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Advisory 2012-05-07

Short cut for long lasting franchise success

Fresh business opportunities are sprouting almost every second day and business owners are happily opting for franchise route for expansion. However, franchising can never assure success until or unless franchisors possess right attitude, aggressiveness a

By Sr. Sub-editor
Short cut for long lasting franchise success

The franchise model is based on a tried and tested business idea which is already popular and successful. Nevertheless expansion through franchising requires a lot of planning, research of different markets as well as hard work from the franchisor. He needs to have high business acumen and leadership qualities to run the whole franchise network. Being a Franchisor, one has to be proactive in business and always ensure that the franchise offering is strong and remains competitive. The competency in franchising would serve to guarantee the franchisees of profitable returns in the market place. Primarily, the franchisor should properly educate as well as guide the franchisees.

Here are some simple steps for a franchisor to attract more informed and qualified franchise prospects.

  • Right kind of Franchisee: Initially, as the first time player in the franchising business, the franchisor should look for right kind of franchisees. Don’t be in a hurry to expand and establish network on the cost of authentic franchisees. Make sure that the franchise owners are conversant with the requirements and responsibilities of a business. Keeping in mind that franchisees would represent your brand, identify and select them with apt knowledge of skills, character traits and personality to lesson your burden.
  • Two-way communication: There should not be any communication gap between the franchisees and the franchisor. Being a franchisor, you should always be available to the franchisees whenever they call you out for help. Apart from face to face conversation, communicate through phone calls, texting SMS, emails, fax, video conferencing and other devices. 
  • Competency to convince: It is not possible to please every franchisee by listening to their whims but a franchisor should try to convince franchisees if he is planning a change for betterment. Moreover franchisors should have convincing powers to make aspirants understand the profitability by joining his franchise brand.
  • Support franchisees: Franchisor should extend support to all franchisees, especially the struggling franchisees in the franchise network. Help them to establish networks and links in the market. By the support you lend to them, not only the entire team would get strengthened but the franchisees would get experience to deal effectively with future problems.
  • Positive attitude towards business: ‘Think positive and be optimistic’ is the mantra for franchise success. Keep positive attitude towards all and feel the enthusiasm among the whole team. The positivity would not only help in keeping the zeal up but would also help in achieving targeted goals in the business.
  • Seek innovative assistance: Innovative assistance in franchise business would keep you a step ahead of the competitors. To establish franchise network make brochures, advertisements and conduct training programmes to enhance the working ability and brand image of company. Utilise the latest mediums for franchising like online networks and video marketing to get the best franchisees.
  • Be transparent about success and failures: Be accountable of success and failures of the franchise business to the franchisees. You need not have to cover up things from the franchisee or perform any business exercise on the sly. The transparency in the business would bring reliability between both the parties and would set better terms amongst each other. 

These simple and easy steps of constant assessment, if followed would not only bring franchise success to the franchisor but would highly enhance the confidence and brand image of the entire team.

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