Long gone are the days when traditional outsets of franchisingprospered without the implications of the rapidly evolving information age that we are a part of. Franchising is a subset of businesses, which is primarily made possible because of a host pf factors including a lot of patience, proper management, a defined plan, and a hefty funding. It is only after a business is very well established that they can further venture into franchising.
A brand plays a pivotal role for any franchisor and/or the franchisee. Consumers instill a sense of relatability with the brand since they take a conscious step towards making a buying decision for the brand sentiment they have. The franchisee doesn’t just derives a brand identity from the franchisor but an array of associated parameters to run a successful business like a trademark, operating system, support and the guidelines to be abided by the franchisee.
At the root of the franchising business lies, the bond and relationship the franchisee and the franchisor have for one another. If a franchisee meets all the obligations in terms of delivering the products and services and maintain a brand system that entails everything in accordance with the franchisor’s brand value, the adherence to such a healthy relationship between both the parties can prove to be a successful endeavor. A franchisee usually holds immense pride about the operation activity from the host franchisor and there is a positive affiliation for the same.
Support lies in the epitome of partnership of all sorts. It is through this support system that the franchisor provides to all its franchisees, the ecosystem of an established rendering of services and providing goods. There goes a lot of training and mentorship for the whole management and the supervisory team so that there are exacting standards and the same is met through an equal standard. All new and old products and services alike lined up in consonance with the company’s development is enabled through a range of research activities usually done by the headquarters and the same knowledge set is transferred to all the associated franchisees. Marketing and advertising are also parameters under the support system that is done by the franchisor to help the franchisee raise an elevated sense of brand sentiment for a fulfilling customer satisfaction.
Furthermore, the design, financing, inaugural programme etc is all taken care of by the franchisor. Alternatively, there is an ongoing supervision and management adherence done by the supervisor in case of any unforeseen activity occurred in the business. Dickeys Barbecue pit franchise in the United States, a renowned chain of fast food restaurants adheres all these things to its franchisees to maintain a healthy business mode for its expansion storytelling.
All a business has to really ponder upon before taking up a franchise agreement is a thorough research and study of the parent organization and work relentlessly for making a profitable venture for both the entities involved for an elevated customer experience and satisfaction.