How to Grow Your Coaching Business In India

Written by Sparkleminds

Coaching institute has become a part of the education system in India. The popularity of coaching institutes has increased 35% more than in the last five years. 95% of the high school students take up coaching classes for most of the subjects. Have you ever wondered how to grow your coaching business? We all know the potential is soaring like never before.

The market size of coaching classes in India is expected to reach USD 500 million by 2022. The coaching classes market is primarily driven by an increase in the number of students pursuing higher education and professional courses. Furthermore, rising preferences for high-quality education among parents has driven the demand for coaching centres in recent years.

India is one of the fastest emerging markets in the world and has experienced significant growth in per capita income and educational standards. India offers great potential for universities and educational institutes to expand their student intakes. Moreover, India accounts for over 29% of the population from the age group under 18 that goes to schools. This offers significant potential for the coaching classes to launch their coaching centres. Furthermore, parents’ reliance on coaching classes is expected to escalate the coaching classes market in India.

Have a look at this example to understand the demand for coaching institutes in India:

  • IIT-JEE has around 10,000 seats, yet more than 200,000 apply for the exam.
  • More than 770,000 show up for the NEET for an insignificant 2,140 seats.
  • Most of the students who appear for these exams opt for coaching in some of the well-known coaching brands
  • Despite the miserable proportion of the students accepted in engineering or medical institutes, there is nothing stopping student applying for the exams

Coaching institutes have been growing exponentially and will continue so in coming times as well. The report segments the market as schooling and pre-schooling, higher education and university level courses, professional vocational courses, skill development courses, crash courses and competitive exams, and others.  

Reasons for Growth of Coaching Institutions:

  • Robust Demand: India has currently 250 million school going students as per IBEF report. This presents coaching industry a huge market for growth.
  • Competitive Advantage: India has competitive advantage to its counterparts due to large English-speaking population. This allows easy delivery of educational products for students to access.
  • Increasing Investments: The education market in India is expected to amount 225 billion USD in FY25. Ed-tech market in India is also projected to reach 10.4 billion USD in 2025. This will be major factor behind the growth of coaching institutes.
  • Exam Anxiety: The test fear is a significant attribute for trying out training classes. These classes are viewed as the most widely recognized arrangement among youngsters who need to exceed expectations scholastically.
  • Extra Push: Even the most elite understudies have the opportunity to get better. And coaching institutes are known to provide this push.

When education and business meet each other, it is a boom! Who doesn’t want a good business to begin with? In Indian society, particularly, teachers have always been very highly regarded. In today’s highly competitive environment private coaching/tuition centres are the means for a successful business.  If you are wanting to know How to grow your coaching business in India? Franchising is a very good option. Franchising opens lots of doors for expanding a business. With so much demand in the education sector, new business trends coming into the market has also accelerated the businesses.

India’s coaching institutes have an incredible opportunity given that around 580 million of the country’s populace lies in the age group of 5-24 years making it the largest population in this particular age bracket. This large market comes with lots of opportunities for the education sector in general and coaching institutes in particular. India’s education sector is expected to reach $225 billion by 2025. Expand your coaching franchise in India at different locations. With many Tiers 1 and 2 cities developing and wanting more coaching institutes, it is a sure shot success for ages to come.

Significance Of Franchise Training Program For Your Business Expansion

Written by Sparkleminds
Sparakleminds

A franchise training program is one of the fundamental reasons why your franchise business will succeed in different markets with numerous franchisees. It’s all there – product and service information, operations details, marketing, accounting procedures – everything you need to operate a business. As a franchisor, you know how the system works, you’ve refined it and can offer that valuable knowledge to a new operator.

The training is most likely going to begin with the franchise operations manual. This tool will lay out the operations standards expected of you as the franchisor. It’s a critical tool for development and operations that you’ll want by your side when you first open your doors and as you grow your franchise business. The operations manual is a good starting point and template for more intense and hands-on training that’s to come.

If you’re actively looking to expand your franchise, you probably have a lot of questions going through your head. Like:

  • How much time and money should I need to invest?
  • What franchisees profile should I look into?
  • How long will it take to for my brand develop in different markets?

Without a doubt, those are all good questions to ask. Everyone looking to franchise asks them.

But what about the questions that aren’t top of mind?
Like, how am I going to ensure everything on how my franchisees will be operating my franchise business?

There are two ways for you to teach how to own and operate your franchise business.

1. Formal training by the franchisor.

2. On the job training.

Your job as the “FRANCHISOR” is to ensure your franchisees can replicate and operate your franchise business successfully. And a few weeks into the franchising your business, no doubt they’ll get the feel of it.

Once you’ve received your franchise fee and have signed your franchise agreement, several other things occur. There are other things that will happen once you’re officially a franchisor, but for the purpose of this article, let’s stick with the training.

