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franchisee business

6 steps to choose the right franchisee for you

 “I am an entrepreneur. I am not made for 9 to 6 job “

 

Become an entrepreneur – These words must put a spark in you. There are many times when you want to leave politicised and dull life of a job and start up. Entrepreneurship has a romantic charm with more control over life and huge rewards. Even risks associated with entrepreneurship seems highly engaging. This quote sums up entrepreneurship perfect –

 

 

real estate entrepreneurship quote by regrob

 

 

But, becoming an entrepreneur and creating everything from scratch is not everyone’s way. Many people are looking for some solid platform to start entrepreneurship without getting into the pains of trial and error. They want to cut the initial time of thinking through every process, building the blocks and then try the market.

 

Taking a running business franchisee is good method of starting the entrepreneurial journey. You get the backing of a tested business model and may start generating revenues sooner. The people in job and liabilities to take care are liking the concept of franchising. We also agree that franchising is a good option to work with, still you need to do home work to get along well in your entrepreneurial journey.

 

“We at regrob entrepreneurship development centre meet hundreds of enthusiastic persons every month. These people have great sparks in them but many times they lack clarity. Our counsellors help them reach the right decision by showing them all facts and truths about franchising first. Off course, our prime motive is to help them become super real estate consultants with regrob. To make every franchisee of regrob super successful, we have to choose the right people and help right people choose us. We have 16 great team working with us and we leave no chance to make them happy and successful. We know that a person who doesn’t love real estate will not be fit for this assignment. So we first counsel them to choose the right industry and if that happens to be real estate, we go ahead by our franchisee development programmes.”

 

 

Real EstateMillionaire's Work- join regrob franchisee

 

 

For those people or “half-entrepreneurs” franchising is a terrific option. Becoming an entrepreneur with a solid and successful company provides you platform like —

 

a) Tried and tested successful idea

b) Laid out processes

c) Reputed brand 

d)  Instant revenue streams

e) Mentor ship in crucial areas

 

 

When you decide to take the plunge for entrepreneurship and start looking for franchisee options, you get a lot of options. It becomes an important task to choose the best option for franchising as “you are betting your life on it.” You must choose considering all factors like pricing, break even, strategic fit, operational fit etc.

 

 

We try and provide you with a framework to choose the best franchising option for you —

 

 

6 Steps To Choose The Right Franchisee For You

 

Step 1 – Clarify yourself —  There is no use of going back once you have decided to go on. So you should be clear about your decision for entrepreneurship, talk with your family and dear ones. You will need lots of support from your family and friends in your entrepreneurial journey and biggest support will be from your own will power.

 

Clarify what kind of business you are looking to do. Think about —

a) How much money you want to make ( You can never open a tea shop and be a millionaire )

b) How you want to work(You can never own a real estate franchisee if you don’t want to work with people)

 

Entrepreneur’s life is full of freedom, lavishness, leadership but nothing comes for free. You will have to work very hard to achieve this.

 

 Entrepreneur’s life has many stages —

a) starts with belief “I can do is more important than I.Q.”

b) Goes through many test, failures

c) Growth comes

d) Super successful time comes

 

Above, every stage is a life in itself. Be ready for it!

 

 

REAL ESTATE entrepreneur life cycle

 

 

Step 2 — Choose Industry — Choose industry of your passion and follow your dreams. If you are passionate about food then open a food joint, if you love real estate go for real estate business franchise. Only your passion will take you far and give you inspiration in tough times. See other fine points of a franchisee too. Like if you go for a real estate brokerage franchisee then you must be comfortable with –

 

a) Meeting lots of people (clients + builders)

b) Ready to work in real estate projects / homes etc. (lots of site visits)

c) Take calls of prospects at all times (clients will call you in night also)

d) Be patient in long gestation sales cycles (many site visits – with family – with friends etc)

 

Always be clear about the scale and impact you want your venture to take up.

 

Think what you would love to do for the rest of your life if money is not a parameter, Do it ! You will do well and with excellence and passion, money and success will come after you. # taken from 3 idiots 🙂 

 

 

Want to know about Regrob Entrepreneurship Programme- franchisee

 

 

Step 3 — Measure the industry — Always measure the industry to see the revenue potential in your business venture. See the hard facts, business environment and future predictions to startup.

