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Can my business be franchised?
The elements of
success - Whilst all franchising programs are
different, there are some fundamentals which are
essential for success, and are common to all franchise
arrangements.
- Business is a two-way street
... there must be financial and other rewards for both
the franchisor and the franchisees. Any scheme which
doesn't achieve this is doomed to failure.
- Commitment by the franchisor.
The leader, the promoter of the franchise program must
be enthusiastic and totally committed to the scheme
and genuinely dedicated to making the franchisees
successful.
- Enthusiasm and commitment by
the franchisees. Motivated franchisees will make the
difference as to whether a scheme is successful or
not.
- Successful business practices.
The original business created by the franchisor and
practices, marketing directions and business
administration developed by that company should be
maintained. After all, you only franchise already
successful businesses ... or at least, you should.
- Suitable locations. If the product
relies on retail sales, the location of franchised
stores is of paramount importance.
The original franchising
proposal should be as specific as possible about -
- capital requirements of
franchisees
- return on investment (for
franchisees)
- profit potential
- growth potential
- the structure, administrative and
financial, underpinning the franchise program.
Should I buy a
franchise?
An initial dicussion
with our franchising partner, Jeannette Eid, will help
you decide whether you want to pursue your inquiries
into buying a franchise further ... and it won't cost
you a cent. After that, if you decide to look seriously
at franchising, she will provide all the advice and
assistance you need ... at very competitive rates.
Wainwright Ryan Eid are
experts in this area, and have seen all the traps which
can catch the unwary and inexperienced..
Buying a franchise - and
possibly committing all your free capital is a major
step, and should be taken only after you've had the best
advice available.
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