Singapore brands are well accepted in the region and countless brands, with the help of our very supportive government have made their foray overseas through franchising. Franchising is a very attractive way to grow without bearing the full risk involved with brand expansion.
However, just how many franchised brands have really thrived after the initial glow of a new relationship with their franchisees? Most brand owners have been conditioned to think all the need for franchising is to develop a franchise strategy, a Standard Operations Manual to offer their franchisees, a training and set up to get the franchisees going, recruit franchisees who would pay the franchise fees and wait for the royalties to flow in.
The reality of franchising is that it is a full time commitment by the brand owner to develop their franchise and manage it on a day to day basis. It is about strengthening their business’s key drivers and ongoing development and improvement on the systems to keep their franchisees fit and profitable. It is a combination of strategy and operational efficiency. Mostly it is about systematic building of business fundamentals.
Without knowing what the business fundamentals that lead to successful franchises are, it is hard to expect business owners to build towards that. As such, the Singapore Franchise Training School (SFTS) took pains to develop the Franchise Ready Mark (FRM) program that involves a ground level franchise readiness assessment and a training on how franchises need to build the franchise from a Business Unit Excellence framework to increase the chances of franchise success and sustainability.
Distinguish Your Brand Today!
Today, most franchisees seek brands that have a proven track record and some assurance that the franchisor is committed to building a strong franchise system. What the Franchise Ready Mark offers is an assurance that the franchisor is building their franchise system with the right franchise fundamentals in place. A whopping 71% of franchisees said they are more likely to invest in a brand if the franchisor is endorsed by a reputable third party. This phenomenon makes the accreditation of your franchise an extremely worthwhile investment.
Franchisors who have been franchising for longer can work with the Franchise Quality Mark (FQM), a certification that the organization is committed to building strong and sustainable franchise organizations from the CEO down to its entire team. This award is developed using the Business Excellence Framework and allows the franchise organization to have an impartial view of what areas can boost the franchise system’s efficiency and growth.
Ensure your brand is ready for growth and save yourself a lot of resources, money and time.
Go to www.sfts.com.sg/franchiseready if you want to garner significantly stronger interest in your brand and secure more potential franchisees today!