Odds are you’ll have to get franchisees to travel to headquarters to get trained on various aspects of your franchise business. Thanks to technology, few franchisors now include online training. In most cases, the online portion occurs well before the travel to headquarters for in-person training. It’s known as pre-training, and it’s becoming more popular—especially given recent events.

As a matter of fact, most franchisees like this type of training a lot. In addition, they all feel it helps them feel way more prepared for their in-person training at headquarters. In a perfect world, you train on everything you need to know about operating your franchise business. In reality, typical franchise training programs come pretty close to that ideal.

One of the backbones of a strong franchise organization is training and support for franchisees. Here are some of the things you’ll teach about during franchise training:

  • Organized and detailed information about the products and services of your brand
  • Assistance in financial management, site selection, and real estate
  • Help with building design, leases, and permits
  • Some basic training on how to hire and manage employees
  • Explanation of all marketing and co-op advertising initiatives
  • Implementation of computer and accounting systems
  • Details on how to procure inventory, equipment, and supplies
  • Internal IT system management
  • Employee management
  • Payroll management
  • Working with vendors
  • Customer acquisition&Customer retention

Yes, This Can be Overwhelming

All new franchisors feel overwhelmed at some time before they open their businesses. It’s completely normal. That’s because if you’re leaving your business in others hands. But isn’t the “not knowing how to expand a business” one of the major reasons you went down the franchise path, to begin with?

Always include questions about franchise training. Ask them how well prepared they felt when they took the franchise training program.

There’s more to training than learning how to get your business open& running. When the franchise launches a new product/service, you, as a franchisor, will need to teach in regard to the same. In addition, with technology seemingly always being updated, and in some cases, changed, you’ll need to be trained on those changes.

You won’t need to train from the headquarters on new items. Instead, your franchisee training program will take place online in a group setting. Sometimes, this additional training is held at a regional location near to where you are located, or a trainer from corporate may be sent to your location.

Finally, if you ever feel you need to give a refresher course on some of the topics/operations, schedule a training program semi-annually/quarterly to update your franchisees. It is important for the franchisee to understand and the training given to them, as this will help them adopt and adapt to the business smoothly. We at Sparkleminds with over 20+ years of experience have developed some really complex franchise training program manuals for our clients and it has helped them immensely to establish fruitful franchises.

Franchise Your At Home Health Care Services In India

Written by Sparkleminds

The Indian home healthcare services market sized $5 billion in 2019 is expected to grow four times to $20 billion by 2027. The ongoing pandemic has shifted healthcare in many ways. There has been a continuous need throughout the country to implement immediate and accessible healthcare solutions. Digital solutions/ Virtual Health has been a game-changer as we saw advances in the reach and speed of service delivery. Did you know home health care in India industry is the fastest growing industry in the franchise business? It has seen 3.5X growth in the past two months.

The pandemic triggered the “stay at home” message meant that the healthcare fraternity had to find new ways to deliver healthcare services. All this led to the rise and growth of telemedicine and home healthcare services in India.

The need for services that are accessible anytime, anywhere which includes 24/7 digital access to primary care physicians and specialists, reduced ER visits- remote care from your own home while avoiding the waiting room and less time spent away from work or school, less transportation.

The new normal is that demand for remote / home health solutions ranging from telemedicine, home lab, home pharma and home health monitoring are at an all-time high. The tendency to avoid a hospital visit unless it is mandatory is very high making home health almost an obvious need.

Trends showing current market dynamics:

  • Tele consult platforms saw 500% jump in transaction volumes
  • More than 60% of users consuming remote post COVID-19 were first time users
  • Consumer pattern changes have driven pure play healthcare players to either introduce or strengthen up their home services portfolio
  • Large number hospitals are considering home health as a strategic play in near 6-18 months’ time.

Some of the key players operating in the Indian home healthcare market are:

  • Portea Medical
  • Apollo Homecare
  • Nightingales Home Health Services
  • India Home Health Care (IHHC)
  • Healthcare atHOME
  • Bharath Home Medicare
  • Care24

The range of home health care services a patient can receive at home is limitless. At-home care services may include:

Doctor care: A doctor may visit a patient at home to diagnose and treat the illness(es). He or she may also periodically review the home health care needs.

Nursing care: The most common form of home health care is some type of nursing care depending on the person’s needs. Nursing care may include wound dressing, IV therapy, administering medication, monitoring the general health of the patient, pain control, and other health support.

Medical social services: Medical social workers provide various services to the patient, including counselling and locating community resources to help the patient in his or her recovery. Some social workers are also the patient’s case manager–if the patient’s medical condition is very complex and requires the coordination of many services.

Laboratory and X-ray imaging: Certain laboratory tests, such as blood and urine tests, can be performed in the comfort of the patient’s home. In addition, portable X-ray machines allow lab technicians to perform this service at home.

Pharmaceutical services: Medicine and medical equipment can be delivered at home. If the patient needs it, training can be provided on how to take medicines or use the equipment, including intravenous therapy.

