Every business dream to expand with time. We all Thinks one day their will 100’s of the branches running in parallel and making it multi-milliner MNC but it requires lot of efforts, so will see how to implement it. Franchise opportunities can help you grow rapidly.
Is it that simple and easy to do that. Lets figure out how to make this complicated process a very streamlined process. so that it can run on an auto-pilot mode? First of all, lets understand what is franchise.
Franchise is the official permission granted to the company or the person to carry commercial operations. So,Under that brand or the trademark we hold the right to distribute it.
Topics covered:
- How to make powerful franchise model.
- Step by Step process to work on franchise model.
- Team Management
- Problems Faced by the Franchise Management
- Advantages of the Franchises
- Conclusion
- FAQ’s
How to make powerful franchise model:
As you know, All the right regarding the operations and functioning are defined by the main original company. However, the company who is taking that franchise needs to follow it strictly.
As a main company or the trademark. It becomes very important how to set things in such a way that all the operations are performing in the well-defined manner. As a result, Monitoring all the operations in not a difficult thing.
Franchise model is the key to success in this type of business model. The more well-defined the model it is, it becomes very to expand with time.
The mistakes made by many businesses is that they don’t take it very seriously. They don’t devote their time in the detailed study of it. They don’t check each and every test case in well-defined manner. As result after running this model into the operations they face problems.
Step by Step process to work on franchise model:
This is step by step simple guide how to make a powerful franchise model.
The first step on the path of the franchise model is the evaluate your current ongoing business. See how the things are going in your current business, see the limitations it faces, areas of improvement in the current operations.
You need to frame a legal document regarding the terms and conditions. These Things should be legalized in the prior before starting it. It indirectly gives more clarity to the business model.
The second step involves learning of the legalities associated with franchise. It one of the most important thing. You should know which all documents needs to be signed, with the person to whom you are selling the franchise.
The third step involves making important workflows about how things will go into the future.
The fourth step is to make the powerful team, you need to focus on building the quality team. Big organizations are only made with the help of dedicated and powerful team. Your team plays a crucial role in your success.
The fifth step is start with the marketing of your franchise, explore market, look for the potential customers who can buy that franchise and get started, give the detailed training to your marketing team about the product, features and advantages of taking your franchise. Tell them all FAQ’s what their prospects will ask for and how to address them.
The sixth step would be setting of the support team to address the difficulties faced by the person who has taken the franchise. Support team plays a key role in the management part.
However, Good support team then it establishes very good relationship with the person or the company who has taken the franchise of it.
Team Management:
It usually seen that many businesses have lot problems associated with credibility of their working peoples. See skill level of their working persons. Work forward in the direction of improving the skill level of the current employees before going further. Don’t think of starting operations of the franchise.
Moreover, choose your candidates very wisely and check whether they are joining your organization. Only for the sake of money or they want to grow themselves with the organization.
You need to very clear about the roles and responsibilities of every member working in team. and then understand the same. You should also work on contingency plans as well.
Team plays a key in any type of business, especially in the case of the franchise business. You need to keep track of many things simultaneously in this business. logistics to quality control, IT, Customer Support, Production, Operation, Accounts and what not.
There is heal lot of responsibilities associated with this type of business. In such scenario Team Management plays a key role to it. Opportunities in franchise will grow extremely in the future.
Segregate your teams on the basis of the type. Establish the common link between the various teams, when which team needs to interact with which another team. Work individually with each team, figure out their challenges and their areas of improvements.
The second step work with the combinations of two or more team in order to check their operations while working in coordination with one another. You need to work hard until you have fully read team, that are capable enough to handle any situation easily. How to make powerful franchise model:
Problems Faced by the Franchise Management:
There are many problems which a franchise faced in day to day operations. These problems are the part of the process we need to deal it with day to day basis. Lets discuss few of the challenges and see how we can fix them in order to run our operations smoothly.
Hiring right staff is the biggest challenge, which lot of business faces it very difficult to determine whether the person which we have hired is perfect for our organization. The best solution to this problem is to keep that person under trail period for month or two.
This time period gives detailed report on this performance and other factors. It is rightly said one rotten apple can destroy the whole basket, the same goes with the team building one wrong person effects the performance of the whole team.
We all wants to grow our customer base with the time, but is not that easy. It is not that easy to sell the franchise because the person is purchasing franchise from us has already done lot of research in the same field and already has many attractive offers in front of him.
There may be certain scenarios where he/she doesn’t agree to the terms and condition. In order to solve this problem, give the detailed analysis on the why that particular person doesn’t take franchise from us, what the possible reasons for him/her for not taking the franchise work on that reason and how to improve ourselves on the reason why we are losing potential customers.
Maintaining close coordination with the companies to whom we have given the franchise is very difficult. But at the same time, it very too for us, focus on your customer support team.
Advantages of the Franchises:
This business model has grown over the years and has many success stories added to it already and the brand value of such companies has become so high that buy franchise of that particular company is very difficult and small businessmen can’t afford it.
That the power of the franchise system. If you are a quality brand and has positive impact on its audience then the chances are you will grow at the rapid pace. Focus on the 4 P’s of the marketing and you good to go at the rapid pace.
Opportunities in it are tremendous you can easily expand to new markets by just modifying your product depending upon the demographics. Take advantage of chat-bot marketing to grow.
The profitability of this business is to the next, it is like that 100 of separate companies are working are working for you, in order to make you very profitable. Opportunities in franchise are immense it just that you need to explore it.
As you all be aware of the valuation game, many companies are now focusing in increasing the valuation of their companies. As result if the valuation of the company increases it indirectly results in establishing well trusted brand among its customer brand.
By now you have already understood the advantages of the franchise model, how big it can grow with time. It totally depends upon the strategies and team management to take it further ahead and making it as the well-defined brand in market.
You will start seeing the results which you never thought of in the starting of this business. Give your adequate time and efforts towards this business and work with positive spirit towards it and see the dramatic results in very short span of time.
Conclusion
Every business dreams to open at-least 100 branches across the globe, we he starts his business. In reality all the plans fails. Expansion is not an easy task it requires lot of planning and teamwork. franchise opportunities are immense, it is like you need to find them and implement. There is lot of critical thinking involved in the franchise system.
To run multiple franchises across the globe across the globe successfully it involves lot of hard work and planning. When all things comes in one place then only you can achieve your dream. franchise opportunities are present for every business but it need different implementation.
FAQ’s
Yes, it adds new dimension and gives more exposure.
Yes, it is growing rapidly.
Any franchise in which quality is no. one priority.
It depends if you take very well established franchise you will grow rapidly.