 

Take example of real estate brokerage industry –

 

a) Indian real estate industry is tipped to touch $ 180 billion by 2020.

b) Real estate brokerage industry is of around $ 4 billion market size now.

c)  More than 10 lac brokers work and sustain in this industry.

d) Huge latent demand for tech enabled professional real estate brokerage solutions in India.

 

 

real estate brokerage industry snapshot 2017

 

See the industry through both lenses – Macro trends and Micro trends. See if the country is growing and its residents are ready to spend on cafes and experience fine dining. Also see if the place where you are thinking to start your restaurant or QSR (quick service restaurant) will have the consumption. If you find your chosen business to do well on both counts then only go ahead.

 

Step 4 — List out all top players of the industry — Now you should study the top players of the industry. Do good amount of research on the company of your choice —

 

a) Research about the team. (See leadership team’s education background and their track ground / check franchisee’s profiles also)

b) Meet existing franchisees and take their reviews.

c) See online presence of the company.

d) See their processes, technology and past performance.

 

 

We’ll suggest you to go for tech enabled solutions because brick and mortar market players are dying. New age customers are doing couch surfing, as in real estate more than 60% of buyers are searching internet to find their dream home in first place. The age of online business has begun and it will increase faster than ever.

 

We are seeing more and more offline businesses are dying their natural death as the technology is playing vital role in consumer’s life.

 

A caution – Never go by big swanky offices or plush cars, see the future. If you see Whatsapp as a company had only around 100 employees till very late. In the age of automation, most of the work is done by technology not by employees. The age of old companies is gone, focus on future profitability and their scaling potential.

 

Step 5 — Asset Light Business Model — Always go for asset light business model that might have initial investment but your running costs must be lower. Asset light business model will also help you in building profitability over less time. As more business is being done online, one should cut costs like manpower and real estate. Your  chosen company should have a good focus on online customer acquisition and technology.

 

 

 

new age connected customer in real estate

 

 

Taking example from Regrob business model – We complete more than 60% of work by technology. 

customer’s 1st step – Customers come to regrob website and search for their dream home. They see actual pictures and 100% authentic information online itself

customer’s 2nd step -They may schedule the site visit online itself

customer’s 3rd step –  Customers may connect to our regional teams over the IVR ( interactive voice call routing)

customer’s 4th step –  CRM (customer relationship management software) stores customer data forever.

customer’s 5th step – Site visit happens

customer’s 6th step – closure happens

customer’s 7th step – We congratulate customers and reward them for referrals. He receives free services like Vastu reports too from us.

 

Our CRM keeps track of customer’s progress in sales life cycle. CRM  keeps them alive by sending them important information, local trends, new similar properties etc.

 

We use our offline team only for site visits..

 

Now you should meet the franchisers and their team to understand the business model and services they are gonna offer to you. Always meet their existing franchisee to see thing in black and white.

Real EstateMillionaire's Work- take regrob franchisee in india

 

Step 6 — Legalities — Go through the agreements and term and conditions. Check the agreements very carefully and lookout for changes need to be made. You may discuss your concerns about all the terms of contract with the company. Many companies are very open to changes and negotiations to be done in agreements and terms.

 

a) See the renewal terms

b) See the training programmes

c) Meet the leadership team as well as franchisee owners.

 

Having meetings with existing franchisees will help you a lot as these are the actual business owners. Existing franchisees will give you correct picture of all things going inside the organisation.

Summing up all the above steps, you should be careful and futuristic in choosing the best suited opportunity for yourself. It is everything!

 

After finalising give your best to become a successful entrepreneur.

 

Some information about franchising in India –

 

Franchise industry snapshot in 2017

 

 

Franchising in India is a new phenomenon and it is set to grow tremendously. The factors pushing the growth of franchisees are many —

 

a) Indian customers are graduating to a new level of service experience and he / she has good money to spend on these. Customer is looking for standardised services everywhere.

b) Growth of online business. All businesses have a lot of online and technology exposure which can’t be handled by individual business owners.

c) Branding of business. Lots of resources are needed to brand business and attract customers. Companies with scale may handle it.

 

We hope that these tips will help you choose best franchising option for yourself. You may add many other things in your search for perfect franchisee but these will prove to be basics of your franchisee business hunt.

 

Having a good franchisee is having a good team and choosing a good team is an uphill task in itself. You should choose the team very carefully as you will be the C.E.O. of your business and front face of the company, so team game is all it takes.

