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Are you new in franchise arena and have several questions regarding initial risks and challenges of this unique business model? Well, here we bring the answers to all our readers' franchising queries via this regular column of expert's advice.
According to you what are the reasons you attribute to the less expansion of beauty retail brands than beauty salon brands via the franchise route?
Dhananjay Dhir, J&K
Expansion of a beauty retail brand has to take into consideration many factors, the foremost being competition. Today the competition in this sector is fierce, with new products coming into the market every day. Good retail marketing also depends heavily on branding and advertising in all media. Beauty salon brands on the other hand depend on relationships personalized service by the beauty stylist is the key here which makes the client come back again and again to the same salon for the same service. This is also one reason why we prefer to have women franchise partners as women are intuitively good at relationships and can make the emotional connect with the customer which enhances retention and improves business.
As a women entrepreneur, once you are financially independent, what will become your priorities or areas of focus?
Radhika Apte, Mumbai
For a new woman entrepreneur, the sudden shift from depending on someone for financial assistance to becoming economically independent is a wonderful feeling. However, at this stage it is vital to make appropriate plans and areas of focus are to be thought out clearly. A sound knowledge of finances, savings, interest rates, etc is essential. There may be an inclination to splurge on luxuries but it is prudent to keep an keen eye on expenses, plan for the house and business and invest wisely. Identify your priorities. Women entrepreneurs will always have to focus both on family as well as the business. It is good to remember now and then that while a business or office can always find a substitute for you, the family cannot! Nurture all relationships that have been with you throughout your life, and invest in new relation-ships which will add value to your business life as well.
This is the first time I am starting a business. I have never worked before. How will I be able to handle customers?
Latish Sharma, Gurgaon
In the service industry there is one golden rule: The customer is always right even when he or she is wrong! A rule of thumb you can follow here will be to treat the customer how you would wish to be treated when you visit a shop or salon. Ego should never rule, and only the customer's well being, which in turn will enhance your business's well being, should be the focus. At the end of the day, the service is what is remembered and the only way your business will grow is through excellent service and going the extra mile for the customer.
As a woman, how do I find a way to manage household chores and a busy salon so that neither one suffers managing?
Snigdha Paul, Cochin
As a woman, you will be an expert at multi-tasking and time management. No house can be run without either of these skills! Managing a business merely requires some extra effort and organisation on your part but the rewards are worth it. Delegation of work, understanding what work can be delegated, precise chain of command and clear goals for work and personal life are few of the ways in which both home and business can be managed efficiently. Try not to mix home and work environments as far as possible and build up a strong network of behind the scene supporters. All the best!
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