There are multiple options for expanding a business. To be honest, franchising is amongst the safest of all. It is cost effective, requires less regulation and comes with an inspired workforce.
Having said that, we do understand that even when you chose the safest road, there is bound to be confusion and uncertainty in the mind. Therefore, we have for you a few ways that will make you more confident and prepared for the first step of franchising.
- Look at your competitors
No matter what industry you are in, you will always find fellow businessmen who are already practising franchising as a business model. Look at their growth figures; see what they did right and what they did wrong.
- Talk to franchisees
Talk to franchisees that you know. It will give you an idea of how they function and what part they play in the overall success of the brand.
- Set a goal
You must know in your head why you want to become a franchisor. Set realistic goals for yourself so that you are in a better place to compare your actual and budgeted plans.
- Compare the costs
Make a chart and compare the cost and the growth pattern that your business will undergo with different expansion plans. It will be better if you have a written statement that supports your decision.
- Legal Support
Contact the lawyers you know and see what legal implications the franchise route will have on your businesses. You will have to know what all will be your obligations and what will be your upper hand.
- Talk to fellow business people
You must be knowing other entrepreneurs around you. Talk to them, share your plan with them, see what they have to say with an open mind. Make a note of all the suggestions and implement them wherever necessary.
- Bring your family and friends on board
Make sure that you have full support from your family and friends. Ultimately they will too walk with you on your new path.
- Government policies.
Things like demonetisation are a surprise. But something like GST comes well announced. Make sure that your expansion plan comes in accordance with new upcoming policies of the government so that later you don’t regret your choice.
- International competition
When big international brands come to India, it is big news for all. Make sure, you know what is happening in the world market.
Hopefully, after you make a note and adhere all these above points, you will be in a better place as a franchisor, more confident and more willing. If you need any help, contact Franchisezing right away. You can call us at 97178-99655 or email us at info@franchisezing.com