Tag: franchise business model

Categories
Startup Strategy

Right Marketing Strategies And Tips For Attracting Franchises

Franchise business is one of the great opportunities, which has profited scope and its trending as well. There’s only one risk associated with this business if you can find the right franchise partner.

Whenever we talk about procuring new customers, we have a lot of experts around us, but finding the right partner for a franchise is a difficult task. Having a suitably qualified partner who can operate your franchise can be a definite challenge. Looking for the same minded person who can showcase your brand as you want is tough, but not impossible.

Therefore, we have some tips with which you will be on the right path to find a franchise partner.

Brand Positioning of Your Brand As An Expert

Creating your brand as an expert in the marketplace is far different from creating brand awareness. As a brand owner, your foremost focus should be on enhancing industry knowledge as a resource for the others. For this, you need to make efforts to join the webinar, round tables as often as possible.

You need to ensure on stand out and provide more to your target audience than your competitors. Therefore, you need to be honest, clear, and consistent. It will help you to build trust and establish as an expert in the marketplace.

Be Appealing to Franchises

Never let down your franchise partner by putting the right scalable systems to support. Treat your partner as equal, let them be privy to the inner working of the company, and offer them support programs with good communication to keep them engaged with your brand.

Building Strong Communication

For building strong communication with franchises, you can leverage your social media network and digital communication platforms. By providing all kinds of information to them can help you attract and convert prospective franchises into new partners.

When you provide support and solve the queries by current partners through social media channels, it will showcase your strong communication skills to your new partners.

Building Strong Online Presence

Just finding the right franchise partner should not be the only goal of yours. It doesn’t refer to simple branding and corporate messaging, but also building a strong story for your brand. Your aim should be to share your philosophy, ethics, and your vision behind the brand.

The best idea to support creating a separate web page on the current website to share or talk about the franchise partner. It can have all the details for signing up a new partner to the testimonials of the existing one.

Creating a Strong Marketing Strategy

Building a strong marketing strategy can be beneficial to acquiring a new franchise and doing the happy existing one. A strong brand name with efficient advertising and strategy is what is required at difficult times like COVID-19. Include SEO, organic search optimization in your marketing plan.

Finding the right franchise partner can excel in your business growth. For that, you need to work on the correct tips for marketing strategies to attract franchises on board.

 

Categories
Startup

Franchise Industry Trends to Remember in 2020

RuPay Card for Business
रुपे कार्ड के फायदे (Representational Image)

As far as trends are concerned, every year they are marked with new beginnings and possibilities. If you are all set for your entrepreneurial journey, then the franchise route can prove to be beneficial. If you are new to entrepreneurial life, you can start by taking the franchise route as it has proven to have a higher success rate.

You must be wondering why this route is more successful. It is due to the fact start-up owners have to work on how to run their business from scratch with the plan and everything, whereas in franchises gets all ready with the plan and strategy from the parent company.

Due to the constant shift in trends coupled with technological advances, it’s making the Indian franchise industry push boundaries.

So, let’s have a look at the latest trend that is influencing the franchise industry in 2020.

The Rise of F&B

Due to the pandemic, people may have stopped eating out, but being an Indian, we can’t miss out on the food from the restaurants. We prefer to eat Indian food as well as fusion and international cuisines. Therefore, the F&B sector has always one step ahead of its expected growth rate in the franchise industry.

Take a look at how successful McDonalds, for example, how it has proved to be one of the most successful food franchises across the globe. Therefore, it is expected post-COVID this industry is going to see the excellent growth opportunities for entrepreneurs to invest in a franchise.

The Homecoming of International Brands

India is all ready to become the second-largest market for many international brands. Brands like taco bell, Wendy’s, or most popular brand Starbucks is the fastest- growing international brands in the Indian market.

In the past few months, various renowned brands from the US, UK, Europe, Russia, Australia, GCC & Asia Pacific were expected to start franchising in the coming years in our country. Enlarging a brand internationally by the method of franchising involves less risk, minimum capital, and provides a high rate of scalability of the brand.