Franchises have big advantages in home healthcare services. Franchises provide the opportunity for business ownership and a level of independence alongside an established company with a proven record of success, and oftentimes a well-recognized brand name. Individuals will be more likely to see a higher probability of success through franchising than starting an independent business for a variety of factors, including:

  • Shorter opening period
  • Initial training and development support
  • Established supply chain
  • Use of a systemized business model
  • Marketing and advertising support
  • A network of peers to rely on for advice, mentoring and best practices

The franchise model allows entrepreneurs to go into business for themselves, but not by themselves. In addition, many entrepreneurs find that joining a trusted and recognized network also provides their consumers with the comfort of purchasing items or services they are familiar with and working with names they know and trust. With healthcare services peaking at the current time and looking forward towards growth

Way forward for franchising home healthcare services in India

In this fast-evolving time post-COVID-19, we have seen a tremendous expansion of the portfolio of services of almost all companies. Over time, we will see any service that doesn’t need a hospital bed to be occupied will be delivered out of homes. Our data shows that during COVID-19 new services like a pediatric vaccine, flu vaccine, periodic health monitoring check-ups all received a boost on the home services model.

  • Home healthcare, along with remote monitoring and tele-health technologies, has a critical role to play in out-of-hospital care delivery.
  • The pandemic has clearly proven itself as a health care innovation catalyst, reinforcing the benefits and growth potential of the home health care industry
  • Considering the poor doctor to patient ratio (1:1500) and even worse patient to hospital bed ratio, such developments are good for the industry, and we need to continue to build on such delivery models that are non-hospital based.

Home health care in India has great potential from all aspects of the business. With the limited healthcare infrastructure and resources, home healthcare will help to address a portion of the present healthcare requirement. From changing payment models and new policy levers to increased use and adoption of technology in the space, the momentum over the past few months is promising, and it will be worth it if sectors across continue to invest in technology for the home which will be really accelerating growth across the spectrum.

Franchise Expansion Strategies For Your Business

Written by Sparkleminds
Franchise Expansion : Sparkleminds

Looking out for ways to expand your franchise business? As a franchise owner, you get to reap the benefits of accumulated knowledge. Although you would’ve undoubtedly made mistakes along the way, you must have also learned from them. This ability to grow a successful business based on the lessons of earlier is what makes franchises so enticing for business. If you really want to capitalize on this opportunity, here are ways you can take your franchise business to the next level. However, Franchise Expansion Strategies does not come naturally to everyone. Hence, this article will help guide to few easy methods to expand. Here’s how to expand your franchise business!

Award Top-Performing Franchisees

Many franchisors award their top-performing franchisees. By doing so, you’ll have a good shot at finding high achievers. This will help in developing healthy competition among the franchisees themselves. Also gives them pride and recognition on a bigger scale.

Add More Units

Some of the most resoundingly successful encourage multi-unit franchise owners. Your business already has a proven system of duplication that allowed them to help franchise owners build businesses from one end of the country to the other. Why not emulate it on a smaller scale to create your own empire?

Most franchisors insist that franchisees be successful with one unit before they’re allowed to open additional ones. However, there’s no reason you can’t expand after you spot credentials in a particular franchisee who meets the requirement. Offer incentives to franchisees who want to add more units to their businesses, because they’re already up and running and only need minimal training and support.

Provide more support & resources to Grow

Your franchisees will help you grow if you help them grow. Providing constant support and franchise training will help your franchisees to work in an efficient manner. As you help your franchisees supercharge their success, they may recognize your initiative and provide you with better performance leading to the ultimate growth of your own business.

Notice star performers and leaders

As you grow your franchise business, it becomes hard to maintain a record of each and every franchise individually. Find leaders and give them opportunities within the organization. A star franchisee can take over a master franchise in a particular State/area/region if they have the potential and managing capacity. Franchisees can help you to establish business within the locality/community.

Have a Two-way communication

Facilitate communication and participation between the corporate team and the franchisees. By participating, you’ll get a voice and even better, understand the glitches of your franchise system at the ground level. Take this as an opportunity to influence company direction. These efforts have immense potential to positively affect your business.

Optimize your Finance Strategy

Any business owner will tell you that growing costs money. That’s simply the nature of the game. The good news is that there are ways to use financing strategically as you expand your franchise business. Have a good accountant who can guide you through the financials. This helps in the long run. Many think they got this covered and do turn a blind eye. Always supervise and see that the franchisees also maintain the book as per the franchise agreement.

Expect to Grow

When you have more than two or three franchisees, you’re going to need to be able to hire people who can help you oversee operations. This means it’s time to reassess your strengths and weaknesses. Delegate and play to your strengths. This way, you can build a team where everyone complements each other’s weaknesses with their strengths.

Provide good returns to your franchisees

If your franchisees do not see satisfactory returns down the road, in the years to come, you will be having a lot of trouble. Unsatisfied franchisees lose motivation to work when they do not see light at the end of the tunnel. This will limit the expansion plans you have as well. Set the bar where the share of profits justifies franchisees time and efforts. A happy franchisee positively correlates to a happy franchisor.

