The most significant area of turn-key businesses is franchises. There is a franchise for every industry in the world. Franchises are relatively easy to acquire and come with a pre-packaged, easy-to-assemble system. McDonald’s is a prime example of a franchise business, precisely a 12-figure, 38,000-franchise example.
There are a few things we are going to cover:
- Business Format Franchise
- The Franchise Prototype
- Franchise Prototype Standards
Business Format Franchise
The business format franchise came from an earlier model called the “trade name” franchise. The major change was in rights. During the “trade name” days, the franchise owner only had marketing rights; now, franchise owners have ownership rights to the entire business, including systems. This has allowed for a shift in focus from the quality and name recognition of the products carrying the business to sales techniques that carry the business.
The Franchise Prototype
It was the franchise prototypes that allowed for the modifications that help today’s franchises stand out with techniques developed by the owners rather than those of the corporation. This can make a significant difference in the franchise’s success, as the owner is able to custom-tailor their marketing and promotions to the direct needs of their local target customers.
Franchise Prototype Standards
Notwithstanding the above, no one in their right mind would purchase a franchise if the parent company didn’t have a solid plan of action in place to ensure the business’s success. So, a few standards are put in place to help jump-start the process of opening a successful franchise.
Build a model of prospective customers and/or clients, suppliers, creditors, and employees who consistently offer high-quality work.
- Build a user-friendly model that individuals of any skillset can use;
- Build a defect-free model;
- Build a model with Operations Manuals;
- Build a model that will provide guaranteed, consistent results;
- Build a model encompassing the same branding in color, dress, and facility codes.
These are all ways the parent corporation can ensure its brand stays the same and in front of customers’ minds. When you purchase a widely known brand, you will attract customers just for being you.
If you are considering purchasing a franchise, please reach out to me for assistance. Please contact me. mshew@profitpathcoach.com or you can reach me at 1(850)377.0716 or 1(772)237.1715
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