How does a Franchise Business Work?
Many big brands in the wellness industry are selling their franchises to people who are passionate to take forward a brand’s name. Franchising has emerged to be a business that has attracted a lot of people. It has opened a lot of opportunities in the wellness industry and benefiting the people. The concept of franchising has evolved a lot since its inception and all have been just for the better. With more clarity and good relationship building between the brand and public, franchising not only benefits in terms of money but also in terms of expanding and reaching out to people at a more fast pace.
Franchisor- Franchisee- An Important Relationship
A franchisor is a person who is willing to sell franchises of his brand to franchisees. The relationship between franchisor and franchisee is extremely important as that’s the base of a franchise business. The franchisor, for an agreed amount of fee, let’s the franchisee use his brand’s services, trademarks, techniques, name, methods etc that will help in expanding the name of the brand to a larger group of people. Owning a franchise business of a reputed brand and running it in order to generate more revenue as well as name is a big responsibility and this definitely calls for trust in a franchisor-franchisee relationship.
Just like every official agreement requires legal paperwork, the franchise agreement is the legal paperwork for owning a brand’s franchise. It is a written legal document which is the base of a franchisor-franchisee relationship. It basically provides certain rights to the franchisee from the franchisor’s side to use services and support of the brand. The franchisor and franchisee, both have to sign the agreement to make it work. Some of the aspects that a franchise agreement covers are:
Details of the Franchisor and Franchisee
Location of the Franchisee
Development and maintenance of the Franchisee Location and many more.
“Being into the Beauty industry we always look to expand our business throughout the year. Giving out the franchise is one of the best ways to embrace the reliability of the brand. For a successful inning of the beauty business, it’s essential that the person is totally committed towards the franchise by giving his full attention, time to the salon and dedication to the delivery of quality services. One of the very important things is the franchise holder should be financially ready with the working capital minimum for 4 to 6 months. As a franchiser, the basic protocols will be trained to you on its system by providing the tools to build the business during the training sessions. Designing of the interior will be followed as the standard formats same as the parental salon or as suggested by the owner. Location of the salon depends on the expansion plan if not that other propositions for the locations are welcome”, says Satishh Saraf, Founder & Director, Panache Salon & Academy.
The wellness industry is evolving at a much faster rate than it was expected. As more and more brands are stepping in and opening up new avenues, the opportunity to be a part of franchising is also increasing. Growth has become a significant meaning of Franchising and the future with it looks promising.
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