There are several factors that we consider while helping our clients understand the best way forward and bring to the table what franchising could do to their business and if they are contemplating choosing either of the options to expand, they become clearer before they take the next leap to move their businesses to the next orbit. We have tried explaining a few of them below,
·Retention of customers:
The customers who visit for the first time have a unique experience and if they like it, they come back. Moreover, they recommend other customers to visit your shop. Hence a loyal customer base improves the likelihood that clients will become repeat buyers. It is essential to understand customer loyalty in all franchise locations.
Understanding the current market position and structuring the business model to scale the operations will go a long way. The Franchisor needs to analyze the market regularly. The Franchisee needs to follow the business structure as defined by the franchisor, which will synchronize with the market acceptability.
·Expertise in handling Franchise system:
The Business expertise of the franchisor will definitely have an added advantage when compared to franchisor without franchising experience. The guidance and leadership will benefit the franchisee and the Franchised business at large.
·Building a Strong Franchise Brand:
Brand building is one of the most important traits of any business. In any competitive business, an effective brand strategy will provide an edge over its competitors. Your Logo, Website, Packaging, and other Promotional materials will form part of the branding exercise.
·Control over your Inventory:
Stock management and control apply to every item; you consume to produce your products or to deliver your services. An efficient system of monitoring stocks allows you to have the right amount of stocks from the right places and at the right time.