When a franchisor is looking at franchising in India, the franchisor should have a blueprint in terms of expansion plans in the number of cities, which franchise model they would be adopting and expanding with. Before expanding in India, Ministry of Corporate Affairs is the platform a franchisor should visit.
So, if you are a foreign brand, who wants to expand business in India. You should visit the Franchise brokers in India. This will help you to understand the nuances of franchising in India and how to set it up.
The legal bindings to make note of is taxation policy according to the state, city, region the brand wishes to franchise. Exploring currency risks as they would be dealing with the currency of their home country. The franchise legal framework in India is directed by laws under Indian Contract Act 1872, Transfer of Property Act 1882, Foreign Exchange Management Act 1999 and more. Before you start a franchise in India visit these institutes.
Franchise Intellectual Property
Businesses expanding into a newer location in the home country or foreign lands has to be certain about few things. A franchise intellectual property has trademarks, design logo, trade secrets of the brand for a brand identity.
An entrepreneur must understand the two types of franchised business which is as follow:
Product & Trade name franchising, here the franchisee is given permission to use the trade name and trademark in order to sell the franchisor’s products or service or both
Business Format Franchising, franchisor permits the usage of tradename, trademark, trade secrets, functionality and more to the franchisee.
Franchising Consulting Strategy Framework
It is tough for an entrepreneur to franchise since a lot of things are to be considered when franchising. There is a need to develop a commercial strategy for the business and look into legal framework for the business.
The two types of framework are used while developing your franchise business is – Strategic and Operational Support. In the operational support the recommended changes will help the brand in the long run, while looking at different geographies of India. Franchise experts will also give operational tips on the small functions of the office, this includes finance, human resources, procurement and more.
Conclusion
With above given brief details a franchisor regardless of the origin of the brand can understand franchise procedure in India. Also, what are the legal institutions that guide your franchise in India in terms of rules, regulations and more. This calls for an expert when it comes to franchise registration in India and understanding of franchising intellectual property etc. We provide guidance in registration of franchise agreement in India and help you understand steps in franchise registration in India.
At Sparkleminds we conduct a detailed study on the brand and provide consultancy services as per the business functions. The main challenge for us is to understand dynamics of the market and develop a business model on those lines. Therefore, our research is based on primary as well as secondary sources.
We always look at providing the best service when it comes to franchising!
Franchising as a successful form of expansion is not only popular in India but is also accepted worldwide. Franchising has created a lot of success stories, which in turn have inspired others to make the best use of these services.
A few of the factors that build successful franchising are:
An opportunity of a franchise model for home-grown and global expansion
Careful location analysis either regional or global
Swift flexibility to the market changes
Review and make changes to the disclosure documents
Engaging the right franchise partner
Adaptable and Flexible Franchise Culture
There is a plethora of reason as to why franchise is one of the most suitable forms of expansion and how it can be successful for both the parties. Franchising comes with a benefit of cost friendly for the business owner. You can start multiple outlets of your business at once with minimal investment. Also, franchising is an effective method of expansion at all the stages of your business growth. Whether it’s a start-up or have built a huge empire, the moment you decide to franchise, that’s your best time to start. In case, you are not aware of all the documentation, legalities, and requirements other requirements for franchising; it’s always advisable to consult a franchise consultant.
Franchising Vital Success Factor
A lot of things play a vital role when it comes to understanding the potential of franchising their business. How to create a successful franchise? we could help them, tap the untapped markets. With our expertise we give them insights on which kind of expansion model would do good for the business. A few of them are mentioned below:
Retention of Customers: It is important to provide the best service to your customer when they visit you for the primary time. It is important that they are happy with your services. Hence, they will return back and also recommend your services to other, it is like a chain. Having a set customer base is really important for any business to function well and establish successfully.
Market Consolidation: The business has a lot more chances to succeed if the franchise model is built in lines of market growth and dynamics. The market has to be studied on a regular basis and change accordingly. The franchisee should work in the lines of the franchisor which will incline both of the parties according to the market acceptability.
Expertise in Handling Franchise System: The franchisor will be able to provide more and in-depth knowledge on the business, industry and franchise techniques as well. This will help both the parties i.e. franchisee and the franchised business at large.
Building a Strong Franchise Brand: Brand building is an important attribute for a business. Having a brand strategy provides control over the competitors. A few of the things that matter are a brand logo, website, packaging, and other material of promotion.