Find your franchisees online

Get franchisees online with a click of a button. When you want to expand a franchise business, the best place to start is at FranchiseBAZAR.com. Get thousands of franchisees in the directory, giving you a stunning array of possibilities for your first, second, or even third franchisees. As a franchisor, ensure to register today to connect with entrepreneurs who can take your brand to the next level in different markets.

Franchising is a way to cross boundaries with ease. Franchise expansion strategies help in entering markets that only looked like a mirage to operate in. Keep revising your franchise expansion strategies for your business at regular intervals. So don’t stop! Keep exploring avenues where you can keep adding your franchises.

Franchise your BIS Hallmarking Assaying Business In India

Written by Sparkleminds
Franchise your BIS Hallmarking Assaying Business In India:sparkleminds

Gold has a deep-rooted significance in Indian history, alluring people from different parts of the world with its beauty and charm. Its golden glow was visible across seas and borders, evoking emotions from millions of hearts. Over the years India’s infatuation with gold has grown stronger and stronger, with Indians accounting for most of the gold consumed globally. Gold, in Indian history, is more than an investment, it is a culturally significant metal that has found a place in Indian hearts and homes alike. Let us see how BIS Hallmarking Assaying Business In India is changing for the times to come.

India is one of the largest markets for gold, and growing affluence is driving growth in demand. Gold has a central role in the country’s culture, considered a store of value, a symbol of wealth and status and a fundamental part of many rituals.

The Government of India recently announced that it is fully prepared to implement mandatory hallmarking of gold artefacts and jewellery from June 1, 2021. Currently, Gold BIS Hallmarking Assaying is voluntary in the country.

With hallmarking unique ID (HUID), the government has embarked on a mission to track each piece of gold that is sold in the country. The government wants to do so by attaching unique identification numbers to them.

Hypothetically, this HUID for gold is similar to a PAN or Aadhar number for an individual. HUID will give a unique identity number to each piece of gold in the country. It will help track down the entire journey of that piece of gold from the point of sales to what happens with it after being purchased. The jeweller who sold it, the buyer who purchased it, whether that piece of gold is stored in a locker, turned into jewellery or simply went for reselling, HUID will tell you all.

What is Gold Hallmarking?

  • Gold Hallmarking is providing purity certification to the gold jewellery and artefacts.
  • Only three grades of jewelleries will now be hall marked under the new regulations. They are 14-carat, 18-carat and 22-carat. Earlier, ten grades of gold jewelleries were hall marked.
  • The new Gold Hallmark will contain four marks. They are purity in carat, BIS mark, assay centre’s name and the identification mark of the jeweller.
  • The system is also available for consumers who want their old jewelleries hallmarked.
  • A person found violating the provisions will have to pay a minimum fine of Rs 1 lakh or five times the price of the article.

Importance of Gold Hallmarking

  • The mandatory hallmarking of gold will protect the public against lower carat. This will ensure that the consumers are not cheated.
  • It will bring in transparency and will assure quality to the consumers.
  • It will remove corruption in the system of manufacturing of jewellery.
  • Legality of Gold Hallmarking

So how is franchising your BIS hallmarking assaying business going to help you??

Now that we know hallmarking is compulsory for the yellow metal, let’s see how you can benefit from having a franchise. Imagine you have set up a unit to do hallmarking of gold. Every jeweller has to get their products hallmarked. Won’t you be the person who will be in demand?  This means that having yourself placed in the right place will help you to have a business throughout the year. We know, gold as a commodity will always be in high demand. Having franchises across India will have many advantages for the same.

The benefits of franchising are as follows:

Rapid Expansion: The biggest advantage of franchising in a country like India, which is so geographically diverse, is the speed of expansion. If you don’t move quickly on expanding, someone else will. It is often seen that communities, friend circles, social circles, and everybody catches upon a franchisee that they see within their proximity.

Market Dominance: Take the first-mover advantage and have the market edge over the competition. The business opportunities have to be grabbed when

Additional Income: With a franchise, you can earn in terms of royalties, franchise fees, equipment sales etc. With such sources of income, it becomes more attractive to the franchisor to give out franchises.

Low Risk of Failure: Franchises have a lower failure rate. When you opt into a franchise, you generally have a network that will offer them support and advice, making it less likely they’ll go out of business.

The Indian market is a large market with the potential being limitless. With the regulations taking a huge step in the jewellery sector, we can look forward to a more advanced and reliable way of functioning in the future. Do not wait to start and franchise your BIS hallmarking assaying business in India today.

