Profits from Franchise Business Rising this Fiscal Year -372 Words
23 April 2015, INDIA: Franchisebusiness has become one of the most profitable occupations in the past few years. According to an estimate, the business tends to earn more profit in this fiscal year as the technology and the resources are increasing and are easily available.
The franchises are becoming more popular day by day and are considered the easiest way to set-up and run own business among the youth, nationally as well as internationally. As the resources, including infrastructure, machines, furniture, raw material, etc. are provided by the franchisor itself, the setup task becomes easier and efficient as well. In this business, different roles are being assigned to the Franchisor.
Ø Marketing the product is considered the major role; basically focused on establishing a fundamental foundation for promoting the product and brand.
Ø Protecting the trademarks as well as establishment of quality standards for the products, services as well as the offerings.
Ø Maintenance of performance standards considering the quality of the proposed goods and the services for promoting the brand as well as the goodwill among the customers.
Ø Searching and identifying exclusive suppliers that can distribute proprietary products on a regular basis as and when required.
Encouraged over the growing sales as well as the increasing market share, the number of franchises is growing tremendously. According to the resources “the optimistic economic outlook and the constant demand results in increasing the profits by double digit volumes. There are many franchises that are running successfully all over the world, especially in urban areas. They operate upon the terms and conditions being mentioned and signed in the contract between the franchisee and the franchisor.”
In the beginning, the franchisor needs to organize training sessions for the new and fresh franchise and the management. Thereafter the training is offered to the staff to make them comfortable with the proposed techniques as well as the technologies. The operation manuals, operational methods, brand name as well as the ongoing support and assistance are provided till the owner, the management and the staff enables to run the franchise business independently and efficiently. The assistance is thereafter provided for resolution of all persisting issues from time to time.