Starting franchise business has a defined set of challenges in India, they are
1. Finding the right partner
2. Finding the right location
3. Getting the right process in place
These are top three concerns while initiating the franchise business for your brand across industries. We will talk about the solution to get over the challenges for starting franchise business.
Top solution are
1. Getting the right partner for your business – Often brands are lost in the initial process of getting the right buyer or the partner or franchisee owners for the franchise brand in different locations. The basic approach to deal with it is to make the right sound in the target market. Get the communication right in the market so as investors know exactly what the brand is looking for and offering. Communicate well on the franchise readiness. Build a solid communication pattern through different forms of contents such as blogs, emails, explainer videos, etc. to make investor know about your brand that it is ready and established as a franchise brand and you are for long run
2. Select the right location – This is one major factor of success in the initial stages of getting into the market. Location fit strategy is the way to go. Solution – this could be achieved by two ways , either get the partner do the search for the location and then guide them in selection process or define ideal market policy so that the investors with similar market / location advantage can approach your brand to get the franchise license.
3. Having the process in place – franchise owners should take this step very seriously and create all necessary support system in place. Once the process and operational support is in place it would be like plug and play for investors / franchisee owners to replicate the brand presence in any location/ market.