08 Sep, 2017

How To Get A Franchise

People are always looking for ‘how to get rich’ ideas from different sources. Barring few lucky ones there are hardly any success stories, which is why it is not advisable to take uncalculated risks. Getting a franchise of a established company business is a very safe bet and more often than not brings success to the franchisee. However, even the people who are in business are confused about the important question of how to get a franchise? Before knowing how to get a franchise, the all important decision needs to make is regarding the product or services for which the franchise will work. Second decision before knowing how to get a franchise is to decide the company whose franchise to be started. It is important decision as no one wants to be involved with a failure company and waste his or her money. Even for the new ventures, it is important to analyze the parent company strength and viability of the product of services that will be offered. It is very unlikely that a person or a business entity can start from a franchise. The parent companies are always looking for a person or business entity with good business experience in the field before handing them over the franchise to cover a particular geographical area. So, practically speaking, one needs to be in the business of retail before qualifying to own a franchise. Having experience of a franchise earlier also helps. Now going back to all important how to get a franchise question, parent company will charge a fee (sometimes called franchise fee) as deposit and to provide future education and other services and some companies may also charge the fee considering the goodwill they have in the market. It is important for franchise owner to keep on coordinating with parent company to seek help in the matters, to make sure that the franchise gets value for the money it paid and level of services can be maintained always. Mostly, the opportunity to open franchises is advertised by the parent companies through different mediums, mostly Newspapers. So responding to the ad and providing credentials and proof of reputation in the market are enough for company to select the franchise. Parent companies keep on monitoring franchises to see if they are working according to the set SOP (Standard Operating Procedures) or not. So, the franchise owners cannot sit relax just because they are earning money, meeting sales target, as failing on compliance to the SOP is enough for the parent company to seize the franchise and switch franchise owner.