Typically, the franchisor is an entrepreneur who has laid the groundwork to create a thriving, established business. It owns the overall rights and trademarks of the company and allows its franchisees to use the rights and trademarks to do business. The franchisees are usually charged an upfront franchisee fee for the rights to do business under the name of the franchise. It brings the following valuable assets for budding entrepreneurs to capitalize on and start a business of their own.
• A Tried and Tested Business Model: In order to become a franchisor, one must have reached a point in which the business model irrefutably works. Consumers recognize the brand and seek out the products and services.
• An Accepted Trademark: This is among the most valuable assets acquired through careful research as well trial and error. It usually incurs a lot of time and dedication to establish a recognizable trademark.
• Business System is Time-honored: Through hard work and devotion, a reliable system of conducting business has been established that provides dependable results. An established business model that the franchisees can follow and prosper from working with customers and clients to delivering products and services is also clearly defined.
• Support and Training: This is one of the main reasons by IT professionals and a lot of other young entrepreneurs invest with a franchise. The extensive training and on-going support helps the franchisees to learn from someone with a proven track record of success.
The Role of the Franchisee ►
If you want to become the owner of a franchise and be your own boss, then it is vital that you understand the complex relationship that exists between a franchisor and a franchisee. A lot of people mistake this relationship as one being against the other, but it actually should be a mutual collaborative effort from both the parties. As a franchisee, your role in this business model would be to duplicate the successful work already done and expand into a regional or national market. By no means is it a passive role and it requires a lot of investment and work to make this relationship really work.
• Low Cost Investment: Franchisees are required to make a low cost investment, that is, pay a franchise free in order to obtain the right of the business.
• Manage the Franchise Location: The business know-how, systems, training and support is going to be provided by the mother-franchisor but at the end of the day, the franchisee has to put in a lot of effort and work to make the franchise work at a particular location. The day-to-day operations have to be looked after with immense skill and expertise.
Personalized Gift Industry – A Promising Investment ►
Budding entrepreneurs and IT professionals can tap into the lucrative personalized gift marketplace and earn up to 4000% profit. This is one industry where expensive equipment is not required, the process of creating fabulous items is extremely easy and it is in demand all year round. The company offering franchise opportunities will usually provide you with the software and all the necessary supplies that you might require to create a variety of beauty personalized gift items, including picture frames, clocks, coffee mugs and more. The start-up cost is low and you can be almost guaranteed of 100% ROI. There are a number of companies that are willing to extend their carbon footprint in India and capitalizing on any one of the opportunities is going to help you fulfill your dreams as well as make you very rich and successful. Unlike other businesses, this is not a fad business and there will be high demands of gifts with year-round appeal because no occasion or event is complete without it. The franchisor has already laid the foundation of the business for you to expand on and hence, there are no such skills or business acumen that you ought to possess, except maybe a zeal and passion to take it to the next level.
Thinking of starting your own business? But, lack the funds or a great business idea to build on? Buying a franchise might be the ideal solution for you. As a franchisee, you would be entitled to get blueprint on how to succeed on your chosen business system. Just make sure to maintain the franchisors standards, methods, techniques and marketing strategies.