There is one thing that separates those who succeed from those that fail. To successfully expand as a franchise, you must fix the foundation of your house first!
So you’re getting ready to franchise your business? Hold your horses. Before you embark on the franchising journey, getting your house in order is important. The more solid the foundation of your house, the more interesting your business will be to potential partners and investors.
As a leading developer of Franchise Software, we have identified three items that successful franchisors consider before diving into the franchising pool. We call them the three P’s:
Processes in place – A successful franchise can only deliver a fully consistent experience to its customers, if there are clear guidelines, processes and job instructions to follow. At the core is the franchise manual which typically generates headaches for new franchisors. Many of the leading edge franchise businesses are leaving behind the traditional franchise manual and moving it to a cloud based manual. Not only does this make updating easier across the entire user base. For the user, it also provides with a more logical way of looking things up, and understanding what’s expected to successfully do a good job.
Programs in place – A successful franchise business will provide a range of supporting programs, including promotions, media planning, marketing assets and tools for creating brand compliant marketing materials. You don’t want to give your new franchise-partners too much flexibility in tinkering with the brand you’ve worked so hard to establish – instead give them the right programs from the start, so that they can be successful in driving your business vision profitably.
Platform in place – So you have done all your homework? Now you need a way to centralize collect all your processes and programs. This is where the franchise software platform will come in handy. Stored in the cloud, it provides you as the business owner with a power content and knowledge management tool, while giving your franchise partners an intranet on steroids where they can easily access they need to do your business justice.
And not only does the franchise software platform unite your company for processes and program. Used effectively, it will collect key functionality for vendor agreements, discount programs, training, reporting, and pricing – all under one roof.