What Makes A Franchise Successful?
Description:
The best way to run a successful franchise business.
Content:
Both franchisers and franchisees need to have a number of aspects in place if they are to achieve their goals of business success.
Companies looking to branch out into franchising must ensure that they have a strong team in place with some of them having had experience in the franchising industry.
This will enable the franchiser to be able to structure and market itself in a way to quickly attract franchisees to the business.
As many potential franchisees carry out research of the company, it is essential for franchisers to have a secure financial base and a record of spending money to help develop parts of the business that need improving.
Substantial funds are required to provide the training programmes, support systems and in some cases much of the stock that franchisees need.
Not only will this investment make it more likely that the best people wanting to become franchisees will choose to work for the company, it will help them to make a good job of their own franchise.
Once in operation, the reputation of the franchiser will be vital for it being able to continue to attract good franchisees.
It should be in contact with franchisees at regular intervals, ideally through a structured franchisee advisory committee, to ensure any problems are dealt with quickly and that the business structure is being properly carried out.
In addition, there should be regional and national meetings so that franchisees can network with each other and any new franchise developments can be explained to one large group, instead of having to do it individually.
The franchiser must ensure that it complies with all regulations, in particular concerning the sale of a franchise to another person, as departing franchisees should know exactly what they can and cannot do and new franchisees should be aware of everything in the franchise agreement.
If all this is in place, then franchisees will have a great platform to succeed. However, there are no guarantees and they must make sure they are able to carry out all necessary duties.
They must also be in contact with the franchiser on a regular basis to discuss the franchise's development and problem issues.
The franchise costs must be constantly checked and administration needs to be up-to-date so that franchisees know how much extra stock and staff they can handle at a certain time.
Similarly, as franchisees are in charge, they need to be responsible for having a good daily structure in place to ensure time is not wasted, which includes planning ahead for new developments and seasonal factors.
They also need to be able to market the business effectively, through local publications, flyers and talking to people face-to-face, with the results used effectively to change things in order to attract more customers.
Author: Diarmuid Kieran
About Author:
Webmaster for Franchise Direct franchise opportunity websites.
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