Do your customers love your products & Services & often tell you that you should take your presences nationwide? (Global)
Do you have a unique business concept that if you could just get people to sell it for you know it would be huge hit?
Do you have a great product or service but you are struggling to get / find commissioned sales people that will sell it for you?
There are common questions/ challenges faced by small / medium business owners.
When we try to find strategic Solution to any of above problems one sample solution emerge which answers all above fretrationr for growth the solution ties in franchising our business.
Franchising is a very effective route to expand your business operations in fastest time frame.
Lets see our market place to identify 3 major business brands which are highly successful today in playing a dominant role in the market.
1. Delhi Public School
2. Career Launchers
3. Mothers Pride’s Play School
We know these businesses have grown fantastically taking franchising route to success.
It is very successful at profitable method, why very few small business owners utilized franchise method.
The reasons are given below:-
1- People think it is too complicated
2. They fear they will lose control.
3. They believe it is very expensive
4. They don’t think they have a business that can be franchised.
5. Most importantly they don’t know how to proceed ahead. They never got started.
All the above fears are incorrect. The fact is that all businesses can be franchised to grow phenomenally.
There are 10 business areas that make your business ready to franchise route to success:-
1. You need to have good business concept- products/ services. It need not be completely new ideas. Look around to notice how may CAT coaching centers/ playschools are franchised profitably.
2. You need good operational system. This means many of your operations have set procedures/ systems/ methods.
3. Business must be sample to understand. You should be able to teach it to other people in short period of time.
4. Your business needs to make money. If business is not profitable, No point in franchising. You should know if your franchisee can earn at lease 15% profit / return on investment.
5. You must plan by to manage a corporation. You will be managing larger business. So mindset of franchiser and management skills are keys to success.
6. Your business must have some VSP (unique selling proposition) so it looks attractive to investors.
7. Your business must have appeal to people in other cities / regions/ states. The demand of the product must be widespread.
8. Your business plan does not complete with any very large dominant competitor.
9. The inventory used in your business must need finance. You must create financial leverage so it is best to have assets that can be financed.
10. You must be willing to take professional advice you will need to franchise your business.
It is a new give to super success and it has its own rules.
Franchising is a strategic marketing step to expand your business in shortest possible time.
You will be surprised to know that despite downturn in the economy, franchising route to growth has proved successful. Its a winning strategy.