of recognized operating procedures, vendors, HR policies and other operational minutiae that, if not thru right, can be the bereavement of the go-it-alone entrepreneur. But some experts speculate that these qualities are specifically attractive to women. There’s a pigeonhole that women are risk-averse 7 they see Women see franchising as a particularly family-friendly sort of business, but psychologists have actually found that women are just as thrill-seeking as men -- but they tend to prioritize risk vindication more than men do. In the past, people believed that women and men are expected to have diverse career paths. This generation of women has been brought up with this unspoken expectation of equivalence, that may mean they want to route a business and what could be better than franchise business? But no staple why women enter the industry, the rate that they’re inflowing is raising an especially fascinating question: How will franchising be diverse as the genders even out? As one might expect, more and more franchisors are pointing and searching for qualified female franchise proprietors for their systems. They are working closely with franchise consultants, advertising and marketing partners, and their own interior staff to figure out the best way to range female prospects. Women propose a great and effective source for franchise advance and franchisors want to bang into this resource. Conclusion If you're a woman who is ardent about being own’s boss, you could have a very successful franchise. Don't let traditional gender roles govern whether or not you chase your passion and shot it into a business. It also comes down to having plenty of cash and credit to fund the preliminary stages of a franchise, before you see any yield whatsoever. You also should think about how running the franchise will suit your personal life and family edifice. Starting a franchise necessitates a lot of hard work, but letting it devour you entirely will just make you resent the endeavour. Today is the age of large corporations and what do large corporations have in common? Their existence in even the remotest parts of the planet. You will find fast food chain units even in places where people might not even know how to pronounce the name correctly. This is the time of the franchises opportunities and there are new franchises opening up everywhere, every moment as we breathe. India has garnered the world's interest as a huge market and all international brands are looking to expand and come to India. Many have already made that move successfully. To succeed in this highly competitive market, which is overflowing with domestic and international brands all fighting for a share in the market, is no easy job. But there are ways to outrun the competition and carve yourself a slice of the Indian consumer market pie. 1. Know your Target Audience This is the first thing you need to do. You need to conduct a thorough quantitative and qualitative research to understand who your target audience is. You need to categorize them demographically based on age, gender and also in terms of income level, preferences, consumer habits, etc. Unless you do not have this basic research done with, you cannot formulate any successful marketing plan. It is crucial to understand the target audience because only when you understand them, can you provide them with what they want and the way they want it. A lot of businesses make the mistake of underestimating the value of good customer research and they pay the price by losing out on customers. 2. Know your Competition Before you beat them, you need to know them. You need to divide your competitors based on the field or category of products or services provided. This will tell you who is your direct competitor affecting customers' choices and who is indirect. You must also further categorize them based on the pricing of the products or services provided by them. This will enable you to understand the competitors who look out for the same target audience as yours and who might be dividing your customer base. Once, you know your competition, you can follow their movements in the market, tracking their marketing campaigns or sales initiatives. Being aware of their marketing plans will give you an edge while planning yours. Also, you should observe and learn from their mistakes, they are also businesses like yours, trying to appease the same customer base and their actions should be a lesson to you. 3. Localization of the Franchise Offerings Corporations are headquartered in one place but their franchises exist across the globe. It is merely not possible for the corporation to predict and produce products, which will be suited to customers' needs across the globe. We have seen examples of many huge international brands come to India and customize their offerings considering the local market and the sentiments of the people of the place. It is up to the franchise to get involved in the research and provide suitable solutions to the corporate chain, which could help break barriers to entry. Certain corporations might already be looking into customization and the franchise just may need to assist them with their expertise on the understanding of the local people. We have seen from past examples that companies, which do not localize do fail more often than those which do. This shows how important it is to consider the preferences, the lifestyle and the sentiments of the local people while starting a franchise. 4. Customer service One way to distinguish yourself from your competitors is by providing better customer service. Today, customers are much more aware than earlier and they appreciate good service. They might not remember the price of a certain item but they will remember if the staff member served them well and they remember even better if the staff member did not serve them well. Creating a system of politeness and graciousness in the customer service staff can go a long way. It will add the extra edge to your franchise and will reduce customer turnover. 5. Maintaining Product Quality Some businesses simply lose out on customers because of their inability to maintain the quality of their products or offered services. Creating an efficient system, which follows the company standards and produces high-quality products with the least defects is mandatory for running a successful business and even so when you have to outrun your competition. The story of a single experience of a customer, which involved a substandard product can travel fast and the business starts to suffer. 6. Customer Loyalty Programs
