Tag: How to Build a Successful Franchise Business

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

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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
Business Case Studies

How to Build a Successful Franchise Business

Introduction

  • Do you want to expand your business?
  • Do you know to know what makes a franchise successful?

Franchise is one of the easiest and fastest ways of expanding a business. If you want to know how to build a successful franchise business, you need to first clear about different franchise business models.

Once you are clear with the franchise business model, you can look forward to investing your money in an established brand or even can set up your own franchise chain.

Before getting into the details of how to build a successful franchise business, let us first understand why businessmen are more interested in expanding their business through franchise business.

Why go for Franchise Business?

One of the reasons that people go for a franchise business is its increasing success rate and decreasing failure rate.

    • In franchise businesses, the startup cost gets minimized because the working model is already made, and you don’t have to invest in various combinations to make your business come on track.
  • In this business, you get a master franchisor that helps you in developing the skills to run and expand the business.

There are many advantages as well as disadvantages in the franchise business.

Let us first discuss what makes a franchise successful.

Advantages of Franchise Business

1. In this business, you get a proven trademark, logo and an established brand name.

2. An established working business model.

3. You get the customer’s ready footfall.

4. Everything is already defined be it the content, context, training, or print.

5. A system to train your manpower.

6. In some brands, you also get the support of the national marketing team as well. This saves the investment of your extra money and time because the marketing is done by the team for you.

Disadvantages of Franchise Business

1. Higher Entry Cost and Ongoing Cost

If you want to know how to build a successful franchise business, then you should understand that taking up the franchise of an established and popular brand will cost you a lot. You have to invest a good amount of money.

On the other hand, if you start your own burger shop the cost reduces to almost 10% and the profit also increases.

There are several franchisors that will give you their own infrastructure, software, database, and computer but in return, they will:

  • Keep a tight eye on what you are doing; you will be under strict surveillance.
  • Check the standard of the place, the database and everything, regularly.
  • Not support you as you would have expected.

All they are interested in is royalty.

2. Lack of Flexibility

Do you want to jump into a business where the possibility of bringing in some other product becomes zero?

  • In this case, you will not be able to bring in any new ideas or variations.
  • You will just have to stick to the basic standards and follow them.

Big brands standardize their processes and products as this is what makes a franchise successful. However, this restricts the franchisee.

The bigger the brand the stricter will be their rules and norms because they already have a large customer base.

So, choose wisely before you join hands with someone for kick-starting a successful franchise business.

3. Thorough Research

Thorough research of the brand whose franchise you want to take is one of the important factors of how to build a successful franchise business.

If you are willing to take the franchise of a brand, then do check that what it’s market status is because your brand will also be known with the parent brand.

If your parent brand is not going well in the market, your reputation will also be hampered irrespective of the efforts and money you invest in it.
So, you should do the following:
  • Check the brand’s product, positioning, and pricing.
  • Go and meet the other franchisees of the brand and ask them about:

1. Gap between what they expected and what is deliverable.

2. Gap between commitment and achievement.

3. Support from the company.

The above points are the factors that make a franchise successful.

4. Check the Failure Rate

Now after meeting the existing franchisees, you must go and search for some of the franchisees who have been shut down.

  • Go and have a word with them to get an insight and the problem due to which they were forced to close down.
  • You have all the right to know that where was the problem, was it with the franchisor or the franchise.
  • Check on the internet and decide only after you have satisfactorily done your research.

5. Franchisor Controls all the Cards

After finalizing the brand you want to work with, the documentation is the next most important part of how to build a successful franchise business.

  • Before you sign the papers, get assured that they are benefitting you as well.
  • Let your lawyer read the terms and ask him for guidance.
  • Carefully go through the agreement before signing and if needed negotiate things with the franchisor.

6. Consider Doing it Yourself

It is true that joining with a big brand will give you big business and will demand big investment but on the other hand, sometimes things can go well for your brand as well.

Who knows the brand you built that is low on business and investment could boom up and become a bigger brand.

Business is not rocket science; it needs possibility, passion, a business mindset, and some analytical ability.
Hope these points will prove to be helpful on how to build a successful franchise business.