How to Make Franchise Business
Franchising business is becoming a trend nowadays. Many people are starting to put up their own franchise business.
If you consider your business to be franchisable or can be grown into a franchise, the next thing that you need to do is to make a package to market it to your possible franchisees.
This said franchise package, or in other term known as business format, should have the brand or the name of the business, the operating system, the instruction and foundation assistance and the franchise agreement.
Being a franchisor, you must possess a brand or image that will make your business different from the other same businesses. Your brand would be similar and consistent for all over the places that your franchisees put up the operations. And because your franchisees are paying for the franchise, royalties and other fees, you must make sure that your brand has a distinct image and have lots of advantages. Without these, your business is just the same as the other.
You are also required to possess a manual or book of operations. This manual will direct your potential franchisees in putting up their own autonomous businesses under your system. It will also help them in operating it. One of the main causes why franchisees will pay you is due to the fact that you possess already the business format. This is the proof that the business has the capability to market the products or give the services in a money-making manner in a recognized market. Your operating system should have a little by little procedure; from the beginning when the franchisee pick the site of their business to looking for the target market in their sites, the investments required, the total number of worker to be hired and what would be their criterion. It should also contain the technique for inventory, accounting, product quality control, staff and human resources policy manual or booklet, and all the things that is required to operate the business efficiently and beneficially.
Another reason why franchising business are becoming a known business format is that it has a continuous training back up and support from the franchisor to the franchisee. This involves merchandise and service training, advertising and endorsement, financial and managerial support, quality control, and human resources development. It only means that until the franchise agreement is existing, the franchisor will constantly be supporting the franchisee, giving him all the assistance that he need to attain a beneficial business.
It is also essential that you have a franchise agreement. This is a contract between the franchisor and the franchisee. Because it is a legal document, the terms and conditions should be obvious and comprehensible to both parties. The franchise agreement should have the condition on the amount, mode and occurrence of payment of the franchise and royalty fees. Also, the accountability and responsibility of the franchisor and franchisee have to be noted in full detail, so that potential disagreements and misunderstanding can be avoided.
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