If you feel you can make it big in your business, then it is time you also consider opening up your business to prospective franchises – that of course is the golden rule before you start your career as a franchisor! It is also the time to ask yourself a few questions and verify whether you are ready to manage a franchisee model to potential stakeholders. The following are some of the questions that you need ask yourself:
How good is your brand?
This simply means that you need to have your brand philosophy intact, and standard operating procedures and systems in place. Once you are in total control of your brand image and reputation, you will find it easier to toe the line of the Franchisor. You, as an entrepreneur, should seek the guidance of a good Franchise consultant who can plan outlines for operations; formulate methods and communications for franchisees to rope in new customers. Entrepreneurs must clearly and concisely describe the various facets of operation and branding to everyone, from potential franchisees to investors.
Will franchisees be able to replicate your franchise model?
The question is whether you are an entrepreneur within yourself or you have what it takes for your business to be self–sufficient, operate on its own model as a franchising business. Again the question is whether your franchise model is replicable? This means you need to define how day–to–day function is going to be and the business model should be ready for use by any prospective franchisee. A business can only be a franchisee when it is independent enough to handle and manage challenge without the physical presence of the franchisor or the actual business owner.
Am I ready for more thinking heads?
While you are the captain of your business camp, you should be mentally prepared to share your strategy, embrace newer ideas and individuals and willing to transform your entrepreneur model into a stand–alone franchise business model.
Popularity speaks volume of a franchise model:
When people are already talking about your business or when your business model is doing the rounds in social circles, it is time to think of franchising your business model. The franchise enquiries are representation of not only your business prowess and unique concept, but also the fact that it is worth replicable in their territory. All said and done franchise inquiries are not everything when it comes to convincing yourself of your franchise model. Rather they are a strong indicator that people will be keen to invest in your franchise concept once it opens up for the same.
Proven profitability model:
An excellent indictor is that the business model should have at least 3 –5 years of proven business profit model before opening up as a franchise model. However, one year of profitable business growth should be good enough to make a fair assessment of how good your business model is under dynamic market conditions. Also, this will give you the required time enough to growing your dream entrepreneurial venture into a franchising model.
Do you feel ready to take your carefully nurtured business to the next level? Talk to us to know more about Franchise Opportunities in Chennai and give us a shout. We are just a click away!