Studies have shown that loyalty programs increase customer interest. Studies also attribute a spike in sales to this increased interest. Minor loyalty programs, which enable the customers to accrue points or stamps for each visit, really boost their morales. They feel more inclined to come back to increase their points or stamps in lieu of a future reward or benefit. Such programs help in forging a relationship between the customers and the business. They build on this relationship and it helps in increasing sales and customer visits. 7. Advertising Although corporations advertise nationally and internationally, franchises might have to invest in some local or regional advertising for their units. This helps in grabbing the attention of the customers and has been proven to be one of the most successful forms of marketing tools since a long period of time. Franchises should try to invest in a combination of advertisement media, based on their marketing plan and budget. They should also invest in press releases or online influencers. Studying the target audience will help the franchise business in choosing the most suitable advertising channels for them. 8. Corporate Tie-ups Collaborating with a nearby corporate or undertaking a contract with them will definitely help the franchise in increasing its revenue. A corporate tie-up brings in fixed income with certainty and as any business would understand, this is a huge benefit and will help increase your revenue and will give you an edge over your competitors. 9. Events with Customer Participation Organizing regular events with local customers can be a highly fruitful investment for a franchise. A franchise can organize various kinds of events, from charity events to lucky draw with prizes to be won, to competitions for customers, etc. Such events increase customer engagement and help further develop the relationship between the customers and the business opportunities. Not all businesses would invest in these events but the ones that do, they clearly note a difference in their revenue and find increased profits in their books. We have seen how to shape your franchise into a competitive business, which can overtake its competitors and try to grab the biggest piece of the consumer market. Although in today's world it is not easy to build your consumer base, it can be done if franchises follow the right steps and take the correct measures and actions required to increase their customer base. Introduction
What is the franchise?
How to set up a franchise business in India or abroad?
Some of the points you need to look before making an Investment. You should make a great choice before making an investment. Since you will be investing a large amount and your time. We have listed down some keys which can make you compare with some of the franchises listed in Franchise consulting websites. You will find many franchises but you should always utilize time for selecting the best franchise business for your self. #1. You need to look at your reputation.
#2. Next, you Should Decide what you want to Invest.
#3. What about the Franchisor Support for Franchise Business?
Conclusion. Sometimes or most of the times finding a good franchise business cannot be an easy task. You need to do good research for finding a good franchise business opportunity in India or outside. All these companies help you to find the best franchise opportunity anywhere around. It will help you to find the best Franchise business. Our blog will help you to choose the best franchise business without any issue. Now you might have some keys to look into before getting into the franchise business. With some hard work and smart work, you will be able to launch the best franchise business. If you have a goal and a vision in your mind, you will have a definite direction for your franchise business. When there is no inward questioning about the business, you will not have any clear direction and you may end up going round in circles. First of all, sit in a quiet place and have a moment to connect with yourselves. Now, take a bird’s eye view of your business. Observe how large it is and space or environment in which it is placed. Make a mental note of the different parts of your business and see how closely linked are they? You should be able to assess whether all the parts of the business are well connected to each other. Do you see any space for your business to grow? Is there space of overall growth or are there too many hurdles or competition on one side. Make a pictorial representation of your business and the business environment on a paper. Take a very good look at the drawing and think if you are satisfied with it. Ask yourself whether you want to grow in certain areas. See if you want certain aspects of your business safeguarded from external factors such as competition or Government policy. Now, take another paper and jot down your observations regarding the business scenario. The observations could be anything whether it is regarding the positive points or the negative points regarding your business. For example, you may note that there is space for growth only in certain markets or that a competitor is about to eat into your market share. It could be positive that you are the market leader and others are still a far way off. Do not avoid any of the major observations that come to your mind even if they seem too far enough to impact your business. Once you are done analyzing the various aspects of business, put away those two papers and simultaneously put away business from your mind. Take a deep breathe and spare a minute to ground yourselves. Now, look at your life, yourselves and your family. Now visualize yourself and your family after five years, after ten years and then after twenty years. You will have grown, so will have your family and so will have your collective needs grown too. How to define it? There are two ways to visualize the future. One way