In all possibility, you already handle the daily operations of your own company. If you are not, Business Entrepreneurship Franchising may may be an opportunity that interests you for the future. Your company, although operating now, might not make a good candidate for moving into large merchandising over large geographic locations.
On the other hand, it may ba viable candidate for being franchised. Everything depends on it being the right type of business to make it a good fit. You may not consider franchising the way you want to achieve growth and make more money.
You should however, consider it a method of expanding rapidly in all geographic areas. Franchises fall into two separate categories. One kind is dependent on the franchisee for any funding to expand. This propels you forward to success in a shorter period of time.
Another type is one where the franchiser provides the funding for growth. This method will eventually move you into the enviable position of franchiser, which entails more responsibility and more money. Becoming a franchiser is vastly different than being the franchisee with the single franchise to take care of.
But, as a franchiser you own multiple franchises and control the operating contracts of many others. You will then run your own franchises as well as monitoring the operations of all franchisees who have purchased their stores from you. The selling and running of stores the franchisees purchased from you must comply with the advertising and purchasing plan they contracted for.
The franchiser must have almost unlimited funds in order to become established. There is the need to hire staff to take care of day to day operations. There is an enormous amount of competition. The individual interested in Business Entrepreneurship Franchising must have knowledge and training, possibly holding a masters degree. It involves a level of competition that may consume your entire life.
On the other hand, it may ba viable candidate for being franchised. Everything depends on it being the right type of business to make it a good fit. You may not consider franchising the way you want to achieve growth and make more money.
You should however, consider it a method of expanding rapidly in all geographic areas. Franchises fall into two separate categories. One kind is dependent on the franchisee for any funding to expand. This propels you forward to success in a shorter period of time.
Another type is one where the franchiser provides the funding for growth. This method will eventually move you into the enviable position of franchiser, which entails more responsibility and more money. Becoming a franchiser is vastly different than being the franchisee with the single franchise to take care of.
But, as a franchiser you own multiple franchises and control the operating contracts of many others. You will then run your own franchises as well as monitoring the operations of all franchisees who have purchased their stores from you. The selling and running of stores the franchisees purchased from you must comply with the advertising and purchasing plan they contracted for.
The franchiser must have almost unlimited funds in order to become established. There is the need to hire staff to take care of day to day operations. There is an enormous amount of competition. The individual interested in Business Entrepreneurship Franchising must have knowledge and training, possibly holding a masters degree. It involves a level of competition that may consume your entire life.
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