HOW TO GIVE A FRANCHISE OF YOUR BUSINESS IN INDIA?
With a boom increment in the number of businesses opening up in the market, each and every business owner having a pre-established business, after reaching a certain point, wishes to expand the range of his operations and increase his reach in the consumer market. For anybody who has a small business that can easily be replicated, franchising can help can you grow your business manifold as franchising would help in creating a name for your business and having a recognized identity in the crowd of thousands. Franchising the business will help in reaching out to a large number of customers and easy access to the market.
Every country has a different economic set up with a certain percentage of all the sectors contributing to the growth of the country. Before you sell your franchise in India, it is necessary to analyze your sector’s share in the country’s economy as this would determine the expanse of a customer base that your brand will be able to pull, which, in turn, will determine how many businessmen will want to invest their finances in your brand. A very few people are able to correctly understand how to franchise your business in India. It is only when one is able to understand how to sell his franchise in India, he will be able to create a demand for his goods and services in the country. It is extremely simple for a business to sell franchises in India once the business has been able to strategize various expansion policies correctly.
CREATION OF FRANCHISING BLUEPRINT- In the very beginning, every business needs to decide if it is viable for it to turn into a franchise. Before starting any expansion procedure in the business, it is very important to prepare a blueprint and analyze the consequences of all the actions, both financially and on the market image by assessing the market situation and act accordingly in order to avoid any adverse effects on the business enterprise.
GETTING EXPERT ADVICE-It is important to seek a bit of expert advice is really crucial in order to create a franchise agreement and set the pricing and determine intellectual property protection and in order to formulate the proper procedures. A piece of advice is necessary because an expert would help you to know whether you have a unique selling point that would encourage a franchisee to franchise your business or not. It would help you strategize methods to demonstrate success with organized plans and refined techniques
LEGAL PROCEDURES – It is very important to start with compiling all the legal requirements mentioned in the Franchise Agreement Act that has more than 13 laws starting from the Indian Contract Act 1982 to Copyright Act 2013. It is important to complete all the legal formalities and paperwork in order to avoid any havoc in order to sell franchises in India. It is necessary to compile information on franchises, lobbies for legalization that will be favorable to the business.
SCREEN PROSPECTIVE FRANCHISEES- It is very important to analyze and see how many people would initially want to purchase a franchise for your brand before deciding to take your company on a larger level in the market and assigning your finances to this task.
MARKETING YOUR FRANCHISEOnce you have completed all the legal and market formalities, it is very important to market your brand in an appropriate manner so as to make your reach to a large mass of prospective franchisees. There are a number of ways to market your brand, some of which are as follows
Social media marketing: that involves reaching out your business to a large mass of people by means of various social media platforms such as Instagram, Twitter, Facebook, etc. It is one of the most emerging methods of marketing as this provides high engagement and a single post can help you to reach a huge crowd of people and fetch interested franchisees to invest in your business.
Word of mouth marketing: is one of the oldest strategies used for marketing and reaching out your business to a mass of people. This method involves a verbal transfer of your business enterprise from one person to another. This marketing strategy entirely depends on satisfying the customers to the maximum level so that they could later help you enlarge your customer base by telling other people about your brand.
SEO: which stands for Search Engine Optimization. It refers to a set of keywords that help the users to find your webpage on any search engine. In case, you wish your website to appear on top, it is very important to use appropriate keywords on your website which will give your website a higher rank, eventually leading to a larger traffic which would make it easier for people to reach you and enquire and gather knowledge about your franchise
Hiring an external Marketing team: that consists of people who specialize in this department and can help you to market and promote your business by using various other marketing techniques are also a widespread method of marketing that attracts a number of franchisees to know and enquire about your business that will help you to franchise your business.
