For a business looking to grow its customer base and reach, a franchise system is worth looking into.
Here are some to dos if you decide to take the franchise route:
1. Have your systems in place:
This means all your operations, from production to distribution, must be fine-tuned and easily replicated. Marketing and brand support also fall under this category.
2. Define your market:
Differentiation is a key ingredient of any successful enterprise, and a business concept must have a clearer gasp of which market it serves to ensure long term viability. Your brand’s competitiveness relies on its ability to stand out from a crowded market.
3. Develop an operations manual:
To successfully replicate a business, have a set of standards and operating procedures (or SOPs). Putting them down on paper will ensure that all bases are covered, and all potential problems have a ready solution or resolution channel.
4. Conceptualize a training program:
Training plays a crucial role in helping franchisees see how things are done in a franchise system. A uniform, comprehensive training program is a must.
5. Set up financial controls:
A sound financial system is the lifeblood of any enterprise, so pay extra attention to this aspect of the business. A firm finance system incorporating best practices will help you and your franchisees monitor the health and long-term viability of the business, and weed out irregularities.
6. Ensure prompt and on-time distribution:
Reliability and ease of service are two pillars any business should have, especially if you plan to spread your concept to a wider marketplace. Establish a cohesive and well-structured logistics and distribution scheme.
People who say that franchising is a way to earn easy money are misinformed, because it takes a ton of hard work. The franchising route is a rewarding option for those who have the smarts, passion—and—most of all—drive to succeed.
So are you ready for a franchise?