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Managing the Franchise Business

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Franchise like any other business is about making money! And to make money in a business you need to do that everyone else does – MANAGE!

Franchise like any other business is about making money! And to make money in a business you need to do that everyone else does – MANAGE!

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  • 1. 1
  • 2. Yes franchise like any other business is about making money! And to make money in a business you need to do that everyone else does – MANAGE! Managing a business with right attitude and zeal is what matters even in the field of franchise. ‘As well you manage as much money you make.’ In the operations manual, detailed process of operations will be provided along with a guide to manage the same.2
  • 3. Many franchisors also provide training on how to manage the franchise, however managing the business end of the day is in the hands of the franchisee. Franchising is not just limited to following procedures and operating. It is as complex as any business and requires actual management of People, Finances, Machines, Plant and more. 3
  • 4. The major areas that are vital to managing any franchise outlet efficiently are: •Managing the Cash Flow •Managing the People •Managing Inventory • Managing process related to Production or Services • Managing Demands and Supplies In most of the cases franchisees recruit managers to deliver individual functions; however it is essential for franchisee as an entrepreneur to personally monitor each of the activities. A franchisee will always be accountable to the franchisor in case of any disparities in processes. A franchisee might follow each instruction as per the agreement with the franchisor; however the innate culture at the franchise will have to be planted and nurtured by the franchisee himself/herself. As a Franchisee, one will always be responsible for Displaying Good Leadership Strategic Networking with Various Stakeholders Overall Quality Delivery Healthy Functioning of Franchise Ensuring Success and Planning for Growth Consistently Ensuring Training and Development of People 4
  • 5. One of the most critical needs in Managing a business could be franchise is to avoid exciting and energetic during the burnout. initial period as it goes through a phase of high and low before gaining stability. But there could come a time when the business is not that engaging anymore as stability, once gained, stays for long in franchise business. This being one of the major advantages of franchise business, it might on a lower note cause burnout. It is essential to work with the franchisors to prevent such scenario or handle them strategically. 5
  • 6. Franchisees get trained by the franchisor in managing the franchise, in many cases. This is especially essential for a first time entrepreneur or someone new to the industry. Most successful franchises are built on the initial training received from the franchisor and instructions provided to the franchisee in order to replicate the process. However in time, it is IIHT Technologies essential for the franchisee to take provides extensive up the responsibility and grow. training essentially in the Monitoring and periodic initial stage, to ensure performance evaluation is crucial to there is smooth running any business. As any business, of the education franchise setting goals and reviving same business. Click here to 6
  • 7. Corporate Headquarters #15,Sri Lakshmi Complex, 4th Floor, St. Marks Road, Bangalore - 560 001. India Tel: 91 80 6160 4545 e-mail: franchise@iihttechnologies.com web: www.iihttechnologies.com/ 7