How To Franchise Your Service Business In India

Written by Sparkleminds
Service Franchise Opportunities in India : Franchisebazar

Can you franchise a service? And If you can, will you be able to franchise your service business type as it may not be similar to many other types of businesses that are generally easier to franchise. That’s the first question you’d have while you’d contemplate expanding your service offerings across various markets. Some of the world’s biggest franchise companies are from the service industry. WSI, JanPro, Servpro, Cartridge World are amongst the top global brands in service segments franchising very successfully. Lakme, DTDC, Ekart, Waaree Solar, Asian Paints, Tally and several other franchise brands in India across various service categories are franchising. Service Franchise Opportunities in India is expanding at an exponential rate as all types of franchisors and franchisees are interested in growth.

There are products such as brick and motor companies where customers come in to browse and shop, those that serve food – whether fast, casual, or luxury fine dining. Then there are service-based industries, where the business owners provide a service to their customers. There can be a range of service franchise opportunities example: if you plan to franchise your service business which is into painting houses, installing gutters or roofs or repairing them, giving spa facilities at home etc. Where you provide a service to your customers.

Simple enough concept, right? Whether you are looking to expand your existing franchise company in the services segment or looking at buying a service franchise, there could be tremendous gains. Yet these types of companies are so often overlooked in the type of value that they can provide. If you’re new to franchising or are considering your industry, take a look at the benefits that can come from a service franchise in India. 

Customers don’t have the time to do or simply can’t do
In most cases, service franchises provide something that the normal consumer can’t do on their own. Maybe you have special equipment, perhaps it’s education or know-how that the average Joe just doesn’t have. Are you preparing taxes? Providing financial advice? Offering childcare? All of these things might be a service that someone can’t or doesn’t want to do themselves. Right then and there you have an edge up with your business, simply that you’re offering something that people need or want. You’re in demand from day one. Don’t overlook the value of providing something that others need, but can’t do on their own.

Get Ready to Franchise Your Financial Services Business In India.

Back-to-back Business
When selling something, consumers might not need to return for years. With a service, they’ll need to come back every so often to have you do the same service again. For example, getting a haircut might happen every 2-3 months. Whatever you’re doing, it needs to be done again, eventually. Right there you’re setting yourself up for ongoing revenue with a franchise that provides something that’s repeatable to the same customers, over and over again. 

Get Ready to Franchise Your Salon Business In India.

A different source of income
Increase your training, offer various tiers of services. Doing all of the above can create different revenue streams. It also helps your consumers have options as to how much they want to spend. Not everyone can afford the top price point, but they might be able to afford the lowest one. This can increase your customer base from day one, and provide the benefit that customers can choose what they want. 

Quality lead generation
If you offer a franchise service that’s rare or if folks simply don’t know where to go, your name could soon be a hot commodity. Getting referred to others by customers, or simply doing a great job allow referrals to take place all on their own. When you’re providing a service that few can replicate, you’ll be surprised at how quickly your name gets passed around to the masses. 

The Pet sitting business has become famous among pet owners and pet lovers.

Reduced Expenses
While retail businesses will need to invest thousands just to get up and running, you can make do
with much less. Once your equipment has been purchased, you can cut the spending and start earning. Sure, your franchise location will need products and items along the way, but on average, you’re spending far less than different types of businesses. Your parts can be reused, and you can still charge customers for their time with each tool or piece of equipment. For instance, if you do hair, you reuse your scissors and hairbrushes, etc., and if you’re a bike mechanic, your wrenches will last for years. This means less spending on overhead overall. 

Get Ready to Franchise Your Logistics Services Business In India.

Create your own Size
As a franchise owner, it’s up to you how big or how small your operation will become. When providing a service, you can remain the sole owner-operator. Or, you can hire tens of employees and train them all on how to do a great job. The end state is up to you. You can even start out small, and see just how big your business can get.

Branch Out into Retail

Service is not restricted to retail only. You might also find that there’s good money in offering products to your customers. It is completely your decision. If there is a good lead for your franchise location, you can offer relevant products to consumers. There’s no harm. Just one more merit to a business that offers a service in a franchise setting. 

Ongoing Training is Available
You may love what you’re doing and growing rapidly. That’s one of the reasons why you got into your franchising business. But you don’t have to do the same thing on a daily routine. You can actually continue your training and learn more as you grow. Your business skills will advance while running your franchise. Choose the methods that mean the most to you and pursue them. It’s a great way to remain fulfilled in what you do, as well as adding value to your business.

If you plan to Franchise your Service business in India, remember that it has tremendous potential. Each developing city/town is going to be acting as the main hub to cater to a large set of the population in the coming days. The future is for those who are into creating a space in terms of innovating the way business works. Convenience is the new key. If you get your customers to like your service, you can be assured to get repeat customers. The generation is looking at getting work done in the easiest way possible. Would you be rather spending time travelling and waiting rather than enjoying the service at your space with loved ones? A cloud kitchen that delivers food at your doorstep, is much more the need of the hour than visiting a restaurant. This makes it all the more attractive to get franchise services at your doorstep with fewer hassles and worries. 