Control over your Inventory: Having control over your inventory plays a major role as having the right amount of inventory at the appropriate time will do good for the business in the eye of those who use your products or services.
Franchise Prototype Development
It is said that in every 15 minutes there is a new franchise business opened on every business day.
Every franchise business established on a daily basis are facing huge competition, so here’s a criterion to follow for developing a good franchise model:
The franchise fee and royalty percentage
Franchise Agreement Term
The extent of a territory you will award each franchisee
The training program solely defined in terms of type and duration
Buying equipment’s and products for the company should be done by the franchisee?
What are the required business experience and net worth of a franchisee?
Marketing strategies for the franchises.
Deciding whether the business needs an areas-based operator or a master-franchisees who in-turn will develop multiple units.
Therefore, developing a franchise business model has a lot of pros for the business seller as well as the buyer. With a franchise model, the franchisor is able to expand the business. This is implemented with the entrepreneur’s money, which would be tough to do when their own money is involved. Moreover, this will give the business a boost as you will be able to expand at a faster scale then pooling in your own resources. The franchisor, in turn, will collect franchise fee and royalty which will again go in helping the franchisee by providing the required training, machinery and more.
Franchisor-Franchisee Relationship
The relationship of a franchisor and a franchisee is like a parent and a child. Things to be kept in mind while building a franchise model for them are as follows:
There has to be a clear vision and objectives to be shared.
There has to be professionalism to be shared.
Focusing on support functionalities.
Clear communication between the parties
Advertising and Marketing System
Having a great training program
Having clear growth and development plan for franchises
Treating franchisees with due importance
Complete support to be provided to franchisees
Standardized policies, having no impartiality
The very next process is to understand, what are the facets which keep the relationship between the franchisor and the franchisee going strong for a longer time. A few of the pointers are:
Money: Is the most important factor keeping both the parties’ function on the same line. When profits and goals met, they seem to be in a happy place.
Control: Control over the business and personal lives is always a craving for a franchisor and a franchisee. Thus, when authority is given, contributing not only to the business but society is also given
Self-Respect: This plays a critical part in a franchise relation, one has to understand that both i.e. the franchisor and the franchisee have to respect each other while living and working with coexistence.
Enjoyment: Enjoying what you do is one of the best ways to work as well as progress with the work. Therefore, it is necessary for the franchisor to create a franchise model which a franchisee would enjoy to work with. It is also ouns on the franchisor to carefully sort out franchise applications and select only those who have a passion similar to you. Also, the ones who would love working with you and meeting the commons goals of the franchise business.
Recognition: Recognitions plays an important part when it comes to doing any business. Hence, taking up a known/popular franchise business. Have a recognition of what you do is something naturally craved. Therefore, having recognition policies will do great for the franchisee and the business on a whole.
Thus, we at Sparkleminds lay great emphasis on having a strong relationship between the franchisor and the franchisee and also ensure that both the parts are in-sink with the goals of the franchise business.
A franchisee will always do his/her initial research on companies that they want to take a franchise. The business seekers always search for the success stories, number of franchises, success rate, ROI and more. The other form of enlightening themselves is through visiting franchise expo’s, reading franchise-based materials i.e. magazines, brochure etc.
The Indian market has turned out to be very competitive for local brands, as there are a lot of international brands that are setting foot in India. Hence, this is giving a tough competition to local brands. The best way to understand the answer of, how successful a franchise business is? This start with visiting their website and understand the vision and mission statements and also review existing franchisees.
At Sparkleminds we have assisted more then 500+ companies establish their base via the franchise model in the country and built successfull franchise for them. Cherish Maternity, a maternity clothing brand which caters to its customer through online portals and offline stores, we have developed a franchise model for them from scratch. Which includes developed marketing and other promotional strategies for them. One of the other popular brands we have worked with is Shemford a big player in the playschool industry. Likewise, we have worked with a plethora of companies and established franchise models for them from the initial stage and also assisted with recruitment of Master Franchises.
Wondering how to make a franchise or what are the good characteristics of a good franchise? then we at Sparkleminds can help you! Understanding the nuances of how to build a successful franchise business, setting up franchise or franchise guidelines to follow. In order to setup a perfect franchise model for the franchisee to abide by.
You might be aware of the term “Franchise” or “Franchising”. So ever wondered how to become a franchisor and expand your business across the world? Yes? then you would be glad to know, business owners tend to adopt a franchise model than starting company-owned outlets.
