We look around and see so many well known franchise brands. They established worldwide/national network and strong franchise system. These brands sell their unique business models, goods, services etc.
At the departure point, well analysed core competencies and established business model provide advantage to create valuable brand and establish strong franchise system.
Criteria to become a franchise brand
- Credibility of your company
- Unique business model, goods and services you supply to be competitive in the market
- Proper documentation and archive
- Transferability of your brand’s know-how to your franchise network in a fast and accurate way
- Agility of your company to follow market trends with its service quality, concept, marketing strategies, and goods.
- Adaptability of your brand to the new markets
- Sufficient capital to establish franchise brand and operations
- Capability to establish long-run business relationships with the franchise investors (franchisees)
- Well designed and effective business administration philosophy
What are the advantages of franchising your business?
- Reputation of your brand increases
- You gain higher growth rate
- Increase of your brand’s market peneration
- Establish loyalty between the brand and the customers
- Your administration system become simple and sustainable
- Your operations costs decrease
- Enable you to employ less human resource
- Morever, you have potential to operate as an international brand
How to franchise my business?
- Employ SWOT analysis for your brand
- Generate franchise strategy
- Establish business plan
- Produce unique business model for your brand
- Produce the manuel involving your business model
- Organise franchise business training programs
- Produce marketing plan
- Establish budget plan
- Market research
- Now, you are ready to franchise your business!