Growing a business is as important as being successful in it. The best way of growing the business would be by franchising it. Remaining stagnant in your business is certainly not the best sign and the fact that you want to sell your business need not necessarily mean that you will get the franchisees. One must know that the cost of franchising involves a lot of expenses and is a long process. Below is a list of 5 tips you should know for franchising your study abroad consultancy.
1. Evaluating the Competency of your Business
The very first step to franchising a business is to double check whether it is the right time to franchise your business. Your business needs to be mature enough to be franchised. The business should be very systematic and replicable. If you are to franchise your business then the business model should be such that it can be used in other demographics and still work just fine. You must also check with the funds and make sure you have enough capital to involve new franchisees and support them and bear all the franchising costs such as the grand opening and promotional expenses.
2. Doing the Market Research
You might have a gut feeling that your business is going to do great but you also need some realistic proof to back it up. In other words, you must know whether the concept that you are offering has sufficient demand and that there is actually some room for you among the other competitors. You should be mindful of the competition especially while choosing the city. If there are already some study abroad consultancies in your target city who are doing really well then you have to rethink your strategies.
3. Preparing for the change
You should buckle up for the changes that would happen after you are no longer an individual business owner and have to accommodate the needs of your franchisees. After selling your study abroad consultancy franchise you will be expected to guide your franchisees very frequently during the beginning of their endeavor with you and also provide the ongoing support as you move ahead. You should take investing in the training seriously because it is crucial for you to train the franchisees to deliver the quality services which you deliver to your customers.
4. Building a Franchise Model
You need to decide upon the franchise model that you are going to follow. You have to decide how much royalty percentage you are going to share with your franchise.
The term of your franchise, study abroad association should also be worked on. The geographic area that you want to target, the method of training which you will implement and the number of franchisees that you are open to working with.
5. Being Selective
You need to be very selective while selling your franchise. For this, you must select the franchise with care. Do not just sell your franchise to anyone just for the sake of it and you should select someone who has some prior experience in the same industry. The franchisees should have the entrepreneurial spirit but not too much since they will not be able to adjust to your rules. Therefore, you should choose a franchise who will adapt to your model with flexibility while delivering the same quality of services as you do.
While selling your study abroad consultancy franchise, you must know that the franchisees are not going to work exactly the way you work and so if you are extremely particular about your style then you should reconsider your decision. You also have to hire the necessary staff who would be responding to all the queries and doubts of your franchisees, attend regular training sessions and provide constant support. Lastly, you should be efficient with convincing your franchisees as to why they should buy your franchise by doing proper marketing. One needs to do the necessary paperwork and register yourself as a franchisor.