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Franchising can determine how well your business is established globally. Only a successful business will come forward with the thought of starting franchises. Established companies with limited resources or manpower can also grow fast with franchising.
No matter how big or small your business is, starting a franchise means facing some challenges. Thus, it is important to conduct a thorough market research and be very clear about customer requirements.
Seek the help of professionals at each and every stage. Consider approaching a business consulting service provider, finance expert, franchise consultant and lawyer experienced in the laws and regulations of franchising.
Be careful when dealing with franchise owners as they tend to work independently. This may affect the whole theme and concept of your business. This may reflect in many aspects, from interior design to quality of service.
When looking for franchise profiles, consider their business size, growth rate, manpower, financial stability, market share, experience and number of stores owned. Take strict steps to screen applicants.
Keep the quality of your product or service by offering franchisee training. You can hire a professional franchise assessor to monitor your franchise.
Franchising allows your business to achieve faster growth with more profit. But it may take some time to get a return. However, it guarantees lesser liabilities with the franchisee, making your business safe.
• Franchising involves a number of legal formalities
• Select a financially stable and reputed franchisee
• Seek the help of professionals at each, every stage
Source: Asha Das, Special to Classifieds
The writer is a freelancer