A SUSTAINABLE BUSINESS MODEL
Mentioned already, starting a franchise is simple—it isn’t easy. The real challenge is at the go when things are just taking off. Keeping the fundamental whats, hows and whys clearly sorted, both the Franchiser and Franchisees must have a definite, well written plan to keep the business running smooth and sufficiently.
This plan centres on who you are, what you want to achieve, who’s your partner, what’s your interest—why did you get into this business model? Answer these basic questions to shape your growth plan and strategies that sheer your next course of action.
A Sustainable Model with Low CAC
Franchisees must pay heed to how they can optimally use brand’s market goodwill to penetrate in the market with the least of Customer Acquisition Cost (CAC). After all, just because it’s there, doesn’t mean it’s easy to grab. Just because the brand or partnering company is a renowned name in the industry, doesn’t mean banking on its reputation is going to be easier.
For the franchisors, the initial development phase is equally important. Finding the right franchisee and carrying forward the business in sync with both parties’ goals and preference—it’s a thin line that the franchisors must walk on carefully. They must strive to foster a healthy relationship with the partner that’s beneficial for both.
To keep things sweet, simple and high-rewarding, having professionals by their side is quite important for the Franchisees and Franchisors. Growing and sustaining franchise takes time and right strategy, which subsequently requires experience and expertise.