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Advisory 2010-04-14

Route to become an ideal franchisor

Being an ideal franchisor in this competitive market requires intensive understanding and strategic business acumen. With the up coming of innovative concepts, a franchisor must follow certain basic guidelines to attain competitive success over other fran

By Sub Editor
Route to become an ideal franchisor

The concept of franchising has gained wide acceptability over the past few years. With its popularity, many new franchising concepts have also evolved with time. The changing trend of gaining prominence in this competitive market has led to the increased competition among the franchisors. All franchisors strive hard to occupy the top slot positions but very few succeed to reach the pinnacle. Only the dedicated franchisors with persistent perseverance can become successful. Below given are a few guidelines to become an ideal franchisor and expand your franchise network:

Becoming the perfect franchisor

Becoming an ideal franchisor is not as tough as it seems to be. You only require passion, dedication, and business skills to mark your presence felt among other franchisors and their brands. A few other ways to win the rat race are given below:

Regular communication: A continuous communication with your franchisee is the key to success. Franchisors should be open to all sorts of communication with the franchisees at regular intervals. Any trivial issues must be resolved in the initial stage and therefore prevented from turning into major disputes.

Exchange of innovative ideas: A franchisor who is reasonably satisfied with his brand and sales can never overtake his competitors. Franchisor always needs to innovate to ensure that his franchise remains viable and profitable. Considering all the facets of the business seriously is important for every franchisor. Such facets include recruiting, training, operationalising and maintaining. Moreover, an ideal franchisor should be open to the ideas of his franchisees. New as well as experienced franchisees are full of innovative ideas to improve the brand. The franchisor can make use of their ideas to gain success.

Providing continuous support: It is the duty of the franchisor to support his franchisees as and when required. It includes supporting both the successful as well as struggling franchisees. Remember a successful franchise network includes all the successful and the struggling franchisees. Thus, supporting the weak franchisees is the key towards a strong franchise network.

Pay attention to feedback: Communication with consumers and other employees besides the franchisees also help in building network. Customers are the vital part of the brand success and therefore their views should never be ignored. Regular questionnaires and surveys will help you keep abreast of the latest choice and behaviours of the consumers.

Upgrading the franchise:  Franchisors need to keep investing in the franchise network, brochures, advertising, and training programmes. They are always advised to up grade their franchise on regular intervals. Always aim to expand the franchise network by adding more franchisees to it. This is only possible by investing in the modern advertising techniques. Advertising should reflect the latest trends and take into account the fact that consumers are constantly evolving.

Maintain the standards: Franchisors need to maintain the standard of their brand. Witnessing the success of their brand, many franchisors give a free rein to their franchisees. This can lead to downfall as franchisees are less experienced than the franchisors and can commit any mistake. Therefore, franchisors have to keep a strict vigilance of the functioning of the various outlets and advice their franchisees to improve.

To conclude, all the above given guidelines should be diligently followed by every franchisor in order to attain success in this fierce competition.

Comment
Rajesh : 13, Feb 2010 at 11:04 AM
BOT - Built operate transfer, is a very successful concept for startup and established franchisors to demonstrate proof of concept and also book strategic locations early in high streets and malls. Good article - Cheers
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