
The biggest area of turn-key businesses is franchises. There
is a franchise for ever industry in the world and they are fairly easy to
acquire and come with pre-packaged, easy-to-assemble system. 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:
·
Business Format
Franchise
·
The Franchise
Prototype
· Franchise Prototype Standards
Business Format Franchise
The business format franchise came from an earlier model call
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 owning 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 jump start the process of opening
a successful franchise.
Build model of prospective customers/clients, suppliers,
creditors and employees who will consistently offer high quality work.
1. Build a user-friendly model that can be used by
individuals of any skill set.
2. Build a defect-free model.
3. Build a model with Operations Manuals.
4. Build a model that will provide guaranteed, consistent
results.
5. Build a model that encompasses the same branding in color, dress and facilities codes.
These are all ways the parent corporation makes sure their
brand stays the same and in the front of the minds of customers. When you are
purchasing a widely-known brand, you will attract customers just for being you.