Understand why you want to franchise your business before you start – that’s one of the fundamentals to the success of the operation, according to the expert speakers in a panel discussion at the recent hospitality expo Lunch!
The two day expo in Sydney, which focused on the food-to-go market, hosted two franchise-specific panel discussions on getting franchising right, and the branding benefits of franchising.
A line-up of panellists representing McDonald’s, Oporto, Boost Juice, Healthy Habits and consultancy firm DC Strategy shared their tips on how to succeed as a franchisor.
7 top tips
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Understand why you want to franchise
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Have a proven business model with several outlets performing well to show the concept doesn’t rely on the personality of the franchisor
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Ensure your model is going to provide profits for all concerned – franchisor, franchisees and suppliers
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Pick your franchisees carefully and ensure they have both passion for the business and an idea of how they will make a profit
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Be transparent in your dealings with franchisees
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Realise that you will need to provide ongoing support for your franchisees but don’t do all the work for them
- Be prepared to invest in developing the franchise, and building the brand and the network
Branding
When it comes to branding it pays to think beyond logo and marketing material.
According to a panel of five speakers representing Sumo Salad, Mad Mex, Oporto, Coco Cubano and DC Strategy, branding is everything to do with a business, from the letterhead and uniform to customer service and in-store experience.
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