Let’s move on to the fourth point. This is franchisee support. What kind of support services do you offer when you say support? Some people claim we will charge a fee during every renewal, like three lakhs In return, what are they willing to offer? Assume they justify their cost by saying “it is their cost “. Now when you say “your money,” you’re also selling them products with a markup. You’ll sell them services with a markup. Even so, you just cannot declare the franchise to be “my” money at random. The way you’re going about it isn’t the right one. Franchising implies a long-term commitment. You will have to explain the kind of support you will provide to the franchisee. Your support can make you stand out from your competitors.
This is the USP that you can develop as a factor, that will differentiate you from your competitors. Now, for example, today you come up with a franchise of a restaurant or SNP outlet, maybe it’s kind of a snack outlet and you have like 15 different options in front of you which are giving you the same price, the same margins. How are you going to make a difference now, maybe in terms of recruitment support, training support, software training, and audit support? That could obviously help your franchise gain a competitive edge in the market.
All of you will at some point come up with a franchisee. You must have studied the models of your competitors. Just go back and see what kind of support they are providing. Investigate the support they are providing, and try to give one level of support. Always try to give your franchisee more and that’s how you’ll attract the right franchisee. Your goal should be to convert as many people as possible to your franchise. You can convert those customers into a bigger chunk of your franchise that way. The franchise’s support is therefore extremely important. If it’s a service business, where would they require assistance in the initial conversions? In order to generate leads, and deliver the service they would probably need support. They might initially require support during the low-selling season.
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Link to the video description of the above content:
Refer the complete series below:
-> Click on the Link [For Step 1]:FINANCIAL Feasibility: https://youtu.be/esPD-6SygBs
-> Click on the Link [For Step 2 ]:OPERATIONS Feasibility: https://youtu.be/FuTdrC03tEQ
-> Click on the Link [For Step 3 ]:LEGAL Feasibility: https://youtu.be/0BKskT81Zqk
-> Click on the Link [For Step 4 ]:Support to your FRANCHISEE: https://youtu.be/KC0OmF5c-Lg
-> Click on the Link [For Step 5 ]:Marketing Support to FRANCHISEE: https://youtu.be/BLuruUkIbtk