Franchising can be a highly effective way to expand a business. For one it means infusion of capital from other investors, and at the same time expanding to locations without having to worry about hiring manpower, and procuring everything needed to set up a new business outlet.
So what are the essentials to franchising?
The online publication of Entrepreneur Magazine says, that more than anything, both franchisee and franchisor must have shared values. Culture and values shared by the leadership and its employees should at least match in order to move a partnership forward. Franchise Your Business
“Dig deep into a company’s corporate culture and brand personality to know whether its values mirror yours. Although they’re a crucial part of any business plan, a company’s vision and mission statements are often not taken to heart. Worse, it is sometimes dismissed an unrealistic statement of what a company wants to achieve. More often than not, the company culture—the collective internal conduct guiding its relationships with customers, suppliers, and shareholders—is the key to unlocking what a company really stands for.”
Read the rest of the article here.
Another franchising essential, this time according to the Canadian Franchise Association (CFA) is a Strong Brand. This in essence is a premium when it comes to offering a business as a franchise, and for buying into franchising a business. The CFA published a guide in their website.
“Strong brands and strong branding are particularly important in the franchise industry, where franchise systems must be able to differentiate themselves from competitors in order to build the brand. The branding should be able to tell you the system’s unique aspects and offerings.”
Download the guide here.
Most Essential Part of Franchising
Huffpost also came up with an article on the essentials of franchising. The write-up underscored that while both sides may be overwhelmed with the whole process of franchising a business, the success that may be achieved is well worth all the leg work. One of the critical and most essential part of franchising that was mentioned in the write-up is the Operations Manual.
“This is your secret sauce. From A-Z how your businesses operates successfully every day. This comprehensive guide on proven techniques running your business is why people buy into a franchise. Using your proven platform, they strengthen their chances for success. This tell-all document is a proprietary product, meaning you legally own the material. Within the franchise, only key upper management will see this document. So rest easy and divulge all your trade secrets. Remember the more successful your franchisees are, the more profitable your franchise will become.”
Read the whole article here.
Franchising may entail a lot of leg work, but the whole process is worth it.