To make any brand successful and expanding the reach of the product, franchising is a major stepping stone. A franchise is a right granted to an individual or group to market a company's goods or services within a certain territory or location
Ferns N Petals is a live example of a popular franchise. With the success story of having 95 outlets, Ferns N petals has reached 35 cities and with its wide presence have established a sense of deep recognition for its product. Some more examples of popular franchises are McDonald's, Subway, Domino's , Indian Oil, Reebok etc. The product may vary but its availability to the masses marks its position strong in the market
Advantages of Buying a Franchise
There are many advantages of buying a franchise. Some of the advantages are:
Corporate image: The corporate image and brand awareness of the company is
already established. Consumers are always more comfortable purchasing items from a
familiar name or the company they trust.
Training: The franchisor usually provides extensive training and support to the franchise owner. In short the franchisor works as a support system to establish ones business and helps the franchisee to attain success.
Saving time: Since the franchise company already has the business model in place
you can focus on running a successful business.
Branding: The first thing that benefits the franchisee is a strategic identity that is not only effective, but has a cumulative market impact too. Corporate brand identities are proven. Mega-brands like McDonald’s and Dunkin’ Donuts have literally spent millions on their brandings and logos and the franchisee enjoys the full advantage.
Advertising: Advertising is one of the biggest expense for any new business. One cannot survive without advertising and effective advertising is expensive. Even if an individual has a business at a prime location, but if the customers are unfamiliar with what you have to offer then they won’t come in. Franchisors offer national advertising campaigns that are included in your franchise fee. This is a huge benefit when considering a franchise.
Name recognition: These days everyone needs assurance like never before and name/menu/brand recognition gives them that assurance. Everyone knows what to expect when they stop at your franchise because the majority of them are aware of your brand even if it’s the first time in your store. In fact, like an old friend, they are counting on you to be there.
Reputation: Next to advertising and branding, a franchisee enjoys the protected reputation of the franchisor. A franchisee is always protected as the franchisor takes care of the inevitable issues like lawsuits, accidents and difficulties with the employees. The reputation of the franchise is an important aspect, as it is what breeds positive expectations that keep customers loyal.
So in short we can say that a franchise business is a key to success for establishing any new business as an individual. One gets all important support from a franchisor to attain success.