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A roadmap to successful franchising


Provided by Potential.com, Content Partner for SME Toolkit UAE


“Franchising” means working for yourself, but not by yourself! Thus, the success of a brand reckons upon the ongoing partnership between the Franchisor and the Franchisee.


So what are the major types of franchises available, and which option suits you best?

 

Examine the distinct types of franchises: 1) product distribution franchise; which sells the large product(s) manufactured by the Franchisor 2) business format franchise; which sells the entire business format including: trademark, product, service, business approach, and methodology.

 

Based on your interests, skills, expertise, market landscape, business model, financial status, and profitability success level,; identify your start-up costs, working capital, and funding options, estimate your profit potential, and make certain that you can afford the entire business venture!

 

Prior to franchising your brand, ensure having the following in place: 1) a brand that is sellable, credible, and unique 2) a business model that is successful, easily replicable, and simple to operate in multiple markets 3) explicit guidelines for the use of your brand & operating prototype 4) evident support plans for your Franchisees 5) commitment to your Franchisees’ success 6) adequate capital to develop supporting legal and operating material.

 

Select a realistic above-average profitable franchise, find a suitable cost-effective location, launch smart marketing and advertising campaigns, and plan creatively for your franchise’s growth, while investigating the Franchisor’s background & strength, and identifying the past & current Franchisees’ success rate. Avoid buying into a franchise that competes with your business, or requires a huge initial financial investment!

 

Assess your readiness to franchise, prepare the franchise legal and supporting documents, and get your infrastructure ready for franchising.

 

Illustrating a good match between the Franchisor and the Franchisee, who share mutual long-term goals, is key to the success of every franchise unit, and of the brand as a whole!

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