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Saturday, 13 April 2024

How to build a successful franchise business like Harvey Norman

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Joshua Burley
Joshua Burley
Joshua Burley is a prolific finance writer and ex-banker who has spent more than 10 years in the upper echelons of the industry. He writes extensively on issues relating to interest rates and their effect on the wider lending industry.

Harvey Norman is a large business based in Australia that has specialised in selling a variety of consumer products from bedding to computers. It mainly operates as a franchise business, meaning that people adopt the business name and business model to open it in new areas, rather than creating their own business from scratch.

It has a lot of benefits for franchisees since it allows them to leverage your brand name recognition to quickly attract customers to their store. It’s beneficial for you because you will get a cut from the profits of these new stores that would otherwise be a competitor to you if they opened independently.

Of course, building a successful franchise business is not an easy thing to do. Not only do you need to make your own brand successful, but you also need to convince others that it’s a good idea to join your network rather than compete against you.

1.   Build a strong brand

You need to construct a strong brand that is recognisable and is something people will want to become a part of. You need to build something that inspires someone to believe that they can take that concept and make it successful in a new area.

2.   Have an excellent legal team

When you run a franchise business, there are going to be more moving parts than there would be with a traditional operation. There are a lot of legal considerations you need to cover when it comes to things like the liability of franchisees acting with your brand name.

3.   Support your franchisees

The most essential element of running a franchise business is that you support franchisees. You need to have a uniform structure that you apply holistically for the different stakeholders you have.

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