Create your own Franchise Marketing Strategy

Written by Sparkleminds
Franchise Marketing Strategy : Sparkleminds

Who is executing the franchise marketing strategies planned? Franchisees..!!Wrong answer!!! No matter how good you have set your franchise business model, and your franchise systems and manuals. The franchise marketing strategies have to be planned by you to support the complete franchise organization at a central level.

Many franchises succeed using great marketing strategies. It is a continuous process that helps in the retention of customers and developing new ones. One of the benefits of a franchise is working with a company that already has established marketing strategies in place. If the franchisor does not provide a support system, it leads to confusion among the parties involved. A franchise business plan has to be allocated well in advance. Delaying it causes only delaying in getting profits.

Have a marketing checklist and act on it accordingly. You can use the following direction to better marketing.

Take the lead in Marketing

Take a more centralized approach and handle the bulk of the marketing at the corporate level. Others leave marketing up to the franchisee. Knowing what you have available and are able to do under your franchise’s guidelines is the first step to building out your marketing plan.

Provide Marketinginputs

Franchisors need to provide excellent marketing materials to franchisees. These materials are just the beginning of having a solid marketing strategy in place. It’s up to the franchisee to devote the time and resources to bring these marketing materials to life.

Be Geo-Specific Transmission

Have a strong social media presence. If you’re not skilled in how to do social media marketing, hiring a social media expert. Through centrally operated, provide posts and activities which will benefit the franchise in particular geographic zones. Promote and engage with local organizations and deepen your connection to the community so that the franchise benefits highly through wider reach. Local marketing strategy by the franchisee will enable the business to feel autonomous rather than like an out-of-touch establishment.

Build Relationships

A marketing plan should focus on humanizing the brand by personalizing the communications you send. As much as you want to sell, it is much more important for you to touch hearts and make a connection with your customers. The franchises are hugely dependent on the community the franchise is available at. This personalization can foster deeper relationships between the franchisee and the community, which ultimately can build the franchise. Franchisees must have a budget to devote to building these resources.

Hence, get your franchise marketing strategy built in a strong manner to support your franchises in delivering the results you would like to achieve.

Optimize Your Franchise Territory Mapping

Written by Sparkleminds
Franchise Territory Mapping :Sparkleminds

A very important part of the franchise agreement is where the franchisee will operate and how the franchise territory mapping is set to clear. As and when a franchise expands, the number of franchisees grow. Apart from external competition, franchise competition increases to capture a market. The location of these franchises has to be strategized with market allocation. Whether it’s a product or service franchise, the needs of the customers in the location plays a vital role in generating revenue.

Having a good market study based on location-based analysis to select franchises can help businesses operate more efficiently and make better decisions. When a franchise knows a potential market, capturing it would be critical as a first-mover advantage. A franchise can tremendously be benefited if all territory mapping strategies are made with numbers backing them.

To maintain healthy and consistent growth, strategies for franchise territory mapping has to be done with customers in the main focus. Every franchise has its own unique set of target audiences whom they serve to. On top of, understanding the characteristics, tastes and preferences become important. Through segmentation, franchisees are able to offer effective sales incentives. Franchisees will be provided with adequate territory to generate and maintain a revenue stream that does not have to deal with direct competition from other franchisees

Franchisor role in franchise territory mapping

  • Demarcation of Franchise Territories

This is the most common criteria for any franchise expanding. Territories can be defined using simple metrics such as distance radius, ZIP codes, population size etc. Once a franchise knows its strengths and weaknesses, it can have a market strategy to implement on the location that will assist in making the franchise a success.

  • Roadmap for the future

The franchise territory mapping has to be done with the future business kept in mind. An environment that is developing has to be always under surveillance. They are the opportunity that cannot be missed at all costs. Hunting down locations that can add revenue and cater to a larger audience creates better positioning and ease of access to the customers. Conducting territory optimization analysis sets a road map for the franchise for expansion and recruiting a local franchisee at the said location

  • Overseeing Franchise Territories

Investing in franchise territories at the beginning itself will improve the efficiency of your franchise sales and ultimately reach your franchise expansion goals. Success in selling a franchise begins with providing the supply of the current and future demand of customers.

Territories are the fundamentals for any franchise as it provides them with revenue, customers, and the endless potential for growth. Choosing the wrong territories can have a detrimental effect on a business’s potential to grow. For example, if a territory is too small, there will be minimal opportunity for expansion. In addition, if a territory is chosen with little regard to location, you may find that neighbouring franchises are constantly competing for your customers.

To maximize revenue in a particular location, franchisors may offer various territory rights:

Exclusive: The purpose of an exclusive territory is to ensure that franchisee has a large enough market to be successful and a small enough market to be efficient and effective. With exclusive territory rights in the franchise agreement contract, the franchise is the only source of the franchisor’s goods or services in your agreed-upon geographic area. Lack of territorial definition can create business risk for franchisees.

Protected: Under this, a franchisor agrees with a franchisee that it will not appoint an additional franchisee in that franchisee’s territory. However, the franchisor can operate the franchise business in the territory from some other sources, such as company-direct internet sales.  

