Tips To Make Your Franchise Business Attractive To Clients
FRANCHISE BUSINESS – Here are some tips on how to attract business franchisees and the things that you must prepare.
Nowadays, a lot of business owners and brands welcome other people who also want to be a part of their team in selling their products or services to the public. It does not only expand the reach of the business but it may also bring more popularity to it and what it offers on a different level – aside from the money, of course.
How does this happen? In the business field, things like this formally happen through franchise business deals. Most huge businesses and brands in the Philippines are open for franchising. However, they also went through a lot before they reached the stage of being able to attract many franchisees.
Based on a business article on ABS-CBN News by Andrew Bartolome, there are things that you must consider if you want to attract a lot of franchisees. The first thing that may predict the success of a franchise business is “brand recognition”. It is important that your company, products, and services have good image or are known to the public positively. Who would love to franchise a store that is known to serve average or less-than-average products, isn’t it?
If you are assured that your business already has a good image, it is also vital to protect the said image. Before granting a franchise business application, identify first the target market, product acceptance, and the location where the business would be set up.
Another thing to consider is that you offer quality products and services at affordable prices. Truth be told that people love affordable things and services. If you are already good with this two (2), you may start preparing your Franchise Agreement which must be discussed and agreed by both parties clearly. Based on the article, here’s what you must consider in the deal:
1) The rights and responsibilities of the franchisor and the franchisee.
2) The terms of payment
3) The duration of the contract
4) The territory where the franchise operates
5) What happens if either party terminates the agreement?
6) How long does each party remain responsible for paying taxes?
7) Who owns the intellectual property associated with the trademark?
8) Does the franchisee pay royalties?
9) Is there a minimum purchase requirement?
10) What are the rules governing the use of the trademark?
11) What are the rules regarding the transfer of ownership?
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