Franchising has the power to bring life to any business and it multiplies the potential of the business, leading it to grow.
Every business wants to be big and successful. Companies invest money and time to build their brand name and all they want to see is their business growing and flourishing. Franchising has provided a lot of opportunities to the brands in the beauty and wellness industry. It has given them the chance of expanding and exploring more which might not be possible in a short period of time. Franchising has various dimensions to it which when explored well, will benefit the business a lot.
Ensuring Strong Foundation
Franchising is not only by multiplying the number of stores but it is also about passing on the power and benefits to the franchisees with the brand name provided to them. Brands mainly focus on opening new stores as they see this as the potential way to expanding their brand name. Franchising helps a lot in taking the business forward but with a different approach.
According to Ms Sadiya Naseem, Founder and CEO, Glam Studios, Instead of opening new salons, a brand can give the franchisee to the existing standalone salons. This will help them by providing not only the name of the brand but also some part of the power that will come with it. The salons will get all the support required from brand, be it technical, marketing or HR. The franchising system will be easier for them to adopt.
Franchising Fees- The Basic Need
The advantages of franchising have helped many brands to grow at a fast rate. Many names in the beauty and wellness industry have taken up franchising and have reaped the benefits of it. All the good things come with a small price and so does franchising. Franchising fees is the basic need when it comes to franchising a brand. The fees is like a surety of taking the brand name forward and it also provides certain helps from the brands to the franchisees.
The franchising fee promises a standard salon to the franchisee and the chance to get promoted on the brand’s network. This is important in order to spread awareness about the new addition to the brand and to ensure proper revenue and growth.
The New Concepts
Franchising in the beauty and wellness industry has been going on for a long time. The evolving beauty and wellness industry has seen many trends and are yet to see many more. The way franchising works has also developed and now there are other ways to do it efficiently as well. The brands are changing and so are their ways to grow and expand their name and business.
As said by Ms Sadiya, earlier, franchising was limited to a partnership between a business investor who was coming up with the money and the franchiser who was giving the brand name and some SOPs so that he can expand his business in the geography. We’ve changed it a bit as we have targeted the existing players and partnered with brands who are already leaders in the business. It is a mix of franchising aggregation and standardisation.
Mr Trent Anthony Munday, Senior Vice-President- International, Mandara Spa, Malaysia said, the SOPs are great but when it comes to treatment which we call the protocol which is the steps of each treatment that has to be different for different customers.
Various factors contribute to the growth of a business and in the beauty and wellness industry, every step taken counts. Franchising has been helping the beauty industry to grow. It has opened enormous chances for the industry to explore more and has also helped the market to flourish well. The various elements of franchising have made it easy to understand and adopt accordingly.