Franchise business – Be your own Boss !!! SearchforSolutionsOnline

Hi Guys, thinking to start a business, have enough amount but confused to where to invest them to get decent returns?

Today we are going to introduce you the Franchise Business ( One of the Best way to succeed as a startup company).

What is Franchise?

Franchising is one of the popular business expansion systems in the world today. It has been around since ancient history and has now outbeat all business models in the world market. Franchising is the practice of using another person’s business model. The franchisor grants an independent operator the right to distribute its products, techniques, and trademarks for a percentage of gross monthly sales and a royalty fee. Various tangibles and intangibles such as national or international advertising, training, and other support services are commonly made available by the franchisor.

The success of franchising as a business system can be attributed to several factors. The most obvious is the brand name. In today’s consumer market, brand names are worth a lot. Every year, billions of dollars are spent on advertising and marketing the brand name of companies. This is because a good brand name means consistency, quality and consumer trust. Also, more importantly it is the proven business system a franchise can offer you. Statistics show that 90% of all start up businesses fail within the first five years of operations. This is because new business owners have to fight against time, they have to learn so much and do so much to get the business off the ground before they run out of capital. Add this to the market power of the competition and you will see why only a few make it past the five year mark.

On the contrary, franchise business gives you the advantage of not having to reinvent the wheel when it comes to handling the various aspects of business right from marketing to human resource management, from accounting to distribution. A proven system enables you to avoid the traps or mistakes a new business makes.

By this time you might be aware of what Franchising means and how it works.

Now lets examine few more insights:

Research:

Before you buy a business, make sure you do enough and thorough reasearch about the industry in which you are planning to enter into. Skim ans Scan newspapers, business magazines, print ads.

Online news portals, social media- twitter, linkedin and Facebbok and electronic media to know more about new trends and concepts that are coming up. – Courtesy (Francorp India)

Choosing the best of Best:

select at least 5-6 business brands of your choice an check out their respective franchise requisites. Visit their company or brand’s premises, talk to existing franchisees or investors, Google their expansion strategies, browse their website to know about the kind of opportunity they are offering to franchise manager directly to know more abou the business opportunity.

Evaluate:

Before you clinch the deal ith the franchisor, evaluate the ROI ( return on investment) you will be getting, how much would be the franchise and royalty fee, what all training and marketing support the franchisor is providing to the new franhisees on board.

Visit your franchisor:

Meet the franchisor or visit the company’s head office to get answers to your qustions. In business, one-to-one talk is always important as it asures transparency. As a startp, it is important to be profitable as early as possible, as it will give you freedom to take it in the direction you find most rewarding but at the same time you need to have lots of patience.

All the very best from Team SSO for your new startup with a good franchise.

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