Franchise system has proved to be a great formula for success with almost proven business model. Who doesn’t know McDonald’s? McDonald’s is the torch-bearing example of a successful business system. Franchise system elevates experience, brand equity and partnership to new heights. Here are some tips if you are planning to become franchise –
1. Industry size – the segment size to be catered by you and its growth potential are deciding factors. Although these factors are not sufficient to ensure success, they can prove to be good launching platform.
2. Business plan – always remember that the franchiser’s business is proven. So the good idea will be to stick to their plans than creating and implementing your own. You may discuss with your franchiser about localizing various parameters in the plan. For example, McDonald’s had to launch pure vegetarian dishes in India – this is localization.
3. Success formula – reputed franchise system is successful – this doesn’t mean that it will be equally successful for you. Ultimately it is you who has to implement the system in your area.
4. Manpower – any franchise system is heavily dependent on adequate & proper manpower including selection, training, orientation, monitoring, etc. If you are not good at managing people, be assisted by a manager who is good at this.