08 Sep, 2017

Franchise Ownership

Franchising is one business model that allows an entrepreneur to get everything readymade right from expertise to loyal customers. It is very much unlike traditional method of business where one has to start from a scratch and develop a customer base working day in and day out. No doubt day to day operations are still under the hands of franchisee, all the hard work to attract customers is done by the trademark or logo of the parent company that gets monetary benefits for it and also receives a certain percentage in profits for knowhow and training. Though franchise ownership is considered lucrative in many parts of the world, there are some who have certain apprehensions regarding franchise system. Let us take a closer look. Some people feel that they will achieve success only if they find a franchisor in a field that suits their aptitude. They think that the right business for them is one that they love or at least have some basic knowledge about. However, there are many business opportunities beyond what you are familiar with, and you must not restrict yourself to what you know if you are getting franchise ownership in a field you know nothing about. You have a set of transferable skills that can easily be applied to a set of businesses rather than a chosen few. Everyone has a comfort zone that he doesn’t want to come out of. You have the liberty to hire people who have necessary skills if you think you do not know about the business you are getting franchise ownership for. There are many who feel that their freedom ends the day they enter an agreement for franchise ownership. They feel that they have to do everything according to the business model and the parent company but this is not true and there is much room for expressing one’s individuality. Yes, the basic framework is there and the franchisee has to work within this framework, but a franchise is in control of things and all day to day operations including employees are within his control. You are free to promote the business. Remember, it is in the interest of the franchisor that you succeed, and if your ways are bearing fruition, you will be encouraged and not reprimanded. You can always have new suggestions to improve upon sales and parent company always has a positive attitude to anything that brings in more sales.