fbpx

FRANCHISE YOUR BUSINESS

Commencing a new business is the toughest decision for a person to make. First, you need an innovative idea, then a marketing, branding, and sales plan. Then you need to focus on the product strategy and lastly raise capital to implement your plan. Well, appears too much of work. This is where franchise business comes in.

What is a Franchise Business?

Franchise is a business structure where private individual groups are sold the business rights such as logo, model and name of a bigger company, majorly an MNC by the owner to the franchisee to position it in different places also known as Franchise Business. So, in simple words, Franchise Business works as an existing business extension. It runs in the same way in which the parent company runs.The private owners are called franchisees. The connection between the franchisor and the franchisee is based on a contract. A lot of examples of franchise business are Café Coffee Day, Dominos, Starbucks, etc.

franchise business
franchise business

Is your business ready?

Have you thought of a distinctive concept for your franchise to sell? Are your present units pulling in incomes? Have you done sufficient research to locate demand? Are you ready to renounce some control to the franchisees? Have you checked all the other options before choosing to franchise? If you have answers to all the questions, then you are just ready for this extension.

meeting

Draft your franchise mold

Major considerations for your franchise model comprise of fee, royalty percentage, conditions of agreement, size of area awarded to every franchisee, location in which you are ready to provide franchise, training program features and more. The better you know the details, the more your franchise business plan will find success.

These are some of the factors that you should consider before franchising a business. If the entrepreneur doesn’t have sufficient funds, they should find investors to support the franchising. In order to be a good franchisor, you need capital, efficient planning, an experienced team, and a continuous financial franchise business model to generate revenue repeatedly.

search

Meet all the legal formalities​

 It is important to fulfill all the federal and state requisitions to sell a franchise. If you pick a wrong step in this process, you may suffer from delays, heavy expenses and worse, legal consequences. To ensure it doesn’t happen, make sure you hire professionals like Wise and Rise for consultation.

 

Can your business turn into a franchise?

If you want to replicate your business, then franchising is the best way to expand it quickly. And, if you manage it the right way, you can surely generate extravagant profits. Here are some ways to help you through the transition:

franchise your business

Organize yourself:

        Go through your business working procedure. Franchisees require precise details and guidelines to make their business run. The process will take time, but it’s worth it. Right from marketing to staff training to sales, everything needs to run in the same manner. Draft an operations guideline to give franchisees a quick reference and make an approval procedure so that you sign off on the important decision.

Hire a consultant:

Getting professional advice is essential during the franchising procedure. It will help you seek assistance at every stage of franchising your business. When a professional walk you through the process, things get simpler. We, at Wise and Rise, help you create a franchise agreement, find the best franchisees, set pricing, decide locations, and more.

 

franchise business

Be choosy

      Just like dating, you have to be very picky when selecting franchisees. It may be simple to find people with capital, but finding the right people with capital is tough! Do they have the experience to run a business? After all, they will be representing your business, hence should be a good fit. We interview all the franchisees and find out what your deal-breakers are.

Build your brand

       When your franchise, you offer new people a chance to represent your brand. Hence, make clear guidelines about the message you are sending. Do not allow anyone to use your brand assets in anyway. Keep everything under close observation and monitor all. Consistent, strategic growth is recommended. Do you want a state-wise growth or an international level expansion? You have to work accordingly.

 

Support your franchisees

        Speak to your franchisees on call or face time. encourage them to celebrate milestones and victories. Suggest blogs you find helpful. Lastly, set up a way for franchisees to interact with each other, too.  Pick locations that make sense for your business. Consider keeping a few franchisees close to you but far enough that the sales don’t get hurt.

 

Procedures of setting up a franchise business:

  •          The initial fee to purchase rights to the business, equipment which the franchisee has to pay should be discussed.
  •          After the right is bought, the franchisee gets access to the trademarked brand name, slogan and logos.z·         The territory is provided to the franchisee for selling the franchisor’s business.
  •          The contract for a specific tenure is specified and signed by both parties. Usually, the duration is 5-10 years and it can be renewed as required.
  •           Once the business starts ongoing royalty payment is paid on a yearly basis.

A lot of business owners consider franchising as the best form of business expansion. After franchisees are accountable for the full investment they do in opening a store and this keeps them highly motivated. But not every business is made to franchise.

Here are some basics that will help you decide if your business should be franchised or not:

Can it be cloned?

For a successful franchise business, make sure your franchisees are simple to replicate. If the concept involves something unique and unrepeatable, then it may be difficult for the franchisees to copy.

Can it offer the franchisee a sufficient return?

A franchisee expects a good return for their time and investment in the franchise. If your franchise has the power to offer adequate returns to the franchisee after deducting a royalty, then you should proceed.

franchise business
franchise your business

      Is it running?

In order to franchise your business, it is important for your franchise business ideas to be proven. Keeping some practical considerations in mind, you need to show you have a successful running prototype. 

Can it be sold?

For franchise business, the business model should attract prospective franchisees. Though you cannot measure salability, aspects such as uniqueness, credibility add to it.

  • Do you have the capital?

Franchising involves money. A new franchisor needs capital for legal proceedings, training programs, manuals and marketing. If you have funds to design a franchise strategy, then go for it.

