With all the changes around us, being an entrepreneur is not easy. Having the energy to grow our businesses is like opting for a sleek new smartphone – strong specs and a big battery is not enough, you also need the latest supercharger. Here are 3 ways to supercharge your business growth in these trying times.
1) Scale up your business using other people’s money, time, and network
No matter how successful your business is, chances are you would eventually face one, if not all of these key problems: 1) lack of capital to expand, 2) difficulty in finding employees, and 3) finding the right connections to landlords, the government, and local institutions. Franchising is the modern way to raise capital, while expanding your branch network using the networks and human resources of franchisees.
Because franchising is about replicating the success of your profitable business, it allows you to expand with over 90% success rate. It is a tool for business growth and economic development because it multiplies enterprises and generates jobs – hitting two birds with one stone! That’s why the Philippines is now the largest franchise market in Southeast Asia with over 2,000 franchise concepts, and over 150,000 franchise outlets.
2) Get the foundations right
Before jumping into franchising, it is critical to get the foundations of your business right. Supercharging your business without strong foundations will just lead to more problems down the road. Franchise foundations are built on 3 strong pillars – a strong win-win strategic business plan, detailed operations manuals, and a comprehensive franchise agreement.
Franchising is a win-win partnership, so it’s critical that a plan is set up to ensure that both franchisee and franchisor are both profitable. From setting the right franchise fees, royalties, and advertising fees to fair mark-ups on goods, it’s important that a win-win mindset is adopted from the start. This ensures the longevity of the business and the continued growth of the brand.
As franchising is about replication, a comprehensive operations manual is a crucial component. From details of opening and closing procedures, to audit mechanisms, HR policies, and operations checklists, this operations manual becomes the dummy’s guide to your business.
Lastly, to ensure that both parties are legally protected, a comprehensive franchise agreement is needed so that everything is in black and white. As a rule of thumb, a franchise agreement that is less than 20 pages is most likely too short and missing critical components to ensure proper protection.
3. Learn from the experts
Nothing beats experience. And as entrepreneurs, we are lucky that the Philippines has a wealth of franchise experience and success. Not only do we have the largest number of franchise brands in Southeast Asia, we also have the largest number of Certified Franchise Executives (CFE) outside the US.
As a first crucial step to franchising, entrepreneurs could learn from experts in the “How to Franchise Your Business Seminar.” Conducted by Francorp, the seminar features invaluable topics and comprehensive discussions on: business franchising model; what franchising is; franchising pros & cons; advantages of franchising; how to franchise & create a franchise business; and franchise examples here & abroad. These will inevitably build a strong knowledge foundation for business owners and entrepreneurs striving to transform their businesses into profitable franchise companies.
To maximize each entrepreneur’s learning, 1-on-1 business consultations are conducted after the seminar for free. Real and personalized franchising advice will be provided by business consultants and industry experts according to the nature of business and these will further help the participants as they venture into the world of franchising.
Real-life experience is the best teacher and learning from those who’ve made both successes and mistakes will help you supercharge your business and help in expanding your brand, increasing your profit, and providing jobs to the community through an effective franchise program. #