Unprotected: In some franchise systems, there is no territorial protection to its franchisees. A franchisor wants to get as much revenue as possible from its franchise locations. The possibility of franchisors opening competing stores is high in this system.

Location strategy is essential to any franchise business. The way in which you define your franchise territories and the locations where you build your stores will ultimately determine if your business is successful or not. Franchising territory mapping can help improve your decision-making and ensure that you make the right choices in terms of territory creation and site selection. When franchise territories are properly allocated, you can achieve greater economic benefits.

Once the territories are very defined, it becomes easy to compare the performance of different territories side by side and better understand that factors may be impacting the performance of that franchise. Various factors can influence performance, such as location demographics, territory demographics, and competitor locations. Franchises that leverage territory mapping is able to efficiently create and manage sales territories which helps drive sales and overall growth within a company.

Franchisor support to maximize your franchise is important. Territory mapping can benefit both franchisers and franchisees. No matter how a particular franchisor establishes territories, understanding how territories are determined and are well-respected among all franchises acts critical to have minimum disputes among the franchise in the long run.

Why Do Franchises Fail

Written by Sparkleminds

The franchise is considered to be the safest mode of expanding a business. With a small number of failures in franchising compared to start-ups, it has become ready to go to the place of interest to invest. However, recent show a different fact. So why do franchises fail? What are the biggest franchise mistakes that have been repeatedly done by few franchises and what can we learn from them??

There is nothing as a sure bet in business. Sometimes traits are blessings but might be a curse too. Let us decode franchise mistakes in order to learn and save future businesses.

Why Do Franchises Fail:

Scattered Business Plan:

The business plan/model will be the main focus of most of the parties involved. This is the most common reason why franchise businesses fail. The best way to test whether or not a franchise has unrealistic expectations is to examine its business plan.  With initial success, franchisors want to expand into other markets without structuring the complete franchise system. This leads to confusion in the operations aspect and with the roles and responsibilities. This is generally found in new businesses. The risk of joining such franchises is very high and is a sure-shot path to crashing the entire business.

To add on, competition should also be assessed with a broad view. It has become very easy to replicate a business. Without safeguarding the intellectual properties, the franchise is at a high risk of losing. SWOT analysis is a great tool to understand the market scenario and adjust the business model accordingly.

  • Inadequate backend support:

The franchisor is responsible to give a strong support system to the franchisees. This can be in regards to marketing, IT, logistics etc. This occurs usually when the franchisor is not in a financially sound position. Without constant support, the franchise system creates loopholes which are cannot be monitored easily.

  • Poor Training:

The training of franchisees is the most important factor when it comes to franchising. Training and support have to be taken seriously. Every successful franchise has ensured proper training modules among franchisees. The delivery has to be consistent across all franchises.

Reminder courses and new training programs not done at regular intervals makes the employees lose track of the procedure. The franchisees lose the focus towards the core business due to such intervals. This is the top reason why franchises fail. Once the systems are not followed, the franchise cannot perform at its optimal level.

  • Use of technology:

There is no doubt that the internet has made the business world change into a complete dimension. If one does not move with technology, the expansion does not take place. It can be digital marketing, new equipment or the way of providing the service online. The generation is tech-savvy and wants the results as fast as possible. If the services are not upgraded with time, the business ends up losing out on customers and falls back in the line.

  • Keep your customers first… ALWAYS!!:

Be a giver and not a taker. There is the mistaken concept of always being right. As a franchisor, individual growth can only happen when the customers are happy. That is why numbers talk for themselves. The real reason for the success is in fact the customers. Keep your customers happy and so will be the franchise.

  • Get the numbers straight:

Many are delusional when it comes to facts. The imaginary number built in the head creates a false situation of bliss. That is why formal market research must be conducted to get the real facts. The decisions must be made based on the reports and numbers. Fictionalized figures cause the only demise to self and others surrounding.

  • Recruitment:

There is a big difference between loving a franchise and running a franchise. Many are simply not meant to run a business. Managing human resources is a task and requires specific skills. The franchisee need not be from a particular professional background. The franchisee should or assign a manager who is capable of handling operations and make certain the systems are followed. Hence, get your recruit your franchisee done by an expert who will be a nice fit for your business. This, in most cases, does not happen and the franchise loses its control.

  • Insufficient funds:

Insufficient funds are the most common cause of all business failure, not only in franchising. Without adequate working capital, paying bills becomes an issue. Even if the business is profitable, it can still fail if its customers have not paid it on time. Understanding the difference between cash flow and profit can mean the difference between surviving and failing. Reinvesting in the business can work wonders and could eventually result in insolvency if not done from time to time.

Knowing is only half the battle won, but the execution by action is the only way out. Now that you’re aware of why do franchises fail, take appropriate steps towards it. So, create a backup. Gain control. Optimize the training. Learn from other franchises and implement them into your business. Get your business models assessed by a franchise consultant. Giving a thought to the failures and implementing solid strategies will help your franchise achieve great success.

