Entrepreneur Success # Franchising
You Franchise # Brought to you By Michelle Peters- Partner of the Alchemy Network
Establish Your Niche Market, Positioning, USP, and Distinctive Identity • Competition from similar businesses is a key concern for your prospective franchisees, many of whom have never run their own business before. The more focused and unique the business, the more highly the prospective franchisee will value your franchise.
Systemise the Business • If your business is not systemised then it is not (yet) a franchisable business. In order for your business to be capable of being run by averagely qualiied and experienced people within the relevant sector, it must have in place a simple, tested and proven system which the franchisee and his/her employees can follow with ease.
Develop a Financial Plan • Franchising must be proitable for both the franchisor and the franchisee. The best way to ensure this is to have a highly proitable business model, with a proven track record, before you begin franchising. This will make it easier to balance the upfront and ongoing fees to be paid by the franchisee against the likely proitability of the franchised business. • A franchisor can charge higher fees for a highly proitable franchise business model.
• A fully systemised and proven business model allows the franchisee to work ‘on’ the business not just ‘in the business’. This means he or she can devote much more effort to growing their business; therefore, generating greater returns for you.
So, if you have a business that is suitable for franchising, but is not ready yet for franchising, what can you do about it?
The Alchemy NOVA Business Acceleration System will help you address all the above areas. Your business will not only be ready to be franchised but also each franchisee will be more successful and valuable to you. This will ensure you make the maximum return from franchising your business.
By implementing Alchemy’s proven system of Sales and Marketing Strategies, not only will your business grow substantially but you will have in place a reliable, effective and replicable marketing system which all your franchisees can use. In fact, by applying each of NOVA’s 7 Proit Multipliers to your business, you could double your turnover and increase your proitability by 83% making your franchise business model much more attractive to franchisees. You will also learn how to systemise your business, making it easy for franchisees to replicate your success, and easier for you to train, manage and support your franchisees. #
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