Ask yourself,” Is my business ready to franchise?” Yes, if you have a well-established and matured business and looking for further expansion of your business, then franchising can be the swift way of expanding your business.
Research reveals that almost 10000 companies in India are using the franchise method for the expansion of the business and 5000 companies are all set to start franchising. Franchising is one of the most preferred means of business expansion in most developed economies and the same is true for wide-range products in reaching the final consumers. Use that proven technology to franchise your business.
Francture Brands strongly feels that you need to analyze if your business is franchisable. In the majority of the cases, entrepreneurs might be unsure of the possibility of ready to franchise
To become a franchise is the fastest, most efficient and cost-effective way of expanding your business. But the transformation of running the business to a franchise system is time-taking and extravagant affair. To know more about that, you can make a self-assessment check or evaluate internally in the following way:
Check out, “Is my business ready to franchise”?
- Development of Prototype: Your business should have at least one successful unit or operating territory or may have more than one such units or territories, having substantial coverage over a population or territory, run by yourself, family members or people close to you.
- Registration of your Brand: You need to have a definite registered mark for your business, irrespective of the product and service you offer, making sure you have a protected identifiable brand.
- Potential of your Business: Make sure you business should have long-term market demand. The businesses which build on sudden market demand or instant craze of customers tend to be less eligible for franchise. Try to make reasonable assessment of your business, or the product and service you offer which should have at least 5-10 years of market potential. Businesses that are innovative are found to stay ahead for franchising.
- To have trained franchisee: Your business operations have to be teachable. In many instances, franchisee has no prior knowledge of the franchising business. For a successful franchising, the franchisee needs to be trained about all aspects of the business. In some cases, businesses are hard to be replicated, because the decision-making and day-to-day operational skills involved with the business emerge after years of hard work and experience of the owner, which can’t be taught. Therefore, you should adopt a business module that can be trained for a specific set of things, not limited to specific skill what the owner has.
- Resource Distribution: The business owner should be self-reliant and he/she doesn’t have to cut the legal and consulting expense, essential for setting up the franchise and strategy formulation. Next, the franchisor will have to formulate and implement a training program and has to provide a comprehensive manual. Firstly, it should start with a standard operating procedure format, once the operations are standardized properly, you can assemble the entire procedures and begin your manual preparation.
- Managing the Team: The franchisors must have the adequate staff to manage franchisee needs, whether, they can hire extra employees or you can use our outsourcing franchise recruitment module. Ensure that the new franchisors won’t spend excess on salaries, recruitment and training of franchisees.
To know more on finding out whether your business is franchise ready or getting your business franchisee ready, please search our Francture Brands Franchise Consultancy Module, prepare to offer you all possible help.