Franchising In A Nutshell

if you are thinking about starting up in business under your own steam it is critical that you choose an option that is related to your interests and skillset. You must also be sure that the market of interest is constant and not a trend.

Alot of people looking at starting up in business for the first time are looking closely at franchising. We can look at why this is and how to decide if a franchise option is a good option for you?

So lets look at who and who is not best suited to run a franchise business.

Business format franchise profile definition

A business format franchise will usually comprise of the following components, It should be:-

A business system that has been proven
Can be replicated
Has national and local support in place
Ruled by a contract
Posesses branding and recognition that contribute value as intellectual property that is owned and protected

What makes a good franchisee?

The franchisor is the owner of the brand. The local operative is called the franchise owner or franchisee. Each thriving franchise owner needs to have at least the following attributes for the franchise they are running to be successful. They will be:-

Able to Have the ability to replicate the proven franchise system
Be enthused about the franchise system
Have the ability to serve their customers passionately
Have a good manner when handling people
Be secure in the knowledge that their family has been behind them from day one
Have the where with all to come up with finance in order to purchase and operate their chosen franchise

Bad franchisee profile

Not everyone is cut out for being a franchisee. Considered carefully is franchising is really what you want to do if you:-

Are not sure that you have your familys support
Don’t have enough funds to set up your chosen franchise
Are not prepared to follow other peoples ideas
Have difficulties organising your schedule and prioritise tasks