A great business idea could be franchisable. You might have an idea, which you want to immediately take to the market. Franchising could be a smart choice to do so. How do you protect your idea and at the same time ensure that you start correctly by doing the first things first? You might have been thinking of getting a few franchisees first in certain locations, but how do you actually do it and where do you start.
We have answered similar questions on franchising an idea, several times. Call us for a confidential discussion to get our initial responses on your idea. If we feel that there is some more work that you need to put in place before you franchise, we will advise you on the same. Then if we believe you could be franchised. We will first build your business model, create a prototype, develop its profitability. Furthermore, create your franchise kits and take it to the market.
It is very important to note that franchisees do not invest so easily in new or untested concepts and hence our services could be very valuable.
Not all businesses can be franchised but most business concepts can be. A profile for a successful franchise idea would be as follows:
A new or unique concept that has the potential to expand Nationally and even Internationally.
The concept must be consistently profitable, at least to a certain degree of predictability.
All the operating systems of the concept should be very polished and efficient. Then these systems and procedures should be put into manual form.
It should be relatively easy to train others in the use of Systems and Procedures.
The profit margins built into the concept should be enough, such that every franchise that adheres to the system, can realize an attractive Return on Investment.
If the franchise is very expensive there will be few who can afford it. The ideal franchise investment is 5 Lakhs to 50 Lakhs. If you are in India because there are hundreds of thousands of Indians who can afford an investment of this size. However, if you are a premium offering seeking franchisees to invest in crores. Then there are high net worth individuals for whom a few crores would be affordable, but the size of that kind of franchisees is fractional.( But growing a co-relation of sorts could be made here, of the number of buyers of small and medium-sized cars and premium cars.)