Hence, your business has to set a milestone and understand from where you could start expanding. Because when you decide to expand, it can cost you a lot and being a startup, it becomes hard. Thus, the franchising model comes into the picture. If you opt for franchising; your major part would be to design a franchising model for the business. Once the model is ready, you are good to start with the expansion of business in the desired demographics.
Sounds easy? But this takes a lot of research about the territory, market demands, cost calculations and more of brainstorming. Furthermore, the biggest task is to find the appropriate business seekers as a franchisee. Therefore, the team of Sparkleminds comes in picture. We not only help you in designing the franchise model but also help you choose the most suitable one.
Should I Franchise my Firm?
Pondering upon should I franchise my business is common among business owners, regardless of the age of the business. The best way to upgrade your knowledge on this is- reading on topics or a discussion with a professional in this field. Sparkleminds has over 2 decades of experience in this industry. We provide complete support to growing/established entrepreneurs to learn about how useful it is to expand via franchise.
Is it the Right Time to Franchise your Business?
An entrepreneur must understand the right time to franchise one’s business. It is always great to start looking at franchising your business. Start the process only when your products or services have been accepted by the public, the market. Moreover, the target audience is well defined and generating revenue for at least a year. There are a few products and services which are hard to franchise, but with our expertise, they are also franchise-able.
Start Franchising
One of the biggest dreams of an entrepreneur is to establish his/her business in every city across the world. It takes time and effort to reach that stage, in the industry you serve. There are a few points that need to be kept in mind before you start franchising your business:
Do you have a Set Business Model?
Do you have you the investment and Documentation in place
Is your brand marketable and Ready to be Adopted?
Is Your Business Franchise Ready?
There are 10,000 + companies in India that have used a franchise model for them for expansion. There are also close to 5000+ companies which are going to join the bandwagon in the next 12-24 months with this, the market is at a pedestal to offer a variety of franchise opportunities to the entrepreneurs to start a business.
Franchising is the most preferred ways to expand business in their home country and countries across the globe. Business expansion via the franchise mode has proven to be successful and effective, for large companies as well. Big brands have believed franchising as a successful means to expand base be it a mid-size or a small company
So, now you know the potential of franchising and what it can do to help you expand your business. Let’s start with the evaluation check of your business. You could also take the franchise quiz at Sparkleminds to get a score of where your business stands currently and whether you are really ready to start franchising.
Requirements to start a franchise
There are a few criteria’s that need to be in place before one looks at franchising their business.
Model Development
The first part is to have demonstrable success in place. You will need to have a few outlets, at least a couple, that are already profitable and have been running successfully for at least 12 months. This creates the base for the franchisor to learn and adapt to the customer requirements. In case the franchisor wishes to have the first outlets through franchises, then they may need to invest additionally from their end in the first couple of franchises until they have cracked the success formula and have at least one year of profitability in place for every individual outlet that is operating.
Legal Identity – It means that if you are selling a product or a service it is required to have a trademark/ service mark for the same.
Business Prospective – The business venture should be set up on long term goals and should be in a position to sustain for the next decade or more. The more unique your business, the better it will be Franchisable.
Franchisee Guidance – The business model of the venture must be easily explainable or teachable to the franchisee. The franchisor should be well-versed with the intricacies of the business, and should be in a position to give all the required training to all its franchisee and educate them on running the business successfully. The, required skill-sets for the franchise to function effectively should be taught to every franchisee owner and the skills should not be limited to the original franchise owner.
Resource Provision – The Franchisor should be able to provide brief information about the business along with the costs that could be incurred while setting up the franchisee. It is a must for a franchisor to abide by the protocols of the franchise business. Once the business is performing good, the franchisor can collate the operations and prepare a manual for further use.
Team Managing – The franchisor should be able to hand costs of the new franchisee and also train & educate them on spending the right amount of money to pay salaries or recruitment of employees etc.
How to become a franchisor
The process of expanding business starts when you have successfully established your first outlet and have a huge database of happy and satisfied customers. This is when you should look for other locations, markets and (or) cities for expansion. While making the plan, conduct the research about your requirements and the optimum locations for reaching out to the right customers.
Since India is well-diversified there are high chances of the products or the service to be accepted in other cities and expanding the market base. There are a lot of ways to expand your business in India i.e. Joint Venture with existing businesses, own stores or franchising to interested franchisor.