 

Best wishes for finding a great franchise business in 2017.

 

Want to know about Reagrob franchisee Programme-min

 

 

We would love to hear your comments and questions on franchisee business. You may comment in box below the blog.

 

To know about Regrob Franchisee Programme – click here!

 

  • Ashish Sharma

    A very good information on franching in India.. It is surely going up…

  • Udit

    The idea is surely catching up. Franchisee biz has given the wings to several entrepreneurs who lacked money or even the risk taking ability…It is a completely new model that will take the market with storm in the coming days and will create new sustainable businesses…

  • Sagar Sachdeva

    There is no doubt that franchisee business is a preferred business over independent one as more and more people are getting attracted towards the bright aspects of owning a franchise. Regrob’s model is really attractive as it provides you the brand value and no financial risk as if you start your own business there is a huge chance of failure and financial risk .
    This blog has given me 100% information to choose a right franchise for me thanks for the valuable information.

  • Thanks Sagar! Yes, franchisee has a bright future in India. You may also read about Regrob Franchisee Entrepreneurship programme too – https://goo.gl/sChZiQ

  • Thanks Udit ! Yes, franchisee has a bright future in India. You may also read about Regrob Franchisee Entrepreneurship programme too – https://goo.gl/sChZiQ

  • Great information. https://propertyadviser.in/

  • Kali Prasad

    Quality franchisee selection is essential for building a successful and prosperous franchise network. here are few important steps to choose a franchise
    1. Success is largely determined by the franchisee
    2. The cost of failure far outweighs the initial gains
    3. Negative attitudes are infectious
    4. Inadequate selection procedures are the biggest cause of failure

    Typically, in total there are seven steps to franchise ownership, as follows:
    1.Find a Franchise Concept that Fits.
    2.Submit Request for Consideration/Application.
    3.The Franchise Disclosure Document (FDD)
    4.Training and Support Overview.
    5.Franchise Disclosure Review.
    6.Franchise Due Diligence.
    7.Celebration or Discovery Day.

    Steps to Opening a Franchise
    Research the Industry.
    Submit an Application or Qualification Sheet.
    Review Disclosure Documents.
    Develop Questions for the Franchisor.
    Call or Visit Existing Franchisees.
    Meet the Franchisor.
    Choose a Potential Site
    Execute the Franchise Agreement.
    Attend Training.
    Grand Opening.

  • Harshita Srivastava

    In today’s digital world, it is easier than ever to find a great deal on owning a franchise. From the very beginning of your search, it is important to understand the emotional connection you will have to the brand you select, as well as how owning and operating the franchise will affect you.Once you understand these key elements, it will help you make a more informed decision as to whether owning a franchise, and which one, is right for you.

    The Criteria For Selecting A Franchise :-
    Before buying any business, you must carefully consider many factors that are critical to your success:
    COSTS
    • How much money will this franchise cost before it becomes profitable?
    • Can I afford to buy this franchise?
    • Can I make enough money to make the investment worth my time and energy?
    YOUR ABILITIES
    • Do you have the technical skills or experience to manage the franchise?
    • Do you have the business skills to manage the franchise?
    DEMAND
    • Is there enough demand in your area for the franchisor’s products or services?
    • Is the demand year-long or seasonal?
    • Will the demand grow in the future?
    • Does the product or service generate repeat business
    COMPETITION
    • How much competition do you have, including other franchisees?
    • Are the competing companies/franchises well established?
    • Do they offer the same products and services at the same or lower prices?
    • Is there a speciality or niche you can capture?
    BRAND NAME
    • How well known is the franchise name?
    • Does it have a reputation for quality?
    • Have any consumers filed complaints with the local Better Business Bureau?
    TRAINING & SUPPORT
    • What kind and how much training and support does the franchisor provide?
    • Do existing franchisees find this level of training and support adequate?
    FRANCHISORS EXPERIENCE
    • Has the franchisor been in business long enough to have established the type of business strength you are seeking?
    EXPANSION PLANS
    • Is the franchisor planning to grow at a rate that is sustainable?

