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Starting a franchise presents tremendous opportunities for personal and professional growth. An experienced franchisor would acknowledge the fact that a successful franchise business can emerge from a committed franchisee only. The article elucidates abou
India is witnessing a tremendous growth in franchise business, being considered as a beneficial strategy to inorganically grow the business not just by SMEs but also by large corporations. The downturn in the economy has made companies think beyond leasing properties and minimum guarantees.
With the establishment and success of franchise format of business, entrepreneurs of all segments, are today, opting to associate with companies who are willing to drop their comfort zone philosophy of ‘I am a jewellery store’ or ‘I am an education centre company’, and instead present and perform strategically like a franchise company.
An experienced franchisor would acknowledge the fact that a successful franchise business can emerge from a committed franchisee only, and therefore, the selection of a franchisee strictly on the basis of one’s passion, potential and marketing skills must be taken into account. Also, the franchisee today is getting aware about his options, responsibilities and realities of being part of franchised business.
Franchisors have two primary functions: firstly to spruce up and up-date their products and secondly to invite, train and support quality franchisees. The success of a franchisor’s business would largely depend on these two factors. The secondary functions would include: designing a growth chart, comprehensive training programme for franchise team and continuous motivation and support to franchisees. A demand survey of franchise business concept referred to as ‘feasibility study’ should also be conducted, because it truly defines the honesty, integrity, reliability and motivation of the entrepreneur. If the elements required of a franchise business are not present in the aspiring franchisee, the entrepreneur should not be given the franchise.
Engaging a lawyer is premature in the beginning. Franchise lawyer can prepare legal papers fraught with strategic errors, but it is franchisors’ responsibility to avoid complications.
Starting a franchise presents tremendous opportunities for personal and professional growth. When handled thoughtfully, the role of a franchisor can be as exciting and rewarding as any business venture conceived. However, many franchisors have done well financially, but helping emerging entrepreneurs, say, your franchisees, find their own freedom in business should be equally rewarding.
Here are some tips for a successful leap in franchising:
Maintain healthy respect for your business accomplishments.