Why not become a Master Franchisee
Why not become a Master Franchisee
When you consider that the Master Franchise fee for a whole country for a service-based franchise is often less than the cost of setting up a single unit outlet for some food service or premises-based retail franchises, one can see why more people are thinking "Why should I just become a franchisee when I could be a Master?"
Of course, the skills required of a Master are very different, but for someone who is of the mindset of a typical franchisee, i.e. not too entrepreneurial and looking to be part of a proven system with established support structures, master franchising can offer far greater potential than simply running a single franchised outlet.
Becoming the local operation of an overseas franchisor is not just an opportunity for individuals looking to start their own business. Many existing businesses look for opportunities from around the world, particularly those companies who are experienced in a particular field, say food service retailing, who have the operational expertise but perhaps lack the creativity, time or money to develop their own new products or services from scratch.
New products for an existing client base or distribution network, or even an opportunity to convert existing stores to a new brand, can quickly transform a business, which has perhaps grown tired. Potential conversion works to the advantage of both Franchisor and Developer as they can more quickly achieve brand awareness than they would opening a store at a time. Having an established network available for conversion is also a good bargaining point for the prospective Developer in reducing the up-front fee on the grounds that income flow, from ongoing fees, will grow more quickly.
An interesting trend around the world is for existing franchisors (or indeed master franchisees) to be looking for another franchise system to operate alongside their original network. This often happens if they are nearing capacity, when they basically have two choices - either become an international franchisor themselves, and take their own brand overseas, or start another franchise at home, hopefully gaining some efficiencies from existing support team structures.
Looking at it from the overseas Franchisor's point of view, someone who already has experience of running a franchised network may be a very attractive prospect as a Master Franchisee as they will already have many of the required skills, and maybe even the staff. This means the operation should grow faster than taking on someone with no franchising experience.
Why not become a Master Franchisee - To learn more about this author, visit Nick Strong's Website.
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Nick Strong Managing director of www.selectyourfranchise.com and Brian Duckett MD of www.horwathfranchsing.co.uk look at the merits and requirements of becoming a master franchisee.
When you consider that the Master Franchise fee for a whole country for a service-based franchise is often less than the cost of setting up a single unit outlet for some food service or premises-based retail franchises, one can see why more people are thinking "Why should I just become a franchisee when I could be a Master?"
Of course, the skills required of a Master are very different, but for someone who is of the mindset of a typical franchisee, i.e. not too entrepreneurial and looking to be part of a proven system with established support structures, master franchising can offer far greater potential than simply running a single franchised outlet.
Becoming the local operation of an overseas franchisor is not just an opportunity for individuals looking to start their own business. Many existing businesses look for opportunities from around the world, particularly those companies who are experienced in a particular field, say food service retailing, who have the operational expertise but perhaps lack the creativity, time or money to develop their own new products or services from scratch.
New products for an existing client base or distribution network, or even an opportunity to convert existing stores to a new brand, can quickly transform a business, which has perhaps grown tired. Potential conversion works to the advantage of both Franchisor and Developer as they can more quickly achieve brand awareness than they would opening a store at a time. Having an established network available for conversion is also a good bargaining point for the prospective Developer in reducing the up-front fee on the grounds that income flow, from ongoing fees, will grow more quickly.
An interesting trend around the world is for existing franchisors (or indeed master franchisees) to be looking for another franchise system to operate alongside their original network. This often happens if they are nearing capacity, when they basically have two choices - either become an international franchisor themselves, and take their own brand overseas, or start another franchise at home, hopefully gaining some efficiencies from existing support team structures.
Looking at it from the overseas Franchisor's point of view, someone who already has experience of running a franchised network may be a very attractive prospect as a Master Franchisee as they will already have many of the required skills, and maybe even the staff. This means the operation should grow faster than taking on someone with no franchising experience.
Why not become a Master Franchisee - To learn more about this author, visit Nick Strong's Website.
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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David BarrDavid Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website |
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