When you think of quitting your job and taking up franchising, it surely calls for a lot of guts. It not only involves a lot of planning but also the right attitude.
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Chase your Dream
If it’s been years that you are thinking about a particular sector and getting into it with your own brand and still unable to do it, now is the time. You should stop thinking and go ahead with it. This can only happen when you give your 100% for your dream business. Quitting a job at this point is the right move to make.
Gear up for Success
When you buy any brand’s franchise rights, you are buying an established concept that has proven to be successful in other locations. All you have to do is work hard for your location and area. When you are success-ready, go ahead and opt for this classic business model. As Sohrab Sitaram, CEO and Director, Keventers, says, “You have to figure out for yourself if you are cut out for entrepreneurship. It requires a different mindset, one that does not fear about losing money.”
Avail a Bank Loan
When you opt for franchising, getting a bank loan should be easy. So, finances will never be an issue in the franchise model. If you associate with an established brand in the market, a bank will provide good support and offer sound financial packages.
Call for Support
A great brand will always offer you complete support right from day one. “Our franchise partners are supported with infrastructure as part of the setup, as well as ongoing requirements from time to time. Our franchise allows people with no background in the industry to learn and thrive quickly, with a ‘ready to roll out’ model that attracts the right talent and offers higher return on investment,” says Pushkaraj Shenai, CEO, Lakme Lever.
Involve the Team
While engaged with a job, it’s only you who is responsible for your work. But in a business the franchisor is always there to support you at every step. Also, when you hire an efficient team under you, the franchising model gets more interesting and involving. You can choose to hire trained staff and qualified people who have the knack to work under a franchise model.
Cut the Costs
The franchise model has its own advantage. It helps the brand cut down on its operational costs as well as create a better distribution network.
Enjoy the Freedom
When you start a franchise, you know that now it’s you who is the decision-maker as far as your territory is concerned. So, get ready to enjoy this freedom. If your first franchise store is successful, you can expand to bigger regions as well. “We advise and allow the franchisee to take decisions depending upon their experience even as we offer hand-holding,” says Nina Lekhi, MD and Chief Design Curator, Baggit.
Use the Marketing Mantra
When you take up a franchise business, most of the marketing support is provided by the franchisor to you. Even when it involves local marketing, you can choose to guide the franchisor on how you wish to advertise in your territories.
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