    The Steps in Buying a Franchise
    The process of buying a franchise is complex and should be pursued very carefully. The following 5 topics will help you better understand the franchise buying process.
    1. Choosing the Right Franchise
    2. Deciding What Franchise You Can Afford
    3. Due Diligence on Your Selected Franchise
    4. Working with a Qualified Franchise Attorney
    5. Preparing Your Business Plan

    Steps to Opening a Franchise
    The typical franchise buying process progresses through 10 steps.
    1. Research the Industry.
    2. Submit an Application or Qualification Sheet.
    3. Review Disclosure Documents.
    4. Develop Questions for the Franchisor.
    5. Call or Visit Existing Franchisees.
    6. Meet the Franchisor.
    7. Choose a Potential Site.
    8. Execute the Franchise Agreement.
    9. Attend Training.
    10. Grand Opening.

  • Sarthak Garg

    Most people dream about being their own boss and start something of their own at some point in their lives and what options generally comes to mind to make this dream a reality are – freelancing, consulting, building a startup. However, one another successful path to start something – and one that many might not think of immediately — is to open a franchise. Very few people have the natural ability or expertise to be efficient at all aspects of running a successful business. That is where the franchisor’s experience comes into play. Franchise organizations offer a structure for launching, operating and growing a business. Indeed, the successful franchisor will deliver the entire framework around which the business is built. Franchisors usually create comprehensive operations manuals and training programs for their franchise owners that cover marketing, operations, accounting, technology and other areas that are specific to the particular business model. These efficiencies are designed to enable franchise owners to earn more and spend less time and effort than otherwise would be required to open and operate a similar business on their own.The major benefit of opening a franchise is that the groundwork has already been done by a trusted brand.
    If we talk about India, which is now seeing huge opportunities and growth potential in franchise management, all thanks to surging consumer sentiments and rising economy of India and experts believe franchises in India will grow at a whopping 30-35 per cent, given India’s growth rate. Top sectors which can offer great ROI includes real estate, education, healthcare. Real estate is one sectors which even experts believe will see double digit growth in a developing economy like India owing to rising urbanisation, bigger demographic dividend of youthful population and increased credit facilities. Thus, with low investment franchising with trusted real estate brand names like Regrob can prove to give extremely great returns at low investment.

  • anmol gupta

    Franchisee business is a preferred business over independent one as independent business owners don’t have the security of knowing the product lines, service offerings and other ownership decisions that have already been tested and optimized for the marketplace in case of franchisee business model. Moreover, Independent business owners are likely to have higher investment costs to buy and operate their business compared to franchisee ones. On the other side, the franchise sector accounted for roughly 10% of all new jobs in industries such as business and personal services, restaurants, automobile, education and manufacturing over the past 18 months – that boosts the total jobs in the industry to more than 8 million.The franchise sector directly and indirectly supports more than 18 million jobs overall. The process of buying a franchise is a wise decision for which the entrepreneur should take care of the following factors :

    1. Should have extensive research on the subject he/she wants to venture in i.e to figure out the values from initial investments to revenue generation, should work qualitatively than quantitatively( low investment and more production).

    2. The entrepreneur should be aware of its prospective clients, their interests and should be responsive enough to adopt the current trends in product offerings (Technology oriented, Healthy for consumption in case of FMCG products, Growth segments, Shifting demographics).

    3. The industry to be ventured in should be measurable i.e ability to see the revenue potential.

    4. The entrepreneur should be aware about its competitors, their strategy to stretch the product line and consumer attraction techniques.

    5. The company should always work in the framework to Indian business law.

  • Sarthak Garg

    Choosing the right franchise is a major decision. One will not just be investing just his/her money, but time, and energy into an endeavor that one hopes will pay dividends for years ahead. An analogy that fits right with picking a company to franchise is like choosing a business partner. In a real sense that is the kind of relation you are going to build. One should choose a franchise in which he/she have an interest in​ or an industry in which one have past experience and also that is financially right for you. Remember, this will be a life changing experience, so make sure you make the right choice.

  • Himanshu Srivastava

    One always look for a better franchisee which will grow person in a longer term. Building a successful franchisee network, the person should have knowledge of market specially the competitor’s one where all the main flow of the market is moving, what are the loopholes that they missed you can work upon that is itself sufficient to gain the initial market growth. The main terminology to find the most profitable one is to comparison and the review by the existing customers.
    Let’s discuss more in detail:
    1-To find the value of franchisee, one must research a lot (in detail) and that to in a specific domain where the chances of growth is more and where the chances are high risk is also added one in that.

