The things you need to know before expanding your business via franchising
Franchising has proven to be a gateway to success for millions of people worldwide, who have fulfilled their dreams of business ownership. Whether it’s an emerging or established company, the franchising model is always the best way to expand in other territory and the franchise should come along with best practices including mutual profit business model, transparency, support and training and guidance as per current market trends.
Before screening the franchisee to any person, the franchisor should look for the following abilities in the franchise professional:
>> Entrepreneurial spirit is a must
>> Ability to meet financial requirements
>> Capable of motivating the staff
>> Customer centric attitude
>> Ability to devote time to the store
>> Should be brand conscious
>> Tech savvy person
Desipte many advantages of expanding through franchising, it is not without its challenges – and needs to be carefully considered planned right from the beginning. Companies must meet certain criteria before embarking on the franchise route. Even post meeting the criteria, prospective franchisors must be to ready to invest money and time in the development of the franchise system, to create a win-win situation for both. The franchisor should work on franchise-centric approach and formulate the business module accordingly. Franchisor will earn only when its franchisees are earning. Franchising is a mega relationship business, therefore, all the aspects as well as details should be communicated systematically. The franchisees are closely intertwined with the franchisor that makes this close relationship beneficial for both the parties.
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