Route to a Successful Franchise: Strategic Steps
Owning a franchise is generally considered as the safest route to success for the aspiring entrepreneurs compared to an independent business. This can be due to the high success rate of the franchise business opportunity because of the proved business concept, training, and support provided by the franchisors together with the brand name. But none of the franchisors can assure 100 per cent success to his franchisees as there can always be a risk of its failure. However, franchisees can make their franchise work by following the below given guidelines. These are the short but sure way to gain success and make profits while starting a franchise outlet.
Successful or unique business concept: The foremost way to success is to walk on a trodden path where many franchisees have tasted success in the past. On the other hand, entrepreneurs who love challenges can go in for a new and unique franchise concept. Presently due to the popularity of franchising many concept are being launched. Therefore as a franchisee select the concept carefully.
Maintain brand’s worth: To buy a franchise does not imply to make it work your own way. Remember the franchisor has made his brand name with a lot of hard work and perseverance. He has laid trust on you by sharing his brand name with you. As a franchisee, it is your duty to maintain and work for the betterment of the brand name. Incorporating a few changes in the outlet can be thought of but after taking the franchisor’s permission. Â
Unique marketing techniques and schemes: Franchisor’s do charge advertising fee from franchisees but they do it for the whole brand, not for one outlet. The brand name is popular but you have to make the local people aware of your outlet as well. Therefore, franchisees have to invest money in marketing as well. Advertising has become easier and more convenient with the popularity of free on-line marketing by creating your own websites and blogs. Moreover, the social websites (facebook, twitter, linked In etc) have given a further impetus to on-line advertising.
Visit a franchise exhibition: Franchise exhibitions are one of the most apt ways to come in contact with a lot of franchisors and franchisees. Moreover, these expositions provide a lot of knowledge and awareness to the franchisees for running their outlets profitably. Struggling franchisees can also discuss their problems with experienced players of the field who are present in these expositions.
Install products newly launched: Due to the rat-race in the franchising arena, the franchisors always aim for improving their sales by launching new products and services. Smart franchisees are those who take the initiative of adding these to their outlets in the initial period. This can also make the franchisee one of the most trusted franchisee of the franchisor.
Regular communication with franchisors: Franchisees aiming for success should hold regular communication with their franchisors. This can be through telephones (mobiles have made it easier to contact anytime), e-mail conversations or by meeting the franchisors personally. Moreover, many franchisors have annual meetings where all franchisees gather and discuss the various issues and strategies for future. It is essential that franchisees do not miss out on these meetings as they can share their grievances with the franchisor.
Franchisees should remember the above given guidelines before venturing into the franchising business. A few franchisees in a hurry to gain success may not pay heed to the franchise concept and its workability. Remember that there is no use of crying over split milk. Therefore, aspiring franchisees need to start working on these guidelines as soon as possible.
About the Author
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