Useful Tips: Going Global with Your Franchise
Franchising your company isn’t the last step towards expanding your business. Going global with your franchise is the last frontier in this case. When your growth has saturated local markets and you have an outlet in nearly every state and city, then it is prime time for you to expand globally. Since franchise systems can be replicated, what works in one place also works in the other. Generally, it’s the high-end giant brands that seek greener pastures outside the border for untapped markets.
There are numerous benefits of going international. For example, if you have shops across different countries, then your business will not be affected by the economic breakdown in one area. Revenue from other streams will keep you afloat.
Why Franchises are Going Global
Here are a few stats for you to chew. Eighty percent of the world’s population is from regions that are labeled as emerging markets. Furthermore, U.S Department of Commerce reveals that seventy five percent of expected trade growth will spurt from developing countries in the coming decades. So it is no wonder companies are expanding beyond borders at an exponential rate as more international brands are seeking to capture the market in developing countries.
How to Go Global with your Franchise
Once your brand is well established at home, you can take it on to foreign soil to further make it flourish. Here a few steps that will help you outline the strategy for taking the business abroad.
Target a Specific Country
First determine the country where you believe has the most demand for your products. Take the challenges into consideration as well. Language barrier, different culture, political scenario, competition and legal help are some of the hurdles you could face. There are countries with franchise regulations too. So do your homework when deciding on a country or group of countries to infiltrate your idea.
Look for Franchisees
Looking for good franchisees is challenging. But looking for good franchisees in another country makes that an understatement. Once you have specified the target market, generating international franchisees can be done in a number of ways. Direct mail, franchise shows, internet, trade shows, print media advertising and hiring franchise brokers are some of the means of accomplishing this goal. Once you have spotted your pick, remember that the international franchisee will have a greater responsibility than your domestic franchisee. They have to adapt to your foreign framework and they will have to make sure.
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Brad Sugars founded the brand Action International in 1993. He realized there was a disconnect between business advice and implementation. The answer was Action! Brad Sugars created a business coaching company so that business owners throughout the world can realize their goals in business. Today the company is known as ActionCOACH. To learn more about business, visit Brad Sugars Review blog!