One of the most popular ways of starting a new business is setting up a franchise of an organization with a popular chain. The franchise module can be advantageous over starting a new business in several ways. There can be variances between industries because of the very nature of the business. It is noticed that IT training institutes can get maximum support because of several minor technical details. A franchisee must most definitely expect to receive some kind of assistance along with expertise for factors that are crucial in opening a new center while you must always remember that it is YOUR business and you will need to own it by taking initiatives in all the following areas too. Some of the basic requirements you must expect from the franchisor are:
- Assistance in suggesting/finding a location: This is one of the basic supports for any business. The requirements for the size of the location are usually pre-determined by the franchisor. The franchisor will also have a fairly good idea of demand in the area of consideration. These inputs are of utmost importance. Apart from your own research into the market demand, getting an insight from an experienced player is a huge plus. You can also get guidance on what the lease agreements for this sort of businesses, onsite review of franchisor and assistance in execution of getting the lease from the franchisor.
- Assistance in set up: The support must include clear instructions on all components and paraphernalia that will need to be purchased/rented and assembled to set up the business and source for each component. Initial set up assistance also requires staffing. The franchisor should be willing to give the franchisee HR assistance initially in order to look for the right employees in your location.
- Assistance with marketing: The typical assistance from a franchisor includes an entire marketing plan for the new center which covers online, offline marketing activities for a minimum of the first 3 months from opening. The plan must include, in detail, the timeline of the campaign, promotional material and total investment for the effort that needs to be made. The best form of assistance would be continued lead generation campaigns run by the franchisor. But one must remember that this in no way completely compensates the offline or added online marketing you do in for your local center. Expecting leads is alright but the conversion is where you will have to put in your effort in order to successfully run a business.
- Training for operations: The beginning training must cover all the various aspects of operation of the center, with adequate repetition so that the franchise can operate the business from Day 1. Training to all staff members from the franchisor would be ideal to instill competency. In the case of training institutes, the franchisor would need to help with identifying and training instructors before deploying them to the franchisee. One must receive all training material in the form of manuals for future reference. If there is change in staff, the franchisor should be able to train the new staff.
It is important for one to remember that the business personally belongs to you and therefore a proactive role in marketing, assistance in all other aspects is crucial. Being involved and present is a major factor for success of your center.
With almost 25 years in the field of IT training, IIHT has a rich legacy of training over 15 lakh students in 150+ centers across the globe. IIHT has won several awards for its cutting edge IT training solutions, both for fresher training in institutes and corporate training. The successful business module has been tested for 25 years and has known to yield great results.