Few will argue that the success of McDonald’s has possibly become the premier example of the franchise business model. Franchisees operate 90% of McDonald’s restaurants in the US and about 81% of its restaurants worldwide.
More business owners are starting to realize that the secret to scale their business in a cost-effective manner is to start a franchise program.
However, there are lots of things required to get a brand-new franchise up and running. So, instead of plunging into this venture blindly, it would be of great help if you can learn from people who have been there and done the process before you.
After all, entrepreneurship is all about taking inspiration from those who have been successful in the field.
If you are planning to franchise your business anytime soon, below are four useful tips from franchisors and franchise experts to help guarantee that your first ever-franchising experience will go as smoothly and easily as possible.
Be committed to the idea of franchising
Before anything else, take note that franchising is different from running your core business. It is important to pay close attention to marketing and selling the franchises. After that, you will need to provide training and support to your franchisees. See to it that you and your entire team are not stretched too thin so they can devote enough effort and time to the project. You can add a new member who will lead the project. Following a team approach and delegating tasks can make it easier to deal with your franchisees.
Check that you have a profitable and desirable concept
Franchising is not meant to save a business that is going down the drain. Instead, this is a wonderful method to grow your business to its fullest potential. So, if you will franchise your business idea, make sure that the concept has been properly defined, your business model can be replicated, and to top it all, it must be profitable and exciting. The real secret to sell franchises is to have profitable and happy franchisees.
Create and foster an exceptional brand culture
More than anything else, culture is an essential aspect of any franchise. Your franchisees and end customers should see the difference. Franchisees, more than your employees, look for a culture of inclusiveness which values their ideas and efforts, and where everyone is treated with utmost respect. Your brand culture must require and encourage honesty, transparency, and responsibility.
Provide regular training and support to franchisees
At its very essence, franchising is training other people on how they can operate and run your business system. You need to train your potential franchisees on how they can start their franchise and operate it following its inception. To do this, you have to examine all crucial steps during the process of launching, operating, and see to it that you will be able to teach your franchisees on how to do it. In this modern world, training has become more interactive, application and video based. Many workers don’t just retain information once published in a manual with hundred pages. Be prepared in coming up with online training and short training videos.