is to see what you will be and the other way is to see what you want to be. The difference is only of one word but the outcomes will be very different. The goal is simply what you want to be in the future. For example, If you are the owner of a 24x7 restaurant that is young, single, earning well, and your body is showing early signs of fatigue. The future you see may be that you are still earning well, still single, and not very good health. But, the future that you WANT to see may be that you have a life partner, earning even better, and feeling very healthy. Are they your own wants and wishes? Once you know your target, the way ahead is usually clear. But, the problem is that people are often not clear it. They often accept widely accepted notions of success as their own but in reality, their satisfaction and wants may not lie there. Try to sort out this confusion. You don't have to sell unhealthy food even if it is popular and can earn you the money you desire if you don't believe in the concept with your heart. Maybe you could develop your own line of healthy food that can earn you money in addition to satisfaction. Stay true to your desires whether they are big or small, difficult or easy. Now, derive practical objectives out of your wants and desires. Relate your personal desire to your business and identify your targets. The following could be your goals related to your franchise. Expansion: How big are your expansion plans? Do you plan to achieve growth through new units, new territories or you plan to grow the revenues from the existing units. It depends on which stage of growth you are in at present. The early and middle stages of franchising business have the potential for growth through increasing the number of franchise units. If they have focussed on a single region, they can broaden the horizon to another state too. If you already have a number of franchise units, you can find out if there are markets that you can reach out. In any case, the growth of revenues in existing units is definitely desirable. Whichever route of expansion you seek will have implications on the quality of your product or service, profits, and investment funds. Also, do not forget that your success depends on the success and survival of your franchisee units. Do not compromise the health of your franchise unit for your expansion. Building your brand: You should always have a vision for your brand. It is expected that you already have a certain level of brand building in place because you are in the franchise business. No matter how your brand image is at present, you will have to work on improving it or even maintaining the image at a certain level. Evaluate your market and see if you need a few changes in the brand positioning in the future. You may need to improve the quality of your services or work on the ease of access such as home shopping or online payment gateways. It may be even simple things like changing the colors in your logo. Market share:
How much of the pie do you already have and how much do you want in the future? Increasing the market share requires a lot of planning, investing and marketing. You may want to understand the developments in marketing such as digital marketing and consult experts on the subject. Don’t make the mistake of planning for drastic jumps and keep to small steps at a regular pace. This will enable all the stakeholders to walk together and make it seem easy. Enabling operations: Marketing may help you to increase the change but you should be able to meet the demand. Be sure not to bite off the pie more than you can chew. You will have to upgrade the entire operations to be able to increase supplies. It will require new infrastructure, equipment, manpower, sourcing, and logistics. It takes a lot of time and will take dedication to complete the project in time to meet the demand created by marketing. Innovations: It is very easy to forget about innovating afresh when you are focussing on a product that is already much in demand. But it is advisable that you have specific plans for innovation. Focus on innovating new products, processes, and new ways of customer interactions to continue being relevant in the fast-changing world of business. Innovation requires an open mind, acquiring fresh talent, flexibility, and sometimes the ability to take a risk. Innovation can be supported by experience and investment in testing and launching the new product. A business has to keep working on these aspects in order to enable an atmosphere where innovation can thrive. Personal aspirations: Focussing on franchise development does not mean that you forget your personal priorities such as health and personal development. Work on refining your schedule in such a way that you have time to work out at a gym or just go for a run, manage stress through yoga, and eat on time. You should also develop yourself by improving your communication skills by learning a new language or your management skills by attending a refresher workshop on strategic management. The last in setting your goals is to ensure that there is a synergy between all and none of them are achieved by ignoring the other. Once your goals are clear, get set and go! A businessman that has a good idea starts his own business with a big or small scale of operations depending on the financial ability of the entrepreneur. With a number of trial and errors, the right product or service is developed and marketed to earn profits. Eventually, a franchisor makes the decision to turn his establishment into a franchise business. While it is relatively easier to see the popularity of a franchise and a steady demand for its franchise units, there is little clarity on the resale of franchise businesses. In fact, the resale of the franchise has been a taboo till the recent past. The negativity associated with it is such that most franchisors completely avoid the issue. It was looked upon as a failure and that nothing could be done in it. Now that some of the old franchise businesses have reached a certain level of saturation, the transfer of franchise agreement is looked upon in a new light. There is still a lot of old negativity but some positives are being noticed and discussed by experts on the franchise forums. To understand