    2- Networking plays a major role in this scenario and that is what every marketer does, in order to make connection site visit and meet ups matters a lot.

    3- Q&A kind of part should be added and that to into an extensive level.

    4- In order to remain safer side company must look for all the major law under the same section that will never be a bad debt for the company.

    5- Choose for those sector of India where the exact demand is required and that can only be done by doing Survey, which can not only give an idea but can also open some new opportunity that is hidden till now.

    6- Also go for an Adviser that will be really helpful.

    7- Sign a MOU and that too into details. So, if anything goes wrong in future that can be easily take care by the both the parties.

  • Shubhangi Sharma

    Franchise selection process as explained above is very crucial .One should evaluate yourself by self clarification , understand ones potential by analyzing interest and passion of an individual, framing out the revenue model of the industry , research well in particular industry for generating in depth knowledge of their core competitors and going through the terms and conditions well. Prior any person want to buy a franchise, a complete idea about what interest do they possess and path through which their dreams could be converted into reality should be known. Similarly after choosing a particular industry , the outcome of the industry is analysed by working on revenue model of the business. Collection of information on various aspects of the industry is gathered for short and long term strategic planning and operating cost for the business should be minimized instead of higher initial investment for more profitability. The business should be based on internet platform and backed up by efficient technology for showing excellence in their performance. Franchise work sheet is used to determine the attractiveness of each franchise the person is considering, each of the question is answered , a rate of 1-3 is assigned with 3 being the strongest. The franchise with the highest score is selected. The franchise is expected to grow at a CAGR of 30 % and has the potential to contribute approximately 4 %. India has shown a significant growth of USD 13.4 billion to USD 24 billion in 2015 grown at a CAGR of more than 20%.

  • Aarushi Sanayya Sapra

    There are thousands of franchise opportunities in India, and finding the right one for you could be like finding a needle in a haystack.The franchise selection process is not a cumbersome job which may include clarifying yourself,choosing an appropriate industry,measuring the deep potential along with the asset light model.Even if you have a general idea of the industry you want to work in, there are numerous options in a variety of price ranges within each industry, leaving you the task of sifting through dozens of websites and information packets to find the one that’s right for you.The process of buying a franchise is complex and should be pursued very carefully. There are many factors to consider and many steps to take during the franchise-buying process.After you have decided on a franchise that fits your lifestyle and budget, the next step is to investigate the company. When you buy a franchise you are not only buying a system but are also at the beginning of a (hopefully) long-lasting and rewarding relationship. When you decide to take the plunge for entrepreneurship and start looking for franchisee options, you get a lot of options. It becomes an important task to choose the best option for franchising as “you are betting your life on it.” You must choose considering all factors like pricing, break even, strategic fit, operational fit etc.The latest trends can be Internationalization of franchises that is Overseas markets are still ravenous for American products and services. Franchise experts believe that many countries are willing to pay large amounts for the opportunity to use a Western trademark and the training and knowledge that come with the package.
    Also Franchising in fast casual restaurants along with their interests in experienced operators, Franchising in home health care can be the latest trends.

  • adyasha tripathy

    “As you work hard to make the most of your franchise, you’ll find yourself growing and improving in more than one. Owing a franchise can be an extremely rewarding opportunity if you let it.”

    Owing a franchise with all its handwork is just another type of entrepreneurship. The best part about owing a franchise is it has less risk involved and has reputed brand to invest for. For choosing a right franchise the first thing we should focus on is self research that is our need, want and desire.

    The franchisee selection process involves
    Motivation
    Operating the system
    Work ethics
    Financial considerations
    Management skills
    Avoiding risks

    When you buy a franchise , you buy the right to setup a new business patterned on an existing model.The process of buying a franchise involves
    Research about the industry and picking the best of rest
    Evaluation for return on investment and the type of business model
    Visiting the franchisor to make sure the business opportunity matches your investment bracket.
    Lastly self interrogation for major factors like financial support, risk taking etc.

