Here are 3 (very real) horrible scenarios that could happen for every prospective franchisee — something to ponder about before jumping right into committing your money into a franchise.
It is common practice for franchisors to provide franchisees with a franchise operations manual. In short, the franchise operations manual is like a dummy’s guide for replicating the business it was documented for.
The very first example of franchising dates all the way back to the Middle Ages, when local governments granted high church officials (and other important folk) a license to maintain order and collect taxes on their behalf.
The franchise business model is not for everyone. Undoubtedly the biggest drawback for many is the lack of control, while the main advantage is probably the reassurance of buying into a business that is proven to work.
The biggest attraction of joining a franchise is that the franchisor provides mentorship and guidance. From the initial setup phases to operations, franchisees will be taught the “right” way of doing things.
Intangible as it may be, reputation is a key asset of any consumer goods company, allowing it to command a premium for its brands, attract and retain the best talent and earn consumer loyalty.
It is that time again where people set goals to try and do better and achieve more for the upcoming new year. As a franchisor, this means a little bit more because most decisions you make will impact franchisees.
Dubbed “nowners” and “digital natives”, the millennial generation are a diverse consumer group that while linked by its adherence to the internet, is also divided by culture and individualism.