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Advisory 2009-12-16

A Prized Business

Franchising has emerged as one of the most prized business opportunities across the world in the last decade. Entrepreneurs are jostling to grab the opportunity to avail the iconic success available through franchising. Read on to know more about its nume

By Editorail Co-ordinator
A Prized Business

The most attractive feature of owning a franchise business is that it provides a supportive corridor to the novice entrepreneurs with no past experience. In a tried and tested set-up, there is a sense of security and assurance as the franchisor provides guidance and support. Also, a franchisor has an established and renowned brand with all the tools and systems required to run the business successfully.

A comprehensive support:

A franchisor provides his/her franchisees a space in a well found and established business forte that has a proven track record. It provides all kinds of support and guidance to the latter starting from site selection, personnel training, business set-up, to research and development and so on. This greatly reduces the risk of failure and enhances the chance of success.

Back-up of R&D analysis

Most independent businesses aspire to avail the research and development programs existing in many franchise business systems. Franchisors, as they already have developed their own marketing solutions and pass it on to the franchisees thereby, reduce the risk factor in business.

Route to expand business

Franchising plays an important role in expanding footprint of the brand in different locations. The advantage of franchising is that the franchisee gets the backing of an organised brand which adds to the credibility of the franchisee.

The other benefits may be summed-up as under:-

  • Group advertising power.
  • Owning your own business and being your own boss guided by the franchisor’s experience.
  • The ability to sell products and services that cannot be serviced by company-owned outlets because of higher operational costs and lower motivation of employees in company-owned outlets.
  • The benefits of identification of service marks, trademarks, proprietary information, patents and designs.
  • Systematic training from experts.
  • A lower risk of failure or loss of investments.
  • Being a part of a uniform operation throughout the country, which means all franchises will share the same interior and exterior, physical appearance, same products, services, and product quality.
  • Assistance in financial and accounting matters from the franchisor, as well as ongoing support
  • Centralised purchasing, where the franchisee benefits from discounted pricing on goods for a retail store or ingredients for a restaurant and other supplies.

Thus, franchising is the most convenient way to expand a business and earn profits. But it’s only possible through constant support and guidance of the franchisor to its respective franchisees.

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