    The criteria for selecting a franchise involves costs, abilities, demands and competition.Steps to open a franchise involves
    Evaluate if your business is ready
    Learn the legal requirements.
    Take decision about business model
    Create needed paperwork and register as a franchisor
    Make key hires
    Sell franchisees
    Support franchisees

    Owing a franchise with all its uphill battle is just another type of entrepreneurship. The top companies who have listed in 2017 franchisee 500 ranking are 7-ElevenInc, McDonald’s, Dunkin’ Donuts, The UPS store, Jimmy John’s Gourmet etc.
    Some of the listed real-estate franchise are HomeVestors of America Inc, RE/Max,Keller Williams,Realty One Group, Showhomes and Assist to sell

    For selecting a franchise we need to jolt down
    Abilities and interest
    Consumer demand
    Market competition
    Name recognition

    The current market is growing in a devastating way. The biggest current trends in franchising involves area expansion, business to consumer e-commerce, refranchising, multi unit operator and mergers, acquisitions and alliances. The current trends of franchising are changing the entrepreneurs world in a booming rate which is a positive sign for the new upcoming entrepreneurs.

  • Rajender Kaur

    Well said by Jason Statham ,”The insurance of working with a big ,already successful franchise just gives you the chance to do other things on a more personal level “.
    But owning that already successful franchise is not a easy nut to crack . For a franchise​ to be successful we need some mantras as in –
    1.Make sure you have enough money .
    2.Follow the system .
    3.Be an enthusiastic franchisee .
    4.Recruit the best and treat them with respect .
    5.Teach your employees .
    6.Give customers great service.
    7.Stay in touch with your franchisor and franchisee.
    This is how a franchise can be successful but why is franchise selection process important that’s one of the biggest question​ to deal with . It’s actually important to select the correct franchise coz –
    One should evaluate yourself by self clarification , understand ones potential by analyzing interest and passion of an individual, framing out the revenue model of the industry , research well in particular industry for generating in depth knowledge of their core competitors and going through the terms and conditions well. Prior any person want to buy a franchise, a complete idea about what interest do they possess and path through which their dreams could be converted into reality should be known.

    In a nutshell​ , a thorough franchise selection process will help you to build a more successful and sustainable franchise system and will save you time and money in the long run.
    Now let’s know in detail about what is the process of buying a franchise-
    •we already know you need a right franchise after that
    • decision should be made regarding​ what franchise you can afford
    • due diligence on your selected franchise should be made coz you should make sure it is the right relationship​ too.
    • at last right business plan should be made .

    It may also be the case that you want to open your own franchise which is a big step for those who want to choose the venture – and it can be somewhat intimidating. So what should be done to this big task lets see-
    1. Self evaluation
    2. Pick a franchise consultant​ to assist you
    3. Research
    4. Attend ‘ Discovery Day’s
    5. Speak to other franchisees
    6. Find a suitable location
    7. Choose a franchise and secure funding
    8. Sign the agreement
    9. Obtain all necessary permits and insurance
    10. Hire staff and attend training
    11. Open your franchise business .

    We also have franchise worksheets which are actually activity worksheets and proper answer should be given to have a proper feedback of the same.

    Like wise in Entrepreneur India – entrepreneur franchise 500 lists the top 500 franchises all over the world based on cost & fees, size and growth , support ,brand strength and at last financial strength and stability .Presently we are done with entrepreneur’s 37th annual franchise 500®.

    Now let’s see what is the current trend in franchising . Coz franchising has matured since McDonald’s first opening and it started with single unit owners but now we have multi brand franchisees . These franchisees often have
    E maxed out their territory for their first brand and must take on second or third brand to continue growth of their organisation. So ley us go through what is the trend in franchising today –
    • Demographic shifting which includes millennials,baby boomers ,seniors , minorities.
    • Growth segments

    We did a lot about franchise but let’s study about what is the franchiee selection process which is also an essential ingredient in this whole scenario coz
    •Success is largely determined by the franchise.
    • The cost of failure far outweighs the initial gains.
    • Negative attitude is infectious.
    • Inadequate selection procedure are the biggest cause of failure​.

  • Anand Babu Aerolla

    Building a successful franchisee network, the person should have knowledge of market specially the competitor’s one where all the main flow of the market is moving.The main teirrminology to find the most profitable one is to comparison and the review by the existing customers.
    Let’s discuss more in detail:
    1. lot of detailed research is needed and proper domain where chances of growth is more and risk is less is to be
    selected
    2. networking plays the vital role that all marketers needed for the healthy relationships in businesses
    3. all the queries must be answered by the well trained team
    4. companies must follow all the laws and legal documentation to be on the safer side
    5. choosing the sector where the domain plays the vital role and finding the new opportunities in the business
    6. MOU’s are to be signed in detail so that no that no miscommunication takes place

