How Do I Franchise My Business to Avoid Incurring Losses
If you are running a business quite successfully and not thinking about franchising it in near future, you should know you are losing a great deal. A lot of us think that franchising has a lot of costs involved and it is best to not franchise our businesses. Well, the truth is, the loss we incur by not franchising our businesses is way more than what we spend to franchise the business. Before looking at the total loss incurred in a business or deciding on ‘how do I franchise my business’, it is important to understand some points:
ü Every business cannot be franchised.
ü The initial fee of franchising a business is not all. It is only the beginning of your investment.
ü Whatever you do now might be the best of its kind but franchising in itself is an individual business discipline. So, you have to learn how to franchise my business. The cost of this training is not included in your initial investment.
The Losses Incurred for not Franchising
If you agree that your business is worth franchising and you are ready to bear the cost of learning to be a franchiser and then ultimately franchising a business, then you should understand why you have taken a profitable decision. The profits you are losing out on not franchising your business could be of 5 types.
Systemizing a Business
Franchising will force you to systemize a business thus leading you to maximizing your profit. Through systemization you will also make people follow your system maximizing your income.
In big cities, market penetration becomes too difficult a challenge for any business. But franchising makes the market penetration easy for both cities and small towns.
Familiarity is the key to customer satisfaction. Franchising will make your product famous and familiar across the continents. So, if an Indian student goes to Australia for a brief stay, he or she will try to pick up foods or drinks or items of necessity from the shops of a familiar brand. Franchising helps in creating that familiarity.
All the afore-mentioned points help in generating more revenues than ever before.
Human Resource Distribution
If a company wants to expand on its own, the cost to human resource will be greater than it can afford. Franchising the business can then be profitable.
If you add up all of these you will see that the doubt (how do I franchise my business and what will be the outcome) will turn into confidence to franchise your business.