Franchising offers an excellent opportunity for you to be in business
for yourself. When you hear the word " Franchise" you probably think
of fast food restaurants such as Burger King, McDonald's or Subway.
But the truth is Franchising is so much wider than that.
In simplistic terms, franchising is where a successful business format
is replicated. This will involve the setting down into an operations
manual all the systems and procedures that the business owner has
found gives them the best chance of success. Anyone joining the
franchise will be expected to operate the business exactly as set out
in the manual.
The purchase of a franchise will involve the payment of an initial fee
to the franchisor for the right to use the brand name as well as
ongoing royalty or management fees. The franchisor will provide
initial training and support and will have an ongoing involvement in
your business to assist you and support you in all aspects of the
The Practical Elements
Compared to starting your own business from scratch franchising can
provide a relatively safer route into self employment. The franchisor
has established a tried and tested path through the maze, and will
have eliminated many of the mistakes that are often made when starting
a business. It is this experience and system that you are paying for
when you buy a franchise.
One element with franchising to be wary of is also part of
franchising's strength. As a franchisee you will be expected to follow
the system that you have purchased. This can be difficult if you are
an entrepreneur. Franchisor's ...
... middle of paper ...
...ed a finance package. The entrepreneur trying to start a
business will find finance more difficult to arrange and any finance
will often be on less favorable terms.
Business Reviews and Business Planning
Many Franchisor's will hold review meetings with you to discuss all
aspects of the business. You will be able to check your progress,
celebrate your successes and plan for the future. One of the major
reasons for business failure in the past has been due to lack of good
Buying Power and Research
When you are building a business it is difficult to be able to spare
time on product research. As part of a franchise network much of the
product research and testing process will be carried out for you. It
is also possible to take advantage of group buying discounts and
better terms from suppliers.
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