Franchising Success Appetite, Attitude & Aptitude
At Franchise Right, we are fortunate to consult and work with some of the most exceptional people! Business owners – often leaders in their industries, operating small but profitable businesses.
They exhibit ingenuity and entrepreneurial talent and seek out the very best tools, systems and operating platforms. Their teams are well trained and understand the strategic direction of the business.
The key attributes these clients demonstrate to us are:
1. APTITUDE – skilled and capable
2. ATTITUDE – positive and open
3. APPETITE – hungry and ready for the challenges
We usually encounter these business champions when they identify that they want to scale and grow their business model.
Here’s some of what we teach about developing a franchise model.
1. Understanding the numbers, industry conditions and the blue sky available for the concept.
A feasibility study is crucial in determining the environment, correct balance, viability and sustainability of a franchise model. Profitability is important, however, there are many variables to consider before giving a franchise the green light!
2. Designing a robust franchise platform and understanding the new model.
A new business needs to be well planned, ensuring a strong framework and considerations to future resource requirements. Our clients will be stepping outside of what they know and getting off the ‘tools’. Instead, they are about to become business educators, technical skill coaches, standards auditors and recruitment officers. This is often challenging as it is a new frontier for most of the people we work with.
3. Compliance
The new experiences continue, with clients immersing themselves in learning about the Franchising industry and how their business operates within that. There are regulatory requirements and a strict Code of Conduct – all of which must be understood and adhered to. Proper process and due diligence are critical to this stage of development.
4. Franchise Partner Acquisition
Future Franchisors must understand the target profile of any potential business partner and be prepared to be unwavering in the non-negotiable aspects when assessing applicants for their business model. Here is where a structured marketing plan is developed, incorporating key business messages, identifying communication tools and utilising the various channels available.
At Franchise Right, we offer more than just franchising advice. We support and guide you through your whole franchising journey. Contact us today to see how we can help grow your business!