subject: Is Franchising for you [print this page] Wish to own your own business? Feels buying an existing business is not right for you? Starting your business from scratch a little intimidating? You could be adapted for franchise ownership. What is a franchise - and whether you are entitled to one? Essentially, a franchisee makes an original contribution and ongoing royalties to a franchisor. In return, the franchisee wins the use of a trademark, a continued support of the franchisor and the right to use the franchisor business system and sell its products or services.
In addition to a well-known mark, buying a franchise offers many other advantages not available to entrepreneurs starting a business from zero. Perhaps the most important is that you get a proven system operation and training on how to use it. New franchisees may avoid many mistakes budding entrepreneurs usually do, because the franchisor has already perfected daily operations through trials and errors.
Deemed franchisors conduct market research to sell a new outlet, so you feel greater confidence that there is a demand for the product or service. There is no need to make adequate market research as this is one of the major independent contractors are generally; as a franchisee, it is provided for you. The franchisor also provides a clear picture of the competition and how you differentiate them.
Finally, franchisees benefits with the advantage of strength in numbers. You get an economy of scale in the purchase of materials, supplies and services, such as advertising, as well as negotiations for the locations and the terms of the lease. Usually, independent operators have to negotiate on their own, often times in a less favorable terms. Some franchisors deal with new businesses as there own so you receive support and this ensures the success of the franchise. But let us not forget that any business, big or small can only be 100% successful if you are willing to work hard and love what you do. Having said that, It is essential for any entrepreneurs to start a business where you have great interest in.
Is Franchising for you
By: Shierly Dolz
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