Franchising Newspaper Agency
The term franchise means an authority is given by an organization to someone allowing them to sell their products in exchange for a payment
. It can take the form of granting rights, run an established business or sell business to business. The idea is to gain the popularity by using the company name and logo. If you wish to buy a news agency, then you have to understand the basic features.
The first feature is to know whether it is a private or public entity. Therefore when you decide to buy an existing unit you should be aware of the fact that it is a private firm or a government owned organization.
The next feature is business valuation. Before buying an established news agency one should look after the financial stability of the business by studying the financial statements of last five years. You accountant, corporate financier or a business broker may help you in valuing the business. Many factors can be taken into account in order to value the business like goodwill, previous profits history and also you can take into account the value of similar businesses.
The third feature after evaluating the business is the manner it deals in like the staff appointed for production, editing, sale distribution and promotion etc. Further a buyer should understand the working of the agency in detail like talking to the staff and take their opinion as well as suggestion regarding various aspects of business. This will create a healthy relationship between the employees and the owner as well as the agency will work properly. It is also necessary to create a successful team to take the business higher.
You should also inquire about the working hours, holidays, efforts required, style of work, the scope of the business, the effects of the society and business environment over the routine functions of the agency, staff, its number and efficiency etc. Such information is imperative in running the business smoothly.
The buyer should be aware of the fact whether the news agency is selling their news or working in partnership with large companies etc. Legal formalities are required to be fulfilled before in order to avoid any sort of interventions from the government in future. One is required to appoint a lawyer in this field in order to avoid any legal mistakes.
It is very important to provide marketing support to the franchisee so that you franchise must function properly. Collaborations and other clients should be informed in advance about the change of ownership and changes in contract as well. Franchising is a little risky business as well. There may be many news agencies for sale. However a lot of them have problems. Good business knowledge will be required to indulge in the franchising business.
Franchising is a fast emerging business way and if you are quite financially sound and are serious to buy a news agency then you should definitely go for franchising. Understanding the basic concepts will obviously work wonders for you and you can gain primary knowledge from several franchising websites and books. It will make your news agency more successful.
by: Rebeca
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