  • Shikha Mangtani

    It is rightly said that,”Entrepreneurship is living a life like most people won’t , so that you can spend rest of our life like most people can’t.” Franchise is a Entrepreneurship without trial and error. So, it is associated with low risk.Franchise selection process is a step by step procedure which one need to follow.However,process of buying a franchise needs no prior experience as the necessary training to run the business is provided by the franchisor. Steps to open a franchise Business are-
    1. Clarify yourself-The first and foremost step is that you need to clarify yourself in two senses-
    (a) Money-back How much money you are expecting from your business.
    (b)Type of work-The nature of work you want . For eg- If you like to deal with people , Real Estate is a good option.
    2.Choose Industry-wide After clarifying yourself,you must choose industry according to your passion. The work you love to do, choose that industry only as ‘Passion is energy.Feel the power that comes from focusing on what excites you.
    3.Measure the Industry-Find out the facts and figures of the industry you have chosen and compare it with other industry.
    4.List out the top players of the industry.
    5.Asset Light Business Model-Try to take business which require investment but have low running cost which leads to profit maximisation easily.
    6.Legalities-Fulfill all the legal formalities of starting a franchise.
    So, if one follow the other procedure he/she can grab the opportunities of being in the entrepreneur franchise 500. In 2017, the top companies which are under entrepreneur franchise 500 are 7 Eleven Inc, Mc Donald’s, Dairy Queen,Subway and many more.
    Franchise selection criteria become successful only if you have a good team and choosing a good team very carefully.As, ultimately owner will become the CEO of the company and have to manage the selected team. Ultimately,in order to choose a right franchise, one need to follow franchise process flowchart.

  • Sonali Yekabote

    REVIEW ON RIGHT FRANCHISEE-
    It is rightly said “There is no such thing as accidental entrepreneur” its deliberate, its conscious, and its hard work.

    There are 11 guidelines to be followed for FRINCHISEE SELECTION PROCESS.
    1) Self Evaluation
    2) Hiring a consultant to get assistance from
    3) Research
    4) Attend discovery days
    5) Speak to other franchisees
    6) Find a suitable location
    7) Choose a franchisee and secure funding
    8) Sign an agreement
    9) Obtain all necessary permits and insurance
    10) Hire staff and conduct training
    11) Open your franchisee business

    CURRENT TRENDS IN FRANCHISING
    1) Shifting Demographics: Major changes in the U.S. population are affecting not only who consumers are today, but also the available labour market. Franchisors and franchisees alike must adapt to this changing customer and employee base to find opportunities for growth.

    2) Growth Segments
    What if you could start a franchised business with the guarantee that you couldn’t fail? While there are no sure bets in life or in business, some areas are more likely to succeed than others.
    • Recession – proof brands are understandably popular in any economic environment. These types of businesses include hair cutting, tax preparation, accounting, shipping and packaging, child and pet care and services, auto maintenance and repair, home repair and renovation, computer-related services, real estate, and staffing and employment.
    • “Green” businesses, already on the rise, received a big boost in 2009 with federal and state governments pushing for increased funding for the energy sector — an effect that continued to ripple for years into energy-related businesses.
    • Fitness, health, and personal care — This sector, which includes gyms, fitness centers, nutrition, recreation and sports, spas, tanning centers, and “healthy” fast food, provides targeted opportunities for each of the demographic groups described above. No business is free from risks, but having a firm grasp of current trends — and where they are likely to go in the coming years — is a big step in the direction of long-term franchise success.

    COMPARISON WITH NATURALS BEAUTY SALON
    A Naturals franchise is simple and easy, even for first time entrepreneurs. With the brand being well-established, a Naturals salon can be set up with minimum advertising and marketing costs, zero hassles of identifying locations. We have always stood for women entrepreneurship and we are proud to have promoted over 400 women who were earlier homemakers, into successful entrepreneurs and Naturals franchisees.

    WHY NATURALS?
     India’s largest and most successful salon and spa.
     Fastest growing chain
     Stands for women empowerment
     High brand Affinity
    The beauty and wellness industry is amongst the few industries which is recession-free. It has been growing year-on year at 25%-30% with a CAGR of 18.5% and is expected to grow at CAGR at 25%. Reports indicate that the frequency of women’s visit to salon has multiplied and men have also been catching up with increased spends on salon.

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