Many business owners aspire to see their brand become a household name. They seek a network of franchisees across different cities in a country or around the globe and hence want to start franchising.
- Are you that business owner?
- Wondering, what it really takes to franchise your business?
We have the answers to your questions with no smoke and mirrors.
Let’s agree, it is difficult and time consuming. To top it all, substantial costs are involved.
However, that is where our experience rescues our clients. We are here to take you through the entire process and help you meet your aspirations.
There are 4 major sections dedicated to help you understand how you can start franchising, correctly.
- Are You Ready: Why, When and How to franchise your business. Should you really franchise and what could be the most common pitfalls you would encounter.
- Franchise Quiz : This is a self assessment tool, which will give you instant results on where your business stands. You could use our evaluation tools and franchising check lists to tick off, what has been done and needs to be done.
- Franchise Registrations : Protecting your brand, its intellectual property, its systems and processes. What are the basic registrations that you need to have in place to get started, is covered for your understanding.
- Making Your Franchise Successful : Once you have begun franchising, you will need to keep the franchisor franchisee relationship harmonious. How does one really achieve this? Franchising key success factors, franchise model development and learning from past mistakes of other franchisors could be the basic foundations on which you start franchising.
Do you have a proven business model?
To begin franchising, your business has to have a successful, proof of concept. You need to show potential franchisees, that the business model can be run in a way, in which they can successfully replicate. Franchisors have to be sure that they can manage multiple locations, using the same system, brand and quality. As a key point, the franchise needs to be something that can be taught and replicated. There’s no point franchising a business that involves skills only one person can do.
Right Strategy and Documentation
It is important that you know your business well. You need to structure your business and accordingly develop a full proof franchise system. After that, recruit selectively and ensure that successful franchisees are on-boarded. Thereafter, develop a detailed operations manual which covers the end to end operations of your business. This manual will serve as a training guide for new franchisees. You also need to develop training programs for use in conjunction with the operations manual. Computer-based tools and programs are highly effective, so are training videos, and can be used for the franchisee and its new employees. The focus must remain on maintaining quality control for the entire chain.
Make sure your business is protected. It is critical to have the correct documents to secure your brand with appropriate legal and regulatory arrangements. Patents, licensing, registration of your trademark, franchise disclosure documents (if it is required) and franchise agreements form the core.
Marketing Your Franchise Business Opportunity
Lastly make a franchise marketing / media sales plan to advertise for franchise buyers and to reach the desired franchisee profiles. You will mainly promote the demand for your product or service in the new markets to attract attention of entrepreneurs and investors. For this, you will have to present the financials of your business, which will include how successful your business has been, since you started. The potential franchise buyer’s ultimate interest will be the financials other than business suitability. Give them clarity by clearly talking about the capital to be invested, the break-even analysis, anticipated demand for your product / services in their markets, working capital for sustaining the business, return on investment and scope of business.
In short, a complete Franchise Kit which will be the backbone to your business expansion process, the more professionally it is done the better are the chances of your franchising vision to be successful. There are specialized franchise consultants in India like Sparkleminds who could help you with a complete franchise development program designed to expand your business.
Starting Correctly is the key to franchising success.
For professional and specialist support to franchise your business, contact us today. We lay strong franchise foundations for our clients whether small, mid-sized or a big company, and work very closely with every aspect of your franchise business. We have successfully answered the question, “How to franchise my business in India?” for over 400+ companies. Our ultimate aim is to help you achieve your short and long term expansion goals via the franchise route.
Call us NOW and you can be sure that we will give you the launch pad required to start franchising.