The Franchise Functions You Should Know
When considering buying one of the franchise opportunities you’ve seen, you should be fully aware of what’s involved in running it. There are various functions that you’ll not only need to be knowledgeable about, but help manage too.
The prospect of this can seem daunting. So, to assist you, we’ve put together the key functions of any franchise and what each of them involves.
To generate leads, you’ll need to choose the appropriate marketing channels. These include a website, marketing literature, advertising and social media.
Attending networking events is an increasingly popular method in promoting franchise business offerings, opening you up to a number of potential opportunities and connections.
The franchisor should provide you with plentiful support, because they’ll have an existing marketing toolkit. You’ll also benefit from their established brand and reputation, as it will reduce the amount of marketing you’ll need to get fully launched.
You can’t make a profit without sales and, although marketing will help produce them, a process will need to be put in place. You yourself may get involved in onboarding clients, or you might draw upon a sales team to help you win business.
The territory will have been available because there’s plentiful opportunity in the area, so the franchisor should be able to help point you in the right direction of these prospects. Perhaps they may provide you with local clients who also have sites in their other franchise business territories.
Ensuring a return on your investment is difficult for any business just starting out, but a positive cash flow should be more likely when you can benefit from the success of the franchise. The sales should definitely roll in easier, but it’s not a guarantee your franchise business will be successful.
You’ll need to be fully aware of what’s coming in and going out, thinking about how to make savings and what areas to invest in.
The franchisor can assist with many aspects, including setting prices and invoicing. They can also be very useful in the initial stages by helping calculate and source the required capital for the franchise.
Recruiting the right type of people is crucial to the success of your franchise business. If you’re already aware of the market in your chosen area, then this may come quite easily to you. But it may be a location you’ve no experience in, or the industry isn’t one you’ve worked in previously.
The franchisor can help with this – they’ll be fully clued up on how to appeal to, and recruit, the most suitable candidates. They may already have a pool of applicants to choose from, or specific recruitment agencies they use that have proven successful in the past.
These key functions aren’t difficult to get to grips with when you have help from the right franchisor. Rainbow International provides ongoing support and training with all aspects of running a specialist cleaning and restoration franchise business, from developing new accounts to offering guidance on sourcing a new member of your team.
To find out more about the franchises for sale with Rainbow, you can arrange a call with us today by heading over to our Next Steps section.