The most preferred method of expansion is by reaching out to the franchise consultants. So, if you want to contact one of India’s most experienced consultants then Sparkleminds would be the ideal platform for you. The Franchise Consultants at Sparkleminds can help you understand the potential of your brand, and also provide valuable insights on how to franchise your business and make the franchising process easy for you. We have been in the industry for over 20+ years and have worked with a plethora of brands. At Sparkleminds we have understood that every brand is unique and need a customized franchise strategy, support for the same.
Okay, not to rub it in your face, being a franchisor isn’t easy. It’s hard to get customers for your business out there and if you don’t get the right quantum of business, you’re in for a swoop of disappointment. Likewise, you will end up losing money and more importantly, your competitors are eating your business away. It is important to grow your business and appoint franchises across various geographies where you are certain to do great business. However, you may have limited resources and even bandwidth to service new markets. Here’s where an effective franchise marketing strategy comes in. Did your ears just perk up? Buckle up ‘cause we have some franchise marketing solutions for you!
It’s of common awareness that marketing a franchise isn’t as easy as it looks (that’s if it did look easy to you) because it requires a lot of experience in the arena. Here’s where Sparkleminds swoops and helps set your business right by helping you create your franchise expansion plan. Before we get into the nitty-gritty of an effective franchise marketing strategy and various franchise marketing strategies, let’s look at why you should expand your business and what this would lead to;
Expanding your business would inadvertently lead to:
An increase in your resources, stock & brand presence.
This will coincidentally lead to an increase in sales. Does that mean profit? It sure does.
This helps you invest more money in your business expansion.
It also helps reduce extraneous risks like competition and changes in the market structure, etc.
What is franchise marketing?
Franchise marketing is where a company deploys several mediums like commercial advertising, internet, radio, mail advertising, and public relations to attract prospective franchisees. This involves and is not limited to franchise digital marketing. Hopefully, that has enticed you enough. Franchise sales and marketing strategies usually start with the execution of a detailed franchise development program. In addition to one of the main components is the development of the right collaterals and deploying advertisements as per the master plan. This plan should answer all your questions about how to attract potential franchisees.
Franchise marketing strategies:
Franchise Marketing systems: Franchise owners always enjoy advantages and have a higher success rate than those who start businesses from square one. Franchisors will have to make use of operating systems, marketing systems, and training systems to derive strategic decisions to help take control of sales. An intricately defined system works like a blueprint to help one understand how the organization will move on. Similarly, the roles the franchisors and franchisee have to carry out to lead them to their goals. Franchise marketing systems often interweave all of these into their execution plan.
Franchise Marketing Plan:
Every franchise marketing plan involves a fixed budget. This has to be decided after taking into account the kind of resources you have and the quality of the franchises you require. This also acts as a balancing pole between your goals and other resources. Lastly, it is important to narrow your franchise audience of prospective buyers. This is a good way to accelerate franchise marketing. Sparkleminds provides an intensive marketing plan that hits the target audience almost every time. Further, the company has a vast experience in all industries ranging from restaurants, salons, technology companies, education franchises.
Franchise Marketing Companies in India:
India has very few specialized franchise marketing companies like Sparkleminds. They provide specialized services that make sure that each franchisee is recruited in a manner that helps maximize the franchisor sales. So, as franchisors, it is extremely important to have a hand in adapting to the local markets to maximize the sales of your franchises based on what their local customers demand.
Franchise Marketing Agency Network:
A good agency network like the one sparkleminds has built in India over the last 2 decades can help you eliminate risks. Therefore, these are usually attached to investing capital for franchise business expansion. Reaching a far-spread market like India with so many cultural and other variations. Also, an experienced network is critical to get you to the desired franchisee profiles. Sparkleminds has its fair share of local franchise marketing agents.who pass them leads from their territories on a regular basis.
Franchise Brand Marketing:
Franchise brand marketing is a powerful way to help build a connection with one’s customer base. This helps the customer base understand your vision and this helps narrow down your target audience. The franchises have to be educated properly about this vision. Likewise, they must be trained sufficiently to ensure that they forward the brand identity through their outlets, seamlessly.
What is Sparkleminds marketing strategy?
Sparkleminds franchise brand marketing process involves:
A development plan that exceeds visual identity
Sparkleminds always works in accordance with brands vision.
We start by positioning the brand correctly and how it should progress, especially since this will be relayed through franchises.
