Category: Franchises

Mortar makes it happen

Today I’d like to talk about the three keys to business development and how you can put the right bricks in place to build a solid foundation.
There are three main areas of business development:
• Innovation
• Quantification
• Orchestration

If done well these three areas will help you build a solid foundation for your business. Let’s talk about each one of these for just a minute.

Innovation
Innovation should not be confused with creativity, which is the expression of ideas. Innovation is taking these ideas and putting them into action. This is where a large amount of your focus should be in the beginning and even throughout your business’ entire lifespan.

Quantification
This, of course, refers to the numbers. We are talking about the value of your innovation. The best way to gauge this is by your customer response. Look to positive responses for what you are doing right and keep doing it. Look to your negative responses to find out what you’re doing wrong and fix it. This will enable you to keep growing and progressing with the needs of your customers and business climate.

Orchestration
Once you’ve had a chance to find what areas are working, you can narrow down those areas and concentrate on making them stand out ideas. You shift your focus here to get the most out of your business and to meet the needs of your customers.

We can help you work through these three areas to put together your franchise prototype during your FREE test drive call.

In the next few lessons we are going to transition to the 7 specific areas you need to consider in your franchise prototype process:
• Primary Aim
• Strategic Objectives
• Organisational Strategy
• Management Strategy
• People Strategy
• Marketing Strategy
• Systems Strategy

These 7 areas will fine tune your plan for the ultimate level of success.

You Turn Me Right Round Baby, Right Round

The biggest area of turn-key businesses is franchises. There is a franchise for every industry in the world and they are fairly easy to acquire and come with pre-packaged, easy-to-assemble systems. McDonald’s is a prime example. In fact, a 12-figure, 38,000 franchises example.
There are a few things we are going to talk about here:
• Business Format Franchise
• The Franchise Prototype
• Franchise Prototype Standards

Business Format Franchise
The business format franchise came from an earlier model called the “trade name” franchise. The big change was in the rights. During the “trade name” days the franchise owner only had marketing rights; now franchise owners have ownership rights to the entire business including systems. This has allowed for a shift in focus to go from the quality and name recognition of the products carrying the business to sales techniques that carry the business.
The Franchise Prototype
It was really the franchise prototypes that allowed for the changes to be made that help today’s franchises really shine with the techniques developed by the owners instead of the corporation. This can make a significant difference in the success of the franchise as the owner can custom tailor their marketing and promotions to the direct needs of their local target customers.
Franchise Prototype Standards
Now, the above being said, no one in their right mind would purchase a franchise if the parent company didn’t have a solid plan of action set up to ensure the prospective success of the business.
So, there are a few standards that are put into place that helps to jump-start the process of opening a successful franchise.

1. Build a model of prospective customers/clients, suppliers, creditors and employees who will consistently offer high-quality work.
2. Build a user-friendly model that can be used by individuals of any skill set.
3. Build a defect-free model.
4. Build a model with Operations Manuals.
5. Build a model that will provide guaranteed, consistent results.
6. Build a model that encompasses the same branding in colour, dress and facilities codes.

These are all ways in which the parent corporation makes sure their brand stays the same and in the minds of their customers. When you are purchasing a widely-known brand, you will attract customers just for being you.
If you are considering purchasing a franchise, talk with one of our experienced business coaches during our FREE test drive call.