Have you decided to make your debut in Business and decided to go with the franchisee model business, Then first thing you have to do is the find the good franchisor.
Before going into the franchisor search mode, list down the minimum items which you are going to need from the franchisor for the successful business stint. The items can be the franchisor business model, its marketing and operational capabilities, fanbase, support and much more.
Here we listed the few ideas to find the perfect Franchisor to help you to bloom in your business life.
- Set up your budget, fix the approximate budget with the threshold of 10% as a kick start.
- Choose the business model and location you wish to kick start with it, find how successful are the business model in the current trend.
- Shortlist the franchisors (at least two) who are offering your projected business model.
- Find how successful is the franchisor, do some research on how successful is the franchisor? brand familiarity, customer overall following across the region etc.
- Find the trustworthiness of the franchisors, success rate not alone the criteria you should look for from the franchisor, also do some research on the franchisors background like year of establishment, how established is the company, founders’ profile, founder’s credibility, number of Team working with the franchisor, work ethics etc.
- Approach the franchisors for Details, find the total investment needed to go on with the shortlisted franchisors. Also find the breakdown of the various items that is not involved with franchisor supply. For Example: Property lease, local bodes approval, manpower recruitment service fees etc.
- What are all supports do you avail from franchisor? Find out what are all supports do you receive when you sign the legal contract with franchisor. Please identify the free services & supports and the paid services & supports. This is applicable right from identifying the location , training, products supply, marketing, operation support etc
As you move on in your search mode to sign mode, feel free to add the additional queries that are of particular importance for you and your specific situation.