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Franchising is the process by which a franchisor has developed a particular way of doing business expansion by giving other existing or would be entrepreneurs (franchisees) the right to use the franchisor’s proven business model in another location for a definite period of time in exchange of initial and ongoing fees.

Franchising in business industry

Whatever business you are interested in, you are likely to find established companies offering their franchises in those segments. You could take up established franchises and start any new business that you would want to. If buying an existing business doesn't sound right for you but starting from scratch sounds a bit intimidating, you could be suited for franchise ownership. Essentially, a franchisee pays an initial fee and ongoing royalties to a franchisor; in return, the franchisee gains the use of a trademark, ongoing support from the franchisor, and the right to use the franchisor's system of doing business and sell its products or services.

To help you start your own business, Franchise Times guides you through the critical steps to starting a business, based on your resources, skills and experience. Once you choose a correct business, you will inevitably succeed. When most people think of starting a business, they think of beginning from scratch—developing your own idea and building the company from the ground up. But starting from scratch presents some distinct disadvantages, including the difficulty of building a customer base, marketing the new business, hiring employees and establishing cash flow, all without a track record or reputation to go on.

If you’re worried about the difficulties involved in starting a new business from the ground up, you can buy an existing business. In addition to a well-known brand name, buying a franchise offers many other advantages that aren't available to the entrepreneur starting a business from scratch. Perhaps the most significant is that you get a proven system of operation and training in how to use it. New franchisees can avoid a lot of the mistakes startup entrepreneurs typically make because the franchisor has already perfected daily operations through trial and error.

Reputable franchisors conduct market research before selling a new outlet, so you'll feel greater confidence that there's a demand for the product or service. The franchisor also provides you a clear picture of the competition and how to differentiate yourself from them.

Finally, franchisees enjoy the benefit of strength in numbers. You'll gain from economics of scale in buying materials, supplies and services, such as advertising, as well as in negotiating for locations and lease terms. By comparison, independent operators have to negotiate on their own, usually getting less favorable terms. Some suppliers won't deal with new businesses or will reject your business because your account isn't big enough.

You can also become an authorized reseller, dealer, distributor, agent etc. for a well-recognized company. We can find you the best opportunity with your existing limited resources. In this method your working capital is bare minimum, as you will stock goods in your warehouse and have timely / regular orders to fulfill. Dealer partners are critical to helping the company spread the product experience to consumers around the world. Companies appreciate the time and resources, dealers invest in training knowledgeable staff and providing a compelling experience to customers. In return, the company is committed to consistently develop and deliver innovative products that capture consumer interest and bring you higher revenues with low investments.

We offer unparalleled business match making services for entrepreneurs seeking new or existing businesses. Our franchise experts at Franchise Times will help you choose a business that fits your skills, experience, investment levels and lifestyle.

You can register for free and browse the most comprehensive franchise directory sorted conveniently into different sub industries offering 100’s of new opportunities that are presently available or sign up for our ‘entrepreneur newsletter,’ which will bring you the latest, emerging, fresh new opportunities, right into your mailbox. Use our expertise to help you connect with the right business.

We also offer a host of other add-on services for the small and medium businesses and the franchise industry. This includes property services, HR solutions, finance and funding assistance, legal and documentation services, which ensures that you get everything under one roof whilst you go about researching and starting a new business.

Once you've decided a franchise is the right route for you, how do you choose the right one? With so many franchise systems to choose from, the options can be dizzying. Start by investigating various industries that interest you to find those with growth potential. Narrow the choices to a few industries you're most interested in, then analyze your geographic area to see if there's a market for that type of business. If so, contact all the franchise companies in those fields and ask them for information on their franchise opportunity. Any reputable company will be happy to send you information at no cost.

Of course, you shouldn't rely solely on these promotional materials to make your decision. You also need to do your own check before taking a final decision. Start by going online and reviews, also visiting their existing outlets you can find about the company you're considering. Is the company depicted favorably? Does it seem to be well managed and growing?

Once you've decided on a certain franchise through your preliminary research, you need to find out if this opportunity is as good as it sounds. Your next step is to analyze it thoroughly to determine whether it's really worth investing.

Much of the information you'll need to gather in order to analyze a franchise will be acquired through the following:

  • Interviews with the franchisor
  • Interviews with existing franchisees
  • Examination of the franchise's Offering
  • Examination of the franchise agreement
  • Examination of the franchises audited financial statements
  • An earnings-claim statement or sample unit income (profit-and-loss) statement
  • Trade-area surveys
  • List of current franchisees
  • Newspaper or magazine articles about the franchise
  • A list of the franchisor's current assets and liabilities
Through this research, you want to find out the following:

  • If the franchisor--as well as the current franchisees--are profitable
  • How well-organized the franchise is
  • If it has national adaptability
  • Whether it has good public acceptance
  • What its unique selling proposition is
  • How good the financial controls of the business are
  • If the franchise is credible in the market
  • What kind of exposure the franchise has received and the public's reaction to it
  • If the cash requirements are reasonable
  • What the integrity and commitment of the franchisor are
  • If the franchisor has a monitoring system
  • Which goods are proprietary and must be purchased from the franchisor
  • What the success ratio is in the industry
Don't be shy about asking for the required materials from the franchisor. After all, they'll be checking you out just as completely. If they aren't, that should sound a warning bell. Another warning sign is if the franchisor asks you to sign a disclaimer stating you haven't relied on any representations not contained in the written agreement. Such a requirement could indicate the franchisor doesn't want to be held responsible for claims made by its sales representatives.
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Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the
franchise times
Marcus Kample
Designer at Monarc
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the
franchise times
Marcus Kample
Designer at Monarc
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the
franchise times
Marcus Kample
Designer at Monarc
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