Countup to the day till when I can do such podcasts: 0009
I am happy to talk to you about one more kind of franchising concept I have infused into the Fractal Franchise Framework. This is the Business Format Franchising.
You must all be familiar with the franchising option, where franchisees run only the operational and transactional business portions. Technical secrets like product manufacturing usually will rest with the franchisor.
The Fractal Entrepreneurship Model is all about openness.
Hence we opted for the Business Format Model by which information about every last nut and bolt running the business is put down in a blueprint and shared with a franchisee. The franchisor will provide the franchisee not just their trade name and right to sell similar products and services but an entire business operating system.
We do it slightly differently in the following manner:
- DETAILED FAQS: Minute FAQs that crop up will all get well-documented.
- EXPERIENCES OF THE FRANCHISOR: Advanced experiences of the franchisor will get documented periodically, which will serve as a guide for new franchisees
- EXPERIENCES OF THE FRANCHISEE: New franchisee will document his experiences. It will help future franchisees learn from the shoulders of giants.
- DETAILS OF LOW-COST EXPERIMENTS: The pride of fractals is the process followed in constantly conducting low-cost experiments, more with the intent to smoke out all kinds of failures and only after doing so to aim for successes. These, too, would be carefully recorded for the newer franchisees to keep adding to this repertoire.
- DETAILS OF RISKS AND MITIGATIONS AND FAILURES: Every risk encountered by the franchisor, along with the mitigation applied or the failure faced, would be recorded and offered to the scrutiny of every franchisee.
Thus, the focus would remain on the mission’s progress and its increasing impact on society. Not on individuals when it comes to rights to assets or information. Yet, the model will take care of every individual.
This is the 2nd format of franchising the fractal model follows.
Tomorrow, I shall discuss another format infused with the Fractal Franchising Framework.
Questions, anyone? Feel free to write to me at email@example.com.