Franchise opportunities: How to choose the right one ?
Written by: Resham Daswani
In the franchising world, company cultures matter the most. Culture is something that makes the network stronger and can contribute as well to the overall growth and success of a brand. Having a good sense of values and goals between franchiser and franchisee owners decides the tone for long-term success. Thus, finding the right culture when selecting a franchise is paramount.
Apart from capital requirements, you need to consider if your unique skillsets and personality are compatible with the franchise you are choosing. But what is the best way to evaluate franchise opportunities in India? How does one identify the compatibility traits of a franchise in India? Quite simple. We have identified five simple steps to take you through in determining if a franchise is a perfect match for you:
Creating a foundation of Trust
All of us are aware that trust cannot always be achieved in environments that are not transparent. The key component between the franchiser and the franchise owner is the mutual respect in their relationship. The franchise owner needs to fully trust the franchiser knowing that he has their best interest in mind. Everything cannot be always aligned, just like in any relationship. But as a franchise owner, you need to feel that the franchiser has the right intentions and is always focused on the continuous improvement of the brand. As a franchise owner, you need to look out for red alerts during a conversation or discussion, like if you find you are not receiving clarity on any answers or if the franchiser is ignoring your questions, it will give you a bad institution that something doesn’t seem right. You should consider choosing a different path if you find incorrect inputs from the franchiser.
Emphasize always having open communications
The key to achieving trust is clear communication, and it is important to have it going both ways. Franchisers expect franchise owners to openly communicate and consistently be in touch with them ensuring they get proper feedback from the consumer level. This two-sided communication becomes important as it will help the franchiser to know what works well, areas that would require improvement, and when and what changes could be required across systems. The mutual desire for synergy depends on the responses you receive based on the level of communication and collaboration which takes place. All stakeholders in the system need to be on board with the number of franchise systems constantly evolving.
Setting Clear Expectations
Franchisers set the expectation of how much involvement is needed daily to properly position the business taking it ahead on the right track. Matching your flexibility with the business's unique success drivers and requirements is how you can sway forward keeping both in tangent. You as a franchise owner must understand your prospective business models and your key role in the business at an early stage during your conversations. Most franchise models in India require your active involvement, especially in the start-up. Franchising business in India generally should not be considered a passive income stream. This doesn’t mean that the owner needs to manage the store, but it should also not be set and forgotten about it. Always choose a franchise model by thoroughly evaluating yourself and assessing if it is a good match for your skills.
Passion for the Franchise, that’s the key
The nature of a franchise system is ideal where a franchise owner understands that they would be investing in the brand, which comes with a sense of established culture, system, and processes. You need to know what the brand does and what it stands for, but also trust you would be buying the systems and processes that drive the business model and serve the purpose. All this should excite you into being the owner of an established brand.
Finding a good match
You as a franchise owner would be working with the executive team of the franchiser whom you would be considering as business partners. Ownership is considered as much more than a financial arrangement, as it is a pairing of like-minded individuals and has a long-term relationship. Determining if a franchise brand is a good match for you, ensuring you have mutual trust, building communication, and being realistic to expectations and passion are important. Assessing these factors will lead franchise owners on the path to positive experiences which will reach both their personal as well as professional aspirations.
Choosing the right brand to franchise with is crucial because you would be investing money and need to expect good returns. Call us at +91 98444 43200 or visit FranchiseBazar where our consultants can guide you on the best franchise business opportunities in India. We have worked with clients in achieving their business goals and getting them to their desired destinations within a quick period.
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