This article helps you understand the responsibilities of a franchisor which, he should follow diligently to ensure success of his franchising venture.
The chances of a business owner attaining success as a franchisor depends on how well he has been able to follow the steps of franchising his business. Franchising, being a conventional practice of business expansion, offers a myriad of benefits and possibilities indeed. Having said that; it is important to have an overview how the entire process works before you get started with franchising your business. And if you are confused on ‘how do I franchise my business’, you can always look for an experienced consultant with the right level of experience and expertise to help you.
Here in this article, we would help you to know about the reasons why you should consider franchising and what are the roles of the franchisor which, you should be aware of.
Why franchising?
Franchising is considered to be the most feasible expansion practice which allows you to make a nominal investment and earn massive returns. Manufacturers, and retailers mostly prefer this method because of the shortage of capital. This practice allows you to open franchised outlets across multiple locations which, will be operated and managed by the chosen franchisees. Moreover, it allows the franchisor to take advantage of the local recruitment and management such that the outlets are being handled by employees with knowledge and experience on the local markets. Hence, by following the right rules and regulations, the franchisor can be able to carry out the whole process in the safest way possible.
Key roles of the franchisor
The franchisor mainly has 6 key responsibilities which, they need to ensure for ensuring success of their franchising venture. They are discussed as follows:
• To protect the brand and company’s reputation by implementing a set of standards across all the franchised and company-owned locations.
• To select the most qualified professionals as franchisees who are capable of understanding the business concept and perform as per the standards and guidelines.
• To initiate changes as and when required, depending on the changing consumer demands and preferences.
• To enforce and develop merchandising, advertising and promotion standards that appropriately establish the brand image of the franchise, thereby increasing customer traffic.
• To offer adequate training to the franchisees and helping them to understand about their specific job duties and responsibilities.
• To improve and enhance the business system from time to time as and when required.
The concluding thoughts
It is not at all a cakewalk to become an efficient franchisor who succeeds in establishing the franchising venture skilfully. Proper experience, knowledge, and guidance is required to not only understand the specific roles of a franchisor but, also nurture your specific skillset to become a competent franchisor. And to help you on the same, it goes without a saying that you must try to hire a consultant who is well-qualified and trained in delivering professional assistance. Being an experienced professional, he will not only help you understand the benefits of franchising but, also clear all your doubts on ‘how do I franchise my business’. Hence, always consider seeking professional help of consultants to franchise your business in the best possible way.
The author is the owner of a franchising consultancy firm that offers holistic guidance to businesses who are willing to franchise their existing business concept. He is also fond of writing informative blogs and articles on a number of relevant topics including ‘how do I franchise my business’, benefits of franchising your business, and more.