Through this, we look into the bottlenecks that are hindering progress and make sure to correct them
Therefore, we promise to create a franchise brand that you are proud of and something that has the potential of expanding widely.
So, what are you waiting for? Check out the details here, to get franchise marketing ideas and get professional help from the best franchise consultants in India who are sure to help you with every single query. Happy franchising!
It is important to understand or have a clear idea of one of the core factors of franchising: capital. The following article talks about various topics in the arena like what does it take to franchise a business, focusing mainly on how much does it cost to set up a franchise. While tackling these question, we hope to answer queries related to the average cost to franchise a business, franchise set up costs, the cost of franchising and franchise consultant cost.
Actually, it’s like winning a million-dollar lottery, with the only difference being, that this time you knew the lucky number of the ticket before you bought it. So, think of the initial investment in franchising your business as a ticket to that jackpot. What you are actually asking, is the cost of that ticket.
When you are configuring the cost of franchising, you will need to understand the cost of acquiring franchises as well. The type of profiles you seek is defined from the functions they are going to perform. With the right skills, the functions can be performed. So, let’s for a moment look at it from the entrepreneur’s perspective, who is going to take up your franchise. What’s so appealing about the franchise industry that you have to get into it? Well, firstly, the franchise industry has definitely made it a lot less of a risk to start a business.
The Franchise Industry:
The franchise industry has opened a wide window for a lot of aspiring entrepreneurs. Although most entrepreneurs don’t have a lot of expertise, the only requirement is the right amount of zest and passion. Secondly, investing in a franchise means that you are joining a thriving business. This means that when you sign your consent in a franchise agreement. You are getting permission to use various sources like branding, marketing, advertising and other practices of thriving franchises. This makes you a part of larger networks. Thirdly, it helps you figure out what your targets are. This means that you are highly likely to receive help from franchisors in order to find your target market. This means training, hiring and ongoing support. Hence, if you as a franchisor will have to allocate costs to be able to get your backend ready to take on franchises and make them successful.
Let’s get to the main focus of this article. After all, what is the average cost to franchise a business? The franchise set up costs have multiple layers. Firstly, we have the initial franchise consultant fees: Most franchise consultancy companies, at-least the reputed ones, will require an initial franchise services fee. This fee range starts from INR 300,000 to INR 10,00,000 or more depending upon the complexity of the business. The depth of the franchisor, the systematization of your business and most importantly your franchise readiness. You must remember that you Franchisees usually pay an ongoing franchise fee or royalty. Then comes the marketing fees which is a fund that is usually a fixed contribution. This means that you are investing in creating an appropriate financial model, which when done correctly will give you monthly yield on your franchising.
Pushing this aside, when we look again from a prospective franchisee buyer, we are usually ascertaining, as to how they are valuing a franchisee. Do they look at how much does it cost in India? The cost of franchising varies, of course from franchise to franchise, business to business. Value is like how beauty is in the eye of the beholder. It is subjective and it all starts with the question: “Is the franchise too expensive?” After the assessment of whether the franchise is worth it, prospective franchises are bound to just go for it. Along with all the factor in the business that a franchisor has to pay for, the franchise marketing, advertising, lead generation, franchise consultant cost, and on-boarding. The right franchise is a cost you’ll definitely have to put aside for.
Franchise Consultant
Franchise consultant are boons in the franchise world; as they have a lot of experience in the field and are guaranteed to steer you in the right way. Business can have a lot of pitfalls. Make sure you invest in a good franchise consultant to avoid that happening. Also to set up your franchise expansion plan and the rightly priced package. A good franchise consultant will help you develop your franchise development program at a pace. The investments in the franchise system start blooming with the right support system in place. Sometimes you need to recruit slowly and on-board only a few franchises and go-slow step by step.
At times the market dynamics could be that you do not want to lose the first mover advantage or want the rapid expansion to get a certain market share rapidly. All of this is possible, by having experienced franchise consulting firms in India like sparkleminds to help you with all the facets of your franchise development in India.
So, what are you waiting for? Head on to www.sparkleminds.com to figure out the best franchise development services for your business and franchise consultants who are sure to boost your franchise business expansion not only in India but Globally! Happy franchising!
If the person reading this is an India, then, let me ask you this: Have you wondered how we often see a huge variety of global brands opening their latest outlets here and how it attracts so many consumers that you’re never able to see these outlets without a long queue of people eagerly waiting to snatch their latest buy? This is a result of master franchise opportunities in India made available for every aspiring Entrepreneur.
