A great business idea could be franchisable. You might have an idea, which you want to immediately take to the market. Franchise my business idea could be a smart choice to do so. So,what is the procedure of franchising your business idea? 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 to your idea. If we feel that there is some more work that you need to put in place before your 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 them 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 when it comes to how to franchise your business idea. Not all businesses can be franchised but most business concepts can be.
Profile for a successfully franchising your Business idea would be :
Uniqueness of franchising your business idea
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.
Affordability of franchising your business idea
Is franchising your business a good idea? 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 several high-net-worth individuals for whom a few crores would be easily affordable, but the size of that kind of franchisees is fractional, and there is a sizeable section of such franchisors who are looking for high investment franchisees only. India is a great market for Maruti and Audi as well, as there is a good market for both of them. All you need to do is structure your franchise model correctly and you will be able to reach franchises to whom your investments are affordable.