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Perfect Guide On How To Open a Franchise

Perfect Guide On How To Open a Franchise

Are you an entrepreneur looking for the best franchises to buy? Well, if you are seeking to start a franchise that matches your interests, investments and goals, of course, as with any business, there are some challenges involved in opening a franchise that you should know about.

Perfect Guide On How To Open a Franchise

Well, before we tell you how to open a franchise, what is a franchise?

The Business Dictionary defines a franchise as “a license where one party (the franchiser) allows another party (the franchisee) the right to use its trademark to market a good or service according to certain specifications.

Owning a franchise is like going about a business or idea that is already proven successful,. And investing in the right franchise can be a great idea to start your business and when you are buying a Franchise, you need to make a checklist of a few things that will help you weave a path towards a profitable business ownership.

So you now know that all you have to do is find the top franchise opportunities if you wish to become a franchisee. You would want a popular brand, and a company with a good reputation and a great business module. How do you get there?

  1. Research about the top franchise opportunities:

    Once you have recognized a few popular franchises to open, it’s time you do your initial research and choose the one that fits your needs. Next step is to decide on what type of franchise business you would like to own (e.g. food business, technology-related products, other kinds of services)?

    You don’t want to invest your time on a specific franchise, only to look and eventually realize it doesn’t suit you. The first step when you want to open a franchise is to learn more about franchising in general, including how it works, franchise cost , what to expect, and how to select from all options available to you.

    Pro tip: You should be extremely selective when it comes to choosing a franchise. It’s easy if you have a good budget, but is it the right brand? Is it worth spending your time and money, because it’s a long-term commitment. You may also want to review other sources, such as reviews and testimonials from their previous and existing franchisees.

  2. Determining the best location for your franchise:

    With your budget in place, you can now sign your franchise agreement and start planning a grand launch. At this point, the next step is to choose the right business location. The franchisor may also provide some recommendations to help you find a perfect location based on their business analysis.

    Further, you might also want to choose a location based on traffic patterns, lifestyle data and figuring out the nearby demographics, all the factors that will help you increase your sales.

  3. Buying vs. Leasing - Which is Financially better for you?

    The most common question business owners are torn between whether to buy or lease a commercial property. Well, in the beginning you can lease a property to lower the business risk and because it also requires lesser money upfront.

    However, if you are planning on staying on the same location for a significant amount of time, consider buying the property instead. But again, it also depends on how good the location is for your business. So you can lease the property for a few months, and if you see your business running smooth, buy the property.

  4. Take the Franchise Training Diligently:

    After you are done with the process, it’s time to learn the features of the business and take the necessary franchise training program provided by the franchisor.

    A good training program will not only give you an overview of the company but also give you knowledge about their products and services, guidelines and policies. You will often get training on operations, marketing, management, hiring and managing employees, business basics, creating reports, and onsite sessions. Altogether, this is an ongoing process, because you can’t have enough of the training. It usually takes 1 to 2 weeks, with a combination of classroom and on-site training with the tools you will use. Take the training earnestly and you’re good to go

  5. Create buzz with a grand Opening:

    Now that you have gone through the training, the next step is to create an awareness of your brand in the nearby location first. When you're introducing a new product or service, you want everyone to be talking about your brand and get viral with a sensational promotion.

    Apart from the assistance you receive from the franchisor, you can pitch in your own ideas that are most likely to attract the attention of the consumers. The franchisor can help you with other resources that will build up the excitement for your grand opening. The more the people, the greater the buzz.

    You may involve TV, radio, Print media (newspapers, pamphlets) , and above all, social media tools like Instagram, Facebook and Twitter. Media coverage can be very beneficial, so you can send press releases to the local media outlets about the grand opening of your store. All this has to happen a couple of days before the event. If possible, you can also invite a guest speaker for the launch event. Follow these steps and you are sure to create one outstanding grand opening and a subsequential good business.

    Now that you have learnt the 6 golden rules of opening a franchise, lets see the ins and outs of opening a Bent Chair franchise. A constantly growing and quirky e-tailer, home decor brand, Bent Chair is the one-stop shop for all furnishing needs.

  6. How to open a franchise for Bent chair?

    If you are interested in working with a vibrant, certified and established the concept, with a proven profitable franchise model, you must have a net worth of 60 Lakh is required for Bent Chair Franchise.

    Franchising with Bent Chair makes you an authorized business partner of one of a kind brand which is catering to quality and is sensitive to pricing of the products. We work through a detailed approach which involves the entire process from research and development in sync with global standards to ideation, sketching, CAD detailing, finishing, curation and global shipping of the products. Not only that, the brand has built its credibility globally from PR & marketing and is working dedicatedly to position itself as an Indian affordable luxury brand in the International market. Brand promotion in terms of exhibitions in Tier 1 cities and online marketing is taken care of by the franchisor, which is accessible to the franchise partners and their clients on the basis of prior information

    There are multiple advantages of being associated with Bent Chair, so what are waiting for? Let’s get you on-board already!

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