With the expertise as a financial consultant for businesses in Australia, I have researched and learned about franchising business models for businesses in Australia and Vietnamese businesses with needs and potentials. expanding Vietnamese brands to Australia.
In order to have a successful franchise, first think about the following things:
Your business often has to be successful, distinctive, and reproducible.
Seek the advice of professionals such as Lawyers or branding experts.
Take the time to create an action plan.
A trademark undertaking needs to be prepared by a professional attorney.
If you have intellectual property, make sure that their copyright or copyright is certified and protected by law (your attorney will advise on this).
You need to do some research on the area where you operate, see if there are any that are suitable for your industry and the number of locations in that area.
Research and select franchisees (franchisees) carefully and selectively.
Avoid over-delivering products or services or over-predicting parameters.
Maintain good relationship between partners.
Focus on developing brand satisfaction and profit growth.
Continue to develop the brand and maintain the criteria.
Make sure that marketing, advertising or building public relations is a top priority.
The basic steps to build a franchise model:
1) Know your business: You need to prepare a Business Plan, outlining the risks, opportunities, financial projections, risk reports related to brand expansion. Pay attention to understanding the business environment such as: Business location, human resources and other influencing factors.
2) Test model effectiveness: test your ideas by opening small local venues, to see if your brand fits the model.
3) Operational plan: You need an operational plan, detailing the main components and their functions in your business system. In the “Brand Commitment” you need to clearly state your operational plan with the partner. This is a long and time-consuming process, so it’s better to start now.
4) Find a partner: Your partner is a big factor in determining the success of your business. Therefore, make a careful decision in choosing a partner, including assessments of their skills, experience, and personality.
5) Estimate business expenses
6) Search for Franchisees: There are many ways to do this, you can search for them from websites, local articles. You can build relationships with Young Startups because they are often the ones with lots of ideas.
Theo Bluewise Business Advisory