If you have finally made that big change in your life and started a franchise, you must have already conducted a significant amount of research before officially opened up your doors for business; so now, what is the next thing to do? It’s no surprise that starting a franchise can be pretty tough work; but […]
It can be quite exciting to buy a franchise business, but like any other business decision, this is one that shouldn’t be made lightly. Here are 5 things to consider before buying a franchise: #1 Are you passionate about owning a franchise? This is probably one of the very first things you should be asking […]
Most new franchisors have very little understanding and knowledge of the different types of royalty options available to them, when deciding to purchase a franchise. A franchisor that forms part of their own network’s supply chain might even have the flexibility to not charge any royalties at all; instead, they derive their income solely from […]
In the modern world, starting on a business venture has become an excellent option for people that want to get out of the 9-5 grind, have a passion for working in a certain field and be their own boss. However, there can be a number of hurdles that can crop up when establishing any business […]
The commonest form of opportunism in the franchise industry is free-riding. In this, a franchisee joins a very well-recognised network but adds almost nothing of their own personal endeavours and entrepreneurship to the business; in short, it’s only the franchisor’s efforts and the strong brand that generate customers for that franchisee’s business.
For a large majority of people, becoming their own boss is the driving factor in them deciding to purchase a franchise. But the real satisfaction also comes from good financial performance and profitability.
If you ask a potential franchisee why they feel they want to enter into this space, you will get varying answers; different people have different priorities and wants and that’s what drives them to look for better careers and business opportunities in life. Let’s take a look at some of the most prominent reasons why […]
Every franchisor worth their salt understands that the success of their network to a large extent depends on how dedicated and skilled their franchisees are. It’s why they look for ways and means to ensure that they have a consistent connect with all the franchisees in their network and have their finger on the pulse […]
If you are planning on venturing into the franchising space and have started conducting some research on the industry, how it works and the different franchising options it offers, you must have realised that you have the option to choose between a big brand franchise that has a global or national presence or one that […]
The Franchising Code of Conduct underlines the importance of franchisees being fully aware of what they are getting into well before they buy any franchise. When a person makes a decision to buy a franchise within a compressed timeframe, without conducting a sufficient amount of research or being aware of how the industry works, there […]
Just as in the case of other industry, there exist certain rules and codes that govern the Franchising industry as well. The Franchising Code of Conduct in Australia was introduced on July 1, 1998 and resolving franchise disputes has been one of the core components of this code.
An underperforming franchisee in a network, not only does harm to their business, but to the brand they represent as well. However, the lead causes and signs of underperformance aren’t completely understood. A franchisor generally relies on sales data after the fact, to identify their franchisors performance trends. But by that time, the effort needed […]
One of the primary reasons businesses decide to embark on the franchising path, is the lack of capital required for growth. When experts are discussing why franchising occurs, they refer to this as the theory of capital constraints. The challenges arising from paucity of capital for a start-up franchisor could be because they underestimated the […]
Most franchisors complain about the fact that they find it extremely challenging to get their franchisees to accept change. There are times when a franchise network decides to incorporate some level of change in their workings. It could be some small procedural changes that will help enhance customer satisfaction or improve productivity and time-efficiency. However, […]
It’s very common to hear experienced franchisors say that while the franchise relationship finally relies on the detailed information about the obligations and rights mentioned in the franchising agreement, the document itself isn’t really referred to again, after both the parties have signed on the dotted lines. In short, the understanding is that both the […]
When it comes to business, there is will always be some uncertainty and risks involved. However, when you opt for franchising it helps reduce these risks as the environment is supported by the franchisor’s resources and other franchisees that operate under that brand. As a franchisee, you don’t want to lose money when you invest […]
While bank interest rates are currently on record lows in our country, a number of potential franchisees are unable to get the finance they require to purchase a franchise. That’s when they turn to family and friends and other non-banking lenders. Studies indicate that almost 10% of new franchise businesses are now either underwritten/funded by […]
We live in a highly digital world and while consumers everywhere are now choosing to make even the smallest of purchases online, the shocking fact is that almost 75% of small businesses don’t have the Ecommerce option on their website. It simply means that if your website doesn’t have an ecommerce option you are missing […]
If you are planning on owning a franchise, you must have conducted a certain amount of research to identify whether the business will be profitable. However, the other crucial aspect you have to take into consideration is about the feel of the market. When you throw open the doors of your business for the first […]
Regardless of the business you run, you need to acquire the trust of your customers and this is more evident in certain markets than others. With reference to the cleaning industry, trust is all-important; in fact, we’d go so far as to say that it’s non-negotiable. If you want your cleaning franchise to be successful […]
