The entrepreneurial drive that fuels you after watching the movies like The Social Network, The Wolf of the Wall Street, or The Founder is breathtaking. Often, we see and hear about these fantastic journeys of these entrepreneurs that we feel to be a part of one. The trail of thoughts begins and ends with no proper conclusion. Several different things are to be thought of before becoming an entrepreneur and birth your ideas into reality.
It is not easy to get a bead on these thoughts as the factors like initial capital, location, infrastructure, documentations are a few of the many obstacles in building an entrepreneurial venture. Even if you overcome these hurdles, it is still crucial to make a name for your venture and gain people’s trust in your brand. Thus, franchising is a straightforward yet practical approach to fuel your entrepreneurial drive.
Franchising is a vast concept and has larger applications. One of the franchising sectors that has been around for decades is Food Franchising. Widespread of these food franchises are global. McDonald’s, Pizza Hut, KFC, and Subway are several franchises that are household names globally. Launching a franchise of a brand that is already well established instantly creates a buzz and helps in reducing the challenges otherwise. These franchises help you build your business with motivated and effective management, usually leading to higher sales and profit levels. Speedy growth is seen as a franchisor focuses on the employees’ infrastructure, recruitment, and training. In addition, a franchisee contributes to the growth of the franchisor’s market share, increasing brand equity quickly and efficiently.
Think, we all have been a part of the conversations where we debate which food franchise sells the best burger or has the tastiest pizza? Whose chicken is delicious, or who bakes their own bread? You might have seen online polls across social media asking the same, and GenZ has many opinions about it. From a personal perspective, it is just an opinion of an individual or group but envisioning as a business creates healthy competition with rival competitors. Thus, franchisors will reach the target customer more directly through social media campaigns and promotion initiatives.
Back when these franchises started to expand internationally, they needed to connect with people. The local cuisine or specialty of the brand mostly would not work outside the locality where it was initiated from. However, franchises started to adapt to the culture of various countries, using country-specific spices and herbs while adding the brand’s innovative blend. For example, McDonald’s’ has tailored to local tastes worldwide, such as Fruit and Maple Oatmeal in the USA and Cadbury Crème Egg Mcflurry in the UK. While in India, Chicken Maharaja Burger is well known, and Shaka Chiki is the specialty in Japan. As a result, it created customer loyalty which helped brands to build a vast customer base globally.
The franchisees create opportunities for the natives to grow and move up in their careers, helping them achieve their dreams. In this unprecedented time, starting a franchise is a risk and an opportunity to let the entrepreneur inside you shine through a straightforward way of franchising.
Remember, franchising isn’t just a business; it is a culture.
