Though every business can be franchised and omnipresent, yet there are some basic requirements that businesses should meet to opt franchise route.
Franchising business is surely an effective way to advance your business expansion plan. To make a franchise successful, it is important for both franchiser and the franchisee to create a healthy business relation.
Below are a few factors that will help you choose a franchise model for growing the presence of your business.
1. Is your Business Successful?
It is the most important feature of a franchise business. Your business must have a credible holding, impressive track record and a proven business philosophy. Support from your clients is also essential to move ahead in franchising.
2. How your Product is Different from Others?
For franchising your business, your business must have some unique features. There are already a number of players in the market, so you should offer something innovative as well as carefully use the USP of your business to get competitive advantage.
3. Will all the Individual Units be Profitable?
If your business is unable to generate 15-20% ROI (return on investment) after subtracting the monthly overheads and royalties, then it would be tough to keep your franchisees running for long.
4. What Systems need to be Followed?
Are there any rules and regulations of your nosiness that a potential franchisee has to follow? If yes, then it is important that you have everything in a documented form.
If the answers of the above questions are yes, you could easily start using someone else’s capital to grow your business. There are many franchises available in India and you can add name of your brand in the list of those franchises.
5. Why you should franchise your business?
If you are unaware of the benefits of franchising your business, below are 7 good reasons to go for franchising.
I. Minimized growth risk
II. Easy expansion capital
III. Access to better talent
6. How to sell your franchise business?
A proper knowledge of how to sell your franchise assist you in business expansion and earning handsome amount of profit.
Determine if your business is ready
IV. Know your concept
V. Consider your financials
VI. Collect market research
VII. Prepare for change
7. Sign franchise agreement
If your need more details or want help to franchise your business, then feel free to contact Businesssaathi. We help business expand and take their profits and reputation to a higher level.