Remember, even the best-laid plans can lead to failure if the business is not prepared for prime time. So, when going for franchising, stop and ask yourself, “Should I franchise my business, am I ready?”

How do franchise businesses work?

First you should know how franchise systems function. Starting a new franchise involves two main parties:

·   Franchise owner (franchisees): entrepreneurs who want to own a franchise.

·   Brands (franchisors): companies that allow businesses to own and run their brand’s location.

In franchising, a franchisee collaborates with a brand to open a business under the brand’s wings. The franchisee is the owner and operator of the place using the company’s (franchisors) logo, name, product, services and assets.

The franchisor and franchisee have a commercial and legal relationship with one another. In the franchise business model, the franchisee is entitled to use the name of the franchisor in exchange for a fee.

After all the legal formalities are fulfilled, the franchisee can open a new branch of the company. This is how franchise India works.

Is a franchise business profitable?

The best business to do in this time is owning a good company franchise. The effort starts here at the enactment stage and not the innovation stage. Usually independent businesses fail within the first year and even if they work – they are on their own.

In a franchise structure, the business model is already figured out and perfected till the point it runs successfully. Before you decide to purchase a franchise, make sure you talk to others about it and find out all the details to make a well-informed decision.

With franchising, your customers know that you will provide consistent value and service based on the repute of the franchisor. A major advantage of franchising is that it offers an already setup route to establish your business with full backup and support from the brand itself. 

You can do research and analyze the business finance and revenue of present franchises and see how long they have been running it successfully.

Establishing a new business is costly, risky and needs a precise set of skills. Setting up a new coffee café requires you to test systems and processes by using methods that have undergone a litmus test. A place where new stores fail hasn’t been properly marketed. If people don’t know you, how will they drink your coffee? But, when you purchase a franchise, the footprint is already established. You just have to drive in the fourth gear and not start from the first.

Income from a franchise works as a major source of expansion capital for the brand. The franchise company can add more unite or seek better growth opportunities.

 

franchise business

 

Today, you can find the best franchise business opportunities in online services. They are the franchise options for several reasons including low price, minimum initial space requirement and more.ou can do research and analyze the business finance and revenue of present franchises and see how long they have been running it successfully.

Establishing a new business is costly, risky and needs a precise set of skills. Setting up a new coffee café requires you to test systems and processes by using methods that have undergone a litmus test. A place where new stores fail hasn’t been properly marketed. If people don’t know you, how will they drink your coffee? But, when you purchase a franchise, the footprint is already established. You just have to drive in the fourth gear and not start from the first.

Income from a franchise works as a major source of expansion capital for the brand. The franchise company can add more unite or seek better growth opportunities.

Today, you can find the best franchise business opportunities in online services. They are the franchise options for several reasons including low price, minimum initial space requirement and more.

Which is the most profitable and cheapest franchise?

High volume doesn’t explain profitability. A Subway can do $1million in yearly revenue but still lose money on promotion and foot costs. Usually, people are stuck with food and retail when you talk about franchising, but you have more than 4000 ideas for franchise business in over 100 different industries.

Food franchising is risky. It is the most competitive industry and most of the big brands will not be available in your area. Usually, people think of food and franchising together because they have to market more than any other industry.

This reduces the profit because the investment costs are high.

This reduces the profit because the investment costs are high.

• Paying high rent at famous locations. • Constructing a customer area and kitchen • Marketing expenses • Lots of workers

So, which is the best and cheapest franchise?

The best franchise for business is home-based services. They are profitable because: • No good are sold • No employees are employed • No rent • No construction • Profit margins are high

Cheapest:

• Home-based service businesses can be called cheap because of the above-mentioned points. Basically, there isn’t too much investment and the aggregate investment ranges from $50K to $150K.

The industries you can include are:

• Education • Elderly care • Business consulting • Recycling

WISE logo

Actually, the question of the most profitable and cheapest franchise is interesting. The answer is that it depends. Well, yes! It depends on you and the franchisee. If the franchisee has the motivation to work hard and abide by the franchise operations, has the best location, demographics, then it can be extremely successful with affordable investment.

But, if someone just thinks that they will be successful because they have bought a franchise, then the results will be disastrous. Purchasing into a franchise that has durability, content franchisees, success rate, proven systems and processes in place and culture to appreciate their franchisees is a good one for your goals. That can be marked as the best franchise.

 

You can choose franchise consulting to understand the step-by-step procedure to help you identify which franchise is a perfect fit for your goals. Wise and Rise will help you exactly with it. Our professionals will give you an insight into whether franchising could work as their expansion plan or not and offer comprehensive support at all stages of franchising.

Select the fields to be shown. Others will be hidden. Drag and drop to rearrange the order.
  • Image
  • SKU
  • Rating
  • Price
  • Stock
  • Availability
  • Add to cart
  • Description
  • Content
  • Weight
  • Dimensions
  • Additional information
  • Attributes
  • Custom attributes
  • Custom fields
Click outside to hide the compare bar
Compare




Wise and Rise

Wise & Rise Business Growth Services.

 

700+ Clients from 50+Verticals

 

Download our Service Brochure to know various Services we offer to our Clients for Business Setup and Growth

Services Brochure

Grow your Business with
Wise and Rise