Every Entrepreneur wish is to make his/her business to reach the set of audience in their beloved field which may be a product or service based organization. There are many certain ways to make that happen in that first thing which comes to everyone mind is marketing. Usually, in any field of business, it may be product or service based, a sharp-minded business people will know only through Franchising their brand can reach to the different level in terms of marketing and profit section concern. So every business minded people know the strategy of consulting Franchise consultants for their business to get a good quality name, marketed across the world and also getting trademark value for their brand. There are several types of Franchising they are
- Product Franchising
- Service Franchising
- Manufacturing Franchising
- Business Format Franchise
These are the types of franchising and every consultant will manage their business according to the field of business they prefer to do in the above types. Let me give a brief verification of these types of franchising means
Product Franchising:
Starting off all this is the earliest types of franchising and in India, during the 1800s this product Franchising was used. In this, the merchants will have full rights to distribute goods to the manufacturer and so for this, the merchant will pay a certain amount for that product producer and will have an agreement where they have only some sort of brands and products can be sold by the merchants. Coca-cola, Ford and many companies affording this type of Franchising.
Manufacturing Franchising:
This model of franchising is simple but has a lot of works in it; I.e. a Franchising can only sell goods under the name of franchisor’s brand which is like promoting the name of the brand with the help of franchisees, this model is considered large by the trademark companies for example such as coca cola, Hyundai and Nestle etc., Many Franchise Consultants in Bangalore, Chennai and in major metro cities prefers to do this type of Franchising because in this the reach of that particular business will reach to many types of audience.
Business Format Franchising:
This is one of the major setbacks between a franchisor and the franchise as it makes the best coordination between both; In this a franchisor will not establish only the brand name of that organization but also makes and takes part in every move of that organization which they are about to do so, means they will follow the standardized format in which includes visual merchandising the brand and the product, staff appointment, carrying out the marketing activities etc., so that in return they will get marketing strategy plan or key from the franchisor. Franchise consultants in Mumbai often realize this and make much more profit as there are several business entrepreneurs coming forward to get help from Franchisors.
These are the brief observation of franchising and its types which I like to share with you and I did. So making your business profit or less not just in our hands but also the fate of an organization depends on how we franchise our business.