How to choose the Right Franchisee Opportunity and the Right Franchiser?
Do you want to Choose the Right Franchisee & the Right Franchisor?
All of us are aware that the franchising industry is growing at a phenomenal pace, providing a dream success to many business owners, even if they are first timers.
However, like any other business, you should not discount the focus and consistent efforts needed to get successful. The benefits of franchising are plenty over a traditional business, but you need to also do a thorough research before jumping the bandwagon on just peer info or basic screening.
As many on our mailer list would know already, many franchisors do not share the complete landing price to set-up a franchisee center. Hence, it is advisable to discuss in details with your franchisor, the total cost of business set-up initially itself, before freezing your decision. Apart from the franchisee fees, do get a tentative idea on the infrastructure & interior costs involved, the initial stocks needed, the initial promotion budget, hiring and recruitment cost if any and any other kind of hidden expenses that you may have to make provision for within the 1st year. This would give you an idea of your total outflow for the 1st year, which would help you in turn to plan the ROI more effectively and realistically.
With the above clarity now, you can choose the right franchisee for yourself, based on the below points:
1. What are your interests?
2. What options from your interests, match the high-growth or recession free industry?
3. Do you prefer developing multiple centers going ahead?
4. What is the ease of starting-up in terms of setting-up, training, restrictions etc?
5. Does the cost of complete set-up match up with your budgetary planning (remember to budget 25% more for contingency and unplanned expenses)?
6. What days of the week or hours of the day do you want to work? Is the same flexible?
7. What support is provided by the franchisor?
Considering the above aspects while researching upon the right franchisee for you, can help you choose a more ideal, safe and worthy business option, which would be more appropriate as per your needs and interests.
Hope this post helps in enriching you with necessary inputs to choose an ideal franchisee.
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