Jim Laganke: What type of support your franchisor can offer?
Well, the fate of a franchise business depends on the contribution of both franchisors and franchisees, says Jim Laganke. He is the president of a well-renowned American restaurant chain - “Stewart’s All American.” Being such an experienced person, it’s quite obvious that he has a lot of knowledge regarding food franchise. This means, Jim Laganke knows what is takes to make a food franchise business successful.
If you’re planning to purchase a famous food franchise, it doesn’t mean you have to do nothing. In fact, you need to make constant efforts in making your franchise business grow better and increase ROI. Apart from this, your franchisor's contribution also plays an important role.
However, with a number of franchise opportunities available today, it becomes a real task while making the right decision about the franchise business. So, now the question is how to narrow down your choices. If you’re a would-be franchisee, here are the things you should expect from your potential franchisor. Depending on the type of support your preferred franchisor offer, you will be able to make the right decision.
Franchise location selection and development - Well, in most cases, the success of your franchise business depends on the location you select. Especially in businesses where customers will come regularly to you to buy your products or services. A good franchisor usually provides their franchisees with the information on the type of location they should find to set up their new business. The information usually includes the cost of the location and other factors. Apart from this, some franchisors also help their franchisees develop the location to comply with the franchise development standards and requirements.
Initial training - Another major support that you can expect from your franchisor is the initial training from the staff and other people working in your franchise. Usually, this training can be completed in days or months and include both classroom and on-the-job training. Nowadays, franchisors also provide their franchisees with pre-training modules. Also, most franchisors require their franchisees to complete classes and acquire certifications conducted by some organizations.
Keep in mind, a good franchisor knows the importance of proper training, and will make every effort to ensure their franchisees and their staff is taking training seriously.
Marketing and franchise business promotion - You can also expect guidance and assistance in marketing and promotion your new franchise business from your franchisor. Of course, to run your franchise business successfully, you would be required to have some marketing and advertising strategies to promote your business locally. Most franchisors also require their franchisees to contribute some amount to a brand fund, which will be used for franchise marketing and advertising. The minimum amount that you will invest will be mentioned in your disclosure agreement.
The bottom line
Before you invest your hard earned money in any franchise business, make sure your potential franchisor offers you the required support. You can also talk to your prospective franchisor during your consultation visit to know how effective is your franchisor when it comes to providing the support
If you’re planning to purchase a famous food franchise, it doesn’t mean you have to do nothing. In fact, you need to make constant efforts in making your franchise business grow better and increase ROI. Apart from this, your franchisor's contribution also plays an important role.
However, with a number of franchise opportunities available today, it becomes a real task while making the right decision about the franchise business. So, now the question is how to narrow down your choices. If you’re a would-be franchisee, here are the things you should expect from your potential franchisor. Depending on the type of support your preferred franchisor offer, you will be able to make the right decision.
Franchise location selection and development - Well, in most cases, the success of your franchise business depends on the location you select. Especially in businesses where customers will come regularly to you to buy your products or services. A good franchisor usually provides their franchisees with the information on the type of location they should find to set up their new business. The information usually includes the cost of the location and other factors. Apart from this, some franchisors also help their franchisees develop the location to comply with the franchise development standards and requirements.
Initial training - Another major support that you can expect from your franchisor is the initial training from the staff and other people working in your franchise. Usually, this training can be completed in days or months and include both classroom and on-the-job training. Nowadays, franchisors also provide their franchisees with pre-training modules. Also, most franchisors require their franchisees to complete classes and acquire certifications conducted by some organizations.
Keep in mind, a good franchisor knows the importance of proper training, and will make every effort to ensure their franchisees and their staff is taking training seriously.
Marketing and franchise business promotion - You can also expect guidance and assistance in marketing and promotion your new franchise business from your franchisor. Of course, to run your franchise business successfully, you would be required to have some marketing and advertising strategies to promote your business locally. Most franchisors also require their franchisees to contribute some amount to a brand fund, which will be used for franchise marketing and advertising. The minimum amount that you will invest will be mentioned in your disclosure agreement.
The bottom line
Before you invest your hard earned money in any franchise business, make sure your potential franchisor offers you the required support. You can also talk to your prospective franchisor during your consultation visit to know how effective is your franchisor when it comes to providing the support
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