India is a country that always spreads its arms to companies that are looking to build its franchise in it. India has been a constant choice for entrepreneurs and businessmen to start a franchise because of the wide variety of industries it houses, the resources it has and the professionals that are constantly recruited in these franchises. In addition to that, India is boiling with franchise opportunities. The increase in franchise opportunities in India is a constant attraction for investors and businessmen who look forward to establishing their brand in this country.
Besides, the most popular master franchises in India, namely are Subway, Baskin Robbins and many more. These brands did not blow up the way it did without following a procedure that most foreign brands follow as they enter India. There is 10 step procedure that Sparklemind proposed from which, many clients have benefitted from. In this 10 step program, the client will be assisted through each step.
STEP 1: Initial visit to client HQ
STEP 2: Pre-entry research & market study
STEP 3: Defining the entire business strategy & package
STEP 4: Pre-sale documentation and registrations of trademarks and IP rights
STEP 5: Marketing the master franchise opportunities in India in the desired territories
STEP 6: Discovery days across 5 different cities in different regions of the country
STEP 7: Finalising the master/regional franchisees.
STEP 8: Reserve bank of India Approval and other statutory approvals required at this stage
STEP 9: Overseeing the start of the operations by the franchisees
STEP 10: Recruiting unit franchisees
However, in order to get to the crux of this blog, it’s important to address the elephant in the room: Adaptiveness. It’s no easy task to pack your belonging and come to a country like India that is largely diverse and not experience feelings of culture shock. In order to overcome the initial buffering when one enters a new country to start a business, Sparkleminds can help you out.
Firstly, it is important to look at the laws of your brand. A good majority of international brands have laws that are likely to be not enforced in India. Therefore, one has to make sure that these laws are redone in order to suit the Indian laws. Working with Sparkleminds will make this process a lot easier as they help with legal compliances.
In order to help one get acquainted with the country and its customer base a little better, Sparkleminds hosts a 5 city discovery day program wherein it provides you with an opportunity to look at potential candidates who are very likely or have shown great interest to the franchisor and the business,
Before deciding on India to be the home to one of your franchises, make sure that it supports all your needs and requirements as India is a very large country and hence very competitive. As it appears very daunting to outsiders, it’s best to get acquainted with a professional from Sparkleminds to help understand the statistics of the franchise industry and plan accordingly on how one can tackle problems that could possibly arise after setting up a franchise in India.
Sparkleminds promises to answer all your queries regarding tackling business in a country like India. We will connect you with the best professionals to help make the process a smooth and insightful experience.
The process of a business idea developing into a full-fledged idea which can, later on, be manifested in the market can be a very complex task. This is where the concept of franchising comes to play. When one looks into the franchising world, it comes to our notice that the number of franchises in the world has increased on a large scale. A major reason as to why franchises have become so popular is because it’s a promise that franchising one’s business is an established route to success. Working with a market expert in designing your franchise model is always advisable.
In order to take a dive into the franchising world, one has to understand what franchising is. The first step to franchising is signing the contractual arrangement between two firms: the franchisor and the franchisee. According to this arrangement that the contract holds, the franchisee has the right to buy market goods or services that are listed under the franchisor’s company or brand name. However, although the statements listed above ensure you a smooth journey to success, it is not so. One’s concept or their idea has to be franchised effectively so that it proves to be a great expansion strategy that does not require a bulk of capital that will drain the budget of the company.
How does one do this?
Know your business: One cannot give details to the franchisee that is marked with doubt and indecisiveness as franchisee does not have the liberty to improvise upon various details. This also requires looking into whether one’s business can be franchised. Every step of the process has to be outlined and well thought out. The franchiser is the parents of the business; the creator. The franchiser will have to provide details on how the franchisee should go about the procedure.
What Is Your End Goal?: We all know how not mouth watering the results of converting one’s business into a franchise is. However, one should get carried away by this. Some companies want to scale at a reasonable rate whereas some companies might look forward to becoming franchisees with new business models which may result in an expansion of the company. For others, it may mean a new outlet or outlets. In order to get a clearer idea, one can hire a franchise consultant to help guide them in making various decisions.
Planning: There should be a strategic business planning wherein the franchisor takes into account their company’s current status with growth and the goal of expansion. Knowing this will enable the franchisor with a clearer idea of what requirements are needed to set up the franchise. These requirements will have to be stitched into the wider fabric of the companies organizational functionality. In order to sell franchises, the franchisors should also have a marketing plan that is able to communicate the franchisor’s goal.
