How to franchise my business

In this communiqué, Your Retail Coach (YRC) presents a summary of how to go about franchising. YRC offers franchise business consulting services ( https://www.yourretailcoach.in/franchise-development/ ) with over 10 years of experience.

Determination of the franchise expansion strategy

While every business has unique capabilities and constraints, there is hardly a fit-for-all strategy. The franchise expansion strategy ( https://www.yourretailcoach.in/franchise-development/ ) is about determining the best working arrangement with franchisees. It entails consideration of various working models like production-distribution, only production or distribution rights, business format rights, etc.

Franchise Operations Planning - Franchise SOP Manuals

Lending the rights to use the brand name to another entity puts franchisors in a precarious situation, especially where business operations carried out by franchisees directly come in contact with customers. This is where franchise SOP manuals ( https://www.yourretailcoach.in/standard-operating-procedures-consulting/ ) or franchise operations manuals emerge as a useful bridge. It lets franchisors dictate the operational standards required to be maintained by franchisees.

Coordination, Reporting & Control Mechanism

Operational coordination is a necessity where franchisors and franchisees have process interdependencies. This is secured with expert planning and organising. A strong, functional and flawless reporting and control mechanism is mutually beneficial. It ensures transparency which is so important for trust-building between franchisors and franchisees.

Franchise Search and Agreements

A big deal in franchising is finding and appointing the right associates. There is no room for complacency here. The entire strategy and process need careful deliberations starting from establishing the criteria to onboarding selected associates. Contracts and agreements are for cementing the working relationship between the franchisors and franchisees. Paperwork is only to create the binding; equal or even greater emphasis must be on finding and evaluating the right business associates.

Financial and Commercial Planning (part of franchise business plan)

The decision to franchise a business must also satisfy the financial and commercial goals. Comprehensive planning and projections are required here. Depending on the franchise model, this may cover assessments pertaining to sales and revenue targets, capital and operating expenses, ROI and break even, etc. The inputs produced later become a part of mutual commitments between franchisors and franchisees.

YourRetailCoach
Pune, India-411016
Phone: +91-9860-426-700
Email: consult@mindamend.net
Empowering Retail & E-commerce businesses worldwide.

YRC is a Management Consulting Firm with its presence across India & Dubai.

Get advise for Retail Business Consulting : https://www.yourretailcoach.in/contact/

This release was published on openPR.