FRANCHISE ASIA JAN 2016

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Franchise Viewpoint 10 Most Important Aspects When Buying A Franchise Finding the right franchise can be a tough task especially for a newcomer to the industry. Several factors have to be carefully considered before making this significant long term investment. Here are the ten most important aspects to be looked into before becoming a franchisee: 14 Franchise Asia • <strong>2016</strong> Vol 29
Franchise Viewpoint How do you know when you have found the right franchise for you? 1. Growth potential in the market The concept should have a sustainable growth potential in the market at a local, national and international level. The analysis or market research for this should be provided by the franchisor. However, it is equally important to conduct a separate research about the market growth and potential future competition, especially at the local level, by gathering information from the web, family and friends. Ensure that the concept is suited to the locale targeted for franchise business, even if it has been successful in some other part of the country or state. 4. Marketing and advertising support The marketing needs have to be understood in detail. Some of the aspects to be considered are: • What are the type of marketing, sales building, advertising programmes and resources provided by the franchisor? • Is the franchisor responsible for ensuring that the marketing and promotional campaigns are more effective than those of the competitors? • Does the franchisor leverage the power of online marketing and social media? • Would there be a monthly deduction towards a separate marketing fund managed by the franchisor? How is the fund managed? What is ROI for the fund? 2. Controlled growth of the franchise network Analyse the nature of growth sustained in previous years. An incremental growth in the number of franchise units is a good indicator of future profitable growth. Also, the more the number of units, the greater the brand awareness among the customers. Be cautious if the past records show rapid or exponential growth. Dig deeper into the franchisor’s recruiting or selling approach and ability to support a rapidly growing network of fledgling businesses. 3. Ongoing franchisor support Ensure that the franchisor provides comprehensive training, operations and business building support to help get the franchise established and to keep it sustainable and profitable. The franchisor should also be actively involved in keeping the business at the cutting edge of product development, management approach, and compliance. 5. Satisfied and enthused franchisees Talking to the past and current franchisees will help in understanding the challenges involved in the franchise business and issues to be tackled. It is important to take the responses with a pinch of salt as not all franchisee businesses can be expected to be equally successful. But, if the predominant opinion is negative, then it might be better to not enter the business at all. Franchise Asia • <strong>2016</strong> Vol 29 15
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