Indian brand versus Global

That’s true, international brands attract and woo more to Indian customers. But now we are moving towards vocal about local brands the initiative, which gives Indian brands a platform as well opportunity for you to take up the franchise as a minimum investment with more revenue.

Local brands are curated in keeping Indian taste, preferences, and mindset, which leads to seeing rapid growth too.

Wellness still going, Strong

Health and wellness are still a top priority of ours, and during this COVID-19 time had made it an only priority. Therefore, it’s rising steadily over the years as consumers continue to invest in wellness.

Therefore, investing in this sector can always turn out to be a good investment, and holding franchising can benefit you well.

Going through trends explains, there is n number of opportunities for entering the franchise market. So, many options available to choose in this franchise industry have something for everyone. The industry will aim to grow and progress in an upward direction. Hope the above-mentioned trends, help you figure out and clear your thought regarding the franchise industry.

 

 

 

 

 

 

 

Categories
Process & Business Expansion

Which Franchise Model is Good For Your Business

सफल उद्दमी
सफल उद्दमी

Franchising is a superb avenue to explore while starting a business. Before investing money in the franchise, entrepreneurs should look for best Franchise Business Models which can work. While doing so, there are many questions that come up in everybody’s mind- 

Which Franchise Model will bear the most benefits? 

How are these models different from each other? 

What are the pros and cons of these models? 

If you’re one among them, then throw away your worries, we’ve got it covered for you.

COCO (Company Owned Company Operated) 

  • The COCO franchise business model is primarily run by the franchisor itself and the franchise partner only has a stake in the property.
  • COCO model offers franchisees a unique opportunity to generate profit from an established and well-loved brand.
  • The only thing required in this model is an investment. The franchisee does not have to engage in the daily running and gets a guaranteed return.  

FOCO (Franchise Owned Company Operated) 

  • In the FOCO Franchise Model the initial set up cost is borne by the franchise or the owner of the business.
  • The franchisee gets a percentage of revenue or minimum guarantee while the running cost is borne by the company.
  • The company will be responsible in operating it and taking care of all the things necessary to run an outlet, such as Marketing, Logistics, Staff wages, Electricity, rent etc. and the franchise is the owner of the business.
  • The company will also have to give a fixed percentage of profit shares to the franchise owner.

FOFO (Franchise Owned Franchise Operated)
 

  • In the FOFO business model, the company basically rents out the brand for a pre-agreed time period and a particular non-refundable sum.
  • Merchandising and money are decided by the company although the company provides a few similar benefits like in the FOCO model; such as marketing, print and electronic.
  • This Franchise Model is owned by the store, that’s why the operational cost has to be borne by the franchise itself. The Franchise has to assured the percentage share of revenue and the minimum guarantee to the company.
  • This model is adopted for faster expansion of business/brand by the company. 

For example; in a Fast Food Chain where the business is operated and owned by the franchise but regular audits are done by the company to ensure standards are maintained.

COFO (Company Owned Franchise Operated)

  • This Franchise Business Model is adopted by companies when they want to reduce the operational expenses.
  • In this model the company leases the operations to an interested franchise to ensure standards are adhered to.
  • The business ownership still lies solely with the organization, the franchise partner can be changed when the company identifies a more profitable and efficient franchisee.
  • This model is adopted by the company only in well established markets where the company has operated and got a high return on investment.

FICO (Franchise Invested Company Operated) 

  • This business model is similar to FOCO but unlike the FOCO the franchise does not involve themselves in the business operations.
  • Only a fixed amount is paid to the Franchisee by the company as an investment done by franchisee in the business.
  • In this model there can be multiple franchise partners and investors as the company runs the business operations with end-to-end control of the supply chain.

Hope this account has given you a clear Idea about the different kinds of models that are present in the Franchise Business. Hence, evaluate all propositions before getting into the franchise model depending on which side of the table do you stand.