02 May The 3 Cornerstones of Franchising Success
If you are a business owner, are planning to expand your horizons and geographical limits and want to make a success of it, franchising is the one way to do it. There are a number of success stories out there, McDonalds being one of the greatest franchising success stories of all times.
But Rome wasn’t built in the day and there are a number of factors that contribute towards franchising success. If you want to make a success of your franchise, the 3 main things you should be focusing on are:
The 3 cornerstones of a successful franchise
This is one of the most important aspects of any franchise business; you can call it the backbone of the franchising strategy so to speak. The main concept behind a franchise is to provide customers the same experience, regardless of where they are. You have to provide service, quality and value and ensure that every one of your franchisees follows through on these aspects.
People that opt for services or products from a franchisee outlet go there with certain expectations with reference to the setting, the ambience and service, the quality of the products and more. This is where efficiency and repetition come into the picture and you should focus on ensuring your franchisees toe the line on this count.
At a cursory glance, it may seem that the concepts of consistency and innovation are contradictory in nature. When you maintain consistency with the central components of your business and the manner in which you sell your products or services, it doesn’t mean you have to stagnate on the innovation front. Once you have created and established solid processes and guidelines, you can start tweaking your product or service to cater to the demographic in that particular setting. That is what innovation is all about. The changes you make should be based on responsiveness to the customers and after conducting a certain amount of market research.
Regardless of how good your product and services are, and no matter how much consistency you maintain, the market conditions can never be steady. There will be turbulences every now and then and you have to learn how to weather those storms without capsizing the boat. In the course of expanding your franchise business, you may face negativity and go through troughs, but you have to be able to take a 360 degree view of the situation, recognise what needs to be changed and make those changes without delay. That is what adaptability and resilience is all about and the sustainability of your business depends on it.
A Few More Pointers
- It’s also crucial that you maintain goodwill in the industry, amongst peers as well as with your customers.
- Keep your eyes and ears open and ensure that you send out feelers into the market on a regular basis. See what customers are saying; understand what’s going right and what isn’t. Market demands are always evolving and the only way to keep up with those demands is to evolve as a business.
- Be transparent in your dealings with your franchisees.
- Ensure they are run through regular upgrade training and are well-versed with all the workings of their respective franchises.
- Focus on developing and maintain efficient and strong procedures and processes as well as consistency, so your customers continue trusting your brand.
Every business has its ups and downs, but making a success of your franchising business is a lot about strengthening the 3 cornerstones we just talked about.
If you want to know more about setting up franchise business or want some advice, feel free to get in touch with us at The Franchise Institute. You can call us on 1300 855 435 or fill in this contact us form and we’ll reply as soon as we can.
Thanks for reading,
The Franchise Institute Team
1300 855 435