how a franchise resale strategy is important, it is necessary to have a look at the various stages of a franchise business. The strategy is highly dependent on the stage of expansion that a business has reached. So let us begin at the beginning. Opening a franchise unit is never an easy decision but often the wisest one that could be made at that time. One needs a lot of resources including time and money for expansion. A businessman may find it very difficult to manage more outlets efficiently. The money needed to hire professionals and invest in new infrastructure may not be available. At the same time, looking at the brand equity of the product or service, other entrepreneurs may be interested in investing in the business. In such a situation, a business can consider selling franchises. The first condition for franchising is that the business should be franchise friendly. The first thing is to analyze the business. All the operations have to be optimized for productivity and cost-effectiveness. The financial calculations have to be actual and take into account considerations that arise due to different locations. Many changes are introduced and tested for feasibility. Once the model of business reaches a satisfactory level, it is ready for franchising. The second task is to strengthen brand equity. It requires a lot of marketing expertise to take a brand to a level where franchise units can benefit from it. In this age of multimedia, a lot of brands are competing to grab the attention of their target segments. It is not a cakewalk to develop a brand that will stand out from the rest and draw customers. Digital marketing is used to a large extent by all including competitors and one has to have a plan to beat the competition in the game of marketing. The third task is to ensure a support system for the franchise. A franchise will be expected to provide support for functions such as operations, marketing, supply chain management, software, and accounting. This is a complicated process and requires a lot of expertise. Franchisors often take the help of consultants to ensure that a good franchise support system is put in place to support the new franchises. Any shortcomings here will lead to a lot of problems with franchisees that have signed the deal and also with potential franchise candidates that focus a lot on the support that they stand to receive from the franchisor. The fourth task is to conduct a final round of due diligence. An attorney can help with all the documents and compliance requirements. The clauses that are put in the agreement will govern the relationship and exchanges between the franchise and the franchisor for a long number of years. It is essential to foresee all kinds of possibilities and frame a document that will be in the best interests of both.
After following all four processes, a franchisee may be selected and formally introduced in the system. Of course, a franchisee pays a franchise fee for the use of trademarks and also agrees to pay various fees on a regular basis. Franchisees are generally people with a good experience and willing to start a business on their own. They see value in the use of a well-known brand that pulls business easily. The low risk due to a refined, and tried and tested business model is also an additional advantage. A franchisee learns a lot from the training and actual experience of running a business. This also gives him new ideas for business. After some years of doing the same thing over and over again under the control of the business owner, a franchisee with a true entrepreneurial spirit may start losing interest. He may want to start his own independent business. This loss of interest is not good for business at any level. During such a period of low motivation, business starts getting stagnant. There is no notable growth because of a lack of effort for marketing at the local level. This disengagement with business makes a franchisor wish for some enthusiasm that is natural to someone who is new to the business. Even if a franchisee is willing to withdraw from the business, he is bound by the fact that he has invested a lot in the business. In such cases, it becomes very convenient if the original franchise agreement carries an exit clause and resale strategy. This clarifies the conditions under which a franchisee can sell his unit to another person who is interested in the franchise business. There are many different factors that affect such a situation. It largely depends on the stage of business that has been reached. In the initial stages of franchising, it is not looked upon favorably. The resale of a franchise unit can send negative signals in the market and decrease the valuation of the business. Even otherwise, it means that all the effort put in the training and development of the franchisee is wasted and will have to be repeated. The customer base developed by the franchisee will also be lost. These changes cause too many disturbances in a franchise business that is still struggling to get a foothold in the market. Some franchises have reached a stage where they have no more locations to expand. The only option left for growth left with them is to launch a new set of products or services. While it can click and a new source of profit can be created, it cannot infuse fresh energy in business development. In such situations, the franchise unit can be sold and the new entrepreneur is expected to bring in a fresh outlook on the business. The business is mature enough to know what ideas have potential and what ideas will fail. In any case, they can afford to experiment and fail. Their brand will not be affected by a random failure. Young people that have a better connect with the market can immediately see the weak links in the business. Such insight helps to correct the blind spots in the business or in a marketing plan. They are highly driven and it is easier to motivate them to try out new concepts. Their high levels of enthusiastic engagement with the business as a whole are infectious and prod other franchisees to action. Thus, we can see that franchise resale is not entirely problematic but it actually has the potential to solve certain persistent problems. |
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