The benefits of franchising
The benefits of franchising
The main benefit if you become a franchisee is that your business will already have in place the knowledge and experience of the franchiser that has enabled it to expand, which provides each franchise with a solid business platform.
The brand name will be known across the country or region and potential franchisees can also check the success of the franchiser and its reputation before making a firm commitment.
Systems such as product pricing, recruitment and marketing will be tried and tested as any early mistakes will more than likely have been ironed out. Therefore, this reduces the risk of failure compared to someone starting their own small business separately.
Financing the new business will be easier for the majority of franchisees, as banks will take into account the franchiser's reputation when it decides whether to lend money.
Although business processes are set out by the franchiser, it gives franchisees the power to run the franchise in a specific area, including promoting it, managing sales and expenditures, making decisions on hiring and firing people and many other tasks.
The franchiser will be invaluable when franchisees encounter problems. This is because it should be able to provide the necessary technical support and have qualified staff that can give advice on how to improve sales and dealing with staff problems.
In addition, as well as providing training programmes for franchisees before they open their business, many franchisers will offer staff training and ongoing services so that franchisees can benefit from new technology and keep up-to-date with financial and personnel regulations.
Obtaining the products is much easier for a franchise business as some or all of them will be provided by the franchiser and it will have other suppliers in place, if necessary, to deliver the goods. Franchisees can often take advantage of bulk discounts.
Any promotional offers, usually discounts, which have been successful will be used across all franchises enabling them to benefit from the probable increase in customers it will bring.
If franchisees would like to sell their business at some stage, the franchiser could have a new buyer lined up quickly, as opposed to franchisees having to find someone to take over.
Franchising offers people a mix of management responsibility and business security and there are franchises available in a wide range of business sectors.
Copyright Adfero 2006
The benefits of franchising - To learn more about this author, visit Diarmuid Kieran's Website.
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Buying a franchise is an option that many people looking to manage their own small business should consider, as there are a number of advantages to joining this industry.
The main benefit if you become a franchisee is that your business will already have in place the knowledge and experience of the franchiser that has enabled it to expand, which provides each franchise with a solid business platform.
The brand name will be known across the country or region and potential franchisees can also check the success of the franchiser and its reputation before making a firm commitment.
Systems such as product pricing, recruitment and marketing will be tried and tested as any early mistakes will more than likely have been ironed out. Therefore, this reduces the risk of failure compared to someone starting their own small business separately.
Financing the new business will be easier for the majority of franchisees, as banks will take into account the franchiser's reputation when it decides whether to lend money.
Although business processes are set out by the franchiser, it gives franchisees the power to run the franchise in a specific area, including promoting it, managing sales and expenditures, making decisions on hiring and firing people and many other tasks.
The franchiser will be invaluable when franchisees encounter problems. This is because it should be able to provide the necessary technical support and have qualified staff that can give advice on how to improve sales and dealing with staff problems.
In addition, as well as providing training programmes for franchisees before they open their business, many franchisers will offer staff training and ongoing services so that franchisees can benefit from new technology and keep up-to-date with financial and personnel regulations.
Obtaining the products is much easier for a franchise business as some or all of them will be provided by the franchiser and it will have other suppliers in place, if necessary, to deliver the goods. Franchisees can often take advantage of bulk discounts.
Any promotional offers, usually discounts, which have been successful will be used across all franchises enabling them to benefit from the probable increase in customers it will bring.
If franchisees would like to sell their business at some stage, the franchiser could have a new buyer lined up quickly, as opposed to franchisees having to find someone to take over.
Franchising offers people a mix of management responsibility and business security and there are franchises available in a wide range of business sectors.
Copyright Adfero 2006
The benefits of franchising - To learn more about this author, visit Diarmuid Kieran's Website.
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John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
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