Add Value To Your Franchise Training And Support Systems

Written by Sparkleminds

Let’s just say your business has been well structured and all the systems are in place. On top of that, the business proposition has huge potential. Many entrepreneurs are eager to take up your franchise.  Do you think it will be a sure shot success?? The answer is a simple “No”. Post appointing, franchise training and support has to be given by the franchisor. This is the only way a brand can achieve consistency and deliver to its customers time and again.

No matter how good business plans sound, it is the execution that does the magic. Needless to say, how training directly correlates to getting better performance and results. With the help of franchise training manuals, it enables reinforcing and bringing consistency to the table.

Look at the brands that have franchised at a large scale. There are set parameters that guide each and every employee to stick to the standards. Great franchisors have elaborate training programs, new franchisors are creating their foundation, laying one brick at a time to build their training structure.

So, how can you improve your Franchise Training And Support?

Get Franchise Manuals in place

A good education is a foundation for a better future. Designing the manuals must be done with a very broad understanding. Communication plays a key role. The end-user should be always kept in mind when the manuals are being developed.

Franchise training manuals for operations, sales etc. needs to be structured scientifically. There must be reminders for the reader for the purpose of reiteration. The pre and post-launch manuals also are designed to give adequate training to the franchises at a broad level. Most of the hindrances are removed if training is provided before the franchise starts operating.

Franchise Manuals cover topics such as operations, financial management, marketing, and advertising. Related to the idea of the business/brand, customized manuals are to be prepared to address that particular industry/sector.

Professional Training

Everyone in your HQ needs basic education to understand the differences between working with employees and working with franchisees. The main aspect is to be safe on a legal level for the franchisor. The franchise manager has to pick from the best of the prospects for recruiting franchisees. Misrepresentations, intentional or otherwise, lay a path for future lawsuits that can be easily avoided with proper training. Franchise Manager should know the fundamentals of how the business functions to clarify to franchisees questions on operations they may have.​

Franchisee Training

Interest in building franchise manuals will be anchored even further when you use them as reference materials for new franchisee training. Section-wise assimilation of the manuals gets franchisees in the habit of learning the critical information when in doubt. Clear guidelines will lead the franchisees to act ask the company policies and ethics.

The mission and vision of the brand must be clear from day one. The pre-training consists majority of the training. It helps in creating a live scenario of daily exercises, preparedness of problems that may occur and overall, on how to tackle the problem informal manner without any escalation.

The training can be given out in many ways:

  • Manuals
  • Webinars
  • Classroom training
  • On-site training

Management Training

Franchisee and franchise manager training is the most crucial part of the exercise. Once the agreement process is completed, the training has to happen with immediate effect. The franchisee needs to make certain the protocols are being followed with complete focus and accuracy.

The management will be relied on training the employees of the organization. With this kept in mind, roles and responsibilities must be set aside with distinct instruction. These play a vital role in the success of the franchise. In case the skills and managing capability does not take place, the cost of the overall franchise shoots to high volumes. 

Develop recorded training modules that can be accessed by managers, this further reduces their time and efforts. In addition, they can view it anytime to get clarity on the subject matter.

Employees Training

Franchise models vary for different types of businesses, models, industry etc. depending on the category. The training has to be moulded in such a manner. Whether there are technical, delivering, product servicing, franchisees can’t rely on them until they have been trained.

When it comes to blue-collar workers, the attrition rate is a concern as many leave the organization within a short span of time. On the other hand, skilled professionals need to be trained with higher costs to adhere to the standards of the franchise. Deciding the price and time for the individual employee must be judged well in advance by the franchisee. Manuals provided by the franchisor can also be used. simple training manuals, training aids, or videos provided by the franchisor that forms the foundation of the franchisee’s staff training programs.

Have a Checklist of Franchise Training And Support

The franchise system expands at an exponential rate. The initial phase of franchising sees slow growth. With time, the growth seems tremendous at a rapid pace and controlling all franchisees seems to get impossible. Therefore, innovative steps should be taken to always keep the information flowing. Conferences provide the franchisor with a vehicle for communicating new programs and products, conducting advanced and refresher training.

With this, the franchise and the manager are upgraded at a frequent level. The bond increases and further strengthens the relationship between the franchisor and the franchisee. When it is reminded that they’re part of a bigger and caring organization, success usually follows.

Review, Revise & Recreate Franchise Training And Support

Training the franchise is an endless process. With changing market, the needs of the franchise also change. The systems, services and products and policies will have to adhere to from time to time. The manuals also through changes. Revision of manuals is critical for franchisee training and support. These manuals should be revised once annually to always be up to date. Continuous update your business, the more you’ll need to update your manuals and training.

With the right franchise training and support systems, you can be assured of getting the business functioning optimized and keep everyone in the franchise system happy.