Here, at sparkleminds, we recognize how every business is different and in accordance to the franchisor’s needs, we tailor programs that suit the franchisor’s prospect. We do this by formulating a clear strategy by analyzing the requirements and the challenges that could be posed to the company under various circumstances. We offer expert advice on the functions that should be carried out by the franchisor in terms of finance, human resources, etc. Although turning one’s business into a franchise can be a hard task, reaching out to sparkleminds can make the process easier and faster.
This blog covers the nuances that revolve around the journey to become a successful business owner. It concerns how one should work smarter and how one should gauge their possible shortcomings in order to ensure a smooth path. One should pay attention to the all the details like finances, contacts, work hours, competition and how to eliminate the effects of it. Hiring a franchise consultant can also ensure a smooth process.
Imagine this: a broad desk, papers and pens organized systematically across it and then, there’s you, typing away on your computer, looking up briefly to greet your employers. That, I hope, sounds extremely inviting. Having a platform to see your ideas played out in the business field is quite the entrepreneurial dream. Unfortunately, this dream – this dream is quite hard to reach. Now, of course, the aforementioned statement isn’t the best motivational statement to put out there. But, most aspiring entrepreneurs know what to expect. The business world is an extremely competitive world, one that thrives on hours of countless efforts and sleepless nights. Let’s take you through what makes one a successful business owner.
The major points every business person should focus on:
Work smart, not hard: A clichéd idea of an entrepreneur is one who stays up and the picture painted is quite daunting. Who wants to give up their beauty sleep forever? The best business owners around the world emphasize how one should work smarter, not harder. Overworking leads to fatigue and exhaustion which eventually leads to a lot of errors which, unfortunately, paves the path for failures. Failures are what makes a person who they are but given a chance to avoid them, we’d all stand in line. In order to do this, one should hire a team of people with different interests thereby ensuring that attention is paid to all the areas that require attention.
Know your market: One of the most important elements in understanding how to plan out a good business idea is to understand the market. In order to do this, one has to have a clear idea as to who they should sell to and in order to do that, who they should contact. Now that one’s target market is fixed, they need to understand potential factors that could prove to be a risk factor to their potential company. Eliminating such risks is beneficial to work out a clearer idea of how they should go about different challenges and opportunities.
Analyse the competitive perimeter: Understanding and having an overview of the competition is also very important. One has to keep time away to understand the shortcomings that could come about as a result of competitors. It is key to plan out methods to avoid it or cope with it. There are possibilities that one is not successful in pushing their product in the business world because the saturation that the market has faced or is going through. One should pull through times like these.
Get your finances sorted: One should keep in mind the capital required to conduct a certain type of business. A blind eye towards finances will cost one (metaphorically and literally) a lot more in the future and because of how unpredictable the prospect of businesses are.
In order to ensure aspiring entrepreneurs the smoothest journey to marketing the best business ideas possible, make sure that your steps cover consulting an expert who will make the process a lot easier. Head on to www.sparkleminds.com to meet experienced and talented franchise consultants who have a keen eye in scouring out the best opportunities for you. Let’s get started with making your dreams become reality.
The successful growth of various start-ups and small businesses has inspired business owners to take the franchise route. Year over year we have several businesses sprouting with franchise to grow domestically and globally.
Today, though franchising is considered a profitable approach to grow either a small or big business, entrepreneurs who are on the verge of taking this route should thoroughly understand the pros and cons and just not assume that franchise business model can drive complete success.
There are certain businesses which have taken up franchising and have failed to appoint any franchisee finally routed back to their earlier business operations. Growing your business needs lot of effort, a proper strategy, research and also need to consider various loopholes related to franchise your business.
India is known for immense business opportunities, be it for National as well as International brands. Various international brands have expanded their footprints strongly in India, either through company-owned outlets or franchising. If you are a business owner and are looking at expansion, then there is no better time than now, to learn how to franchise your business in India and then get started with the franchise marketing and recruitment activities. I will bring out reasons as to why this is the time to start franchising your business and go ahead of the competition.
India with a GDP predicted growth of 7.2% in 2017-18 is considered as the fastest growing economy and the land for business opportunities. The government’s initiative like Make in India, Digital India, Start-up India has made it an easier route for various MNCs to invest. This has also resulted in most unorganized businesses looking at the organized formats.
