Would you be a good franchisee?
Posted on 23/10/2018
Acquiring a franchise is for different reasons one of the least risky ways to start a business. But is franchising a business for everyone?
A franchise is the business model by which an entrepreneur acquires the rights to produce and market the products or services of a brand that is already established and recognized in the market. This entrepreneur is called a franchisee.
So if you are thinking about acquiring a franchise, ask yourself the following:
Do you have enough money? It is necessary that you have sufficient liquidity to cover the initial investments and also support the business expenses during its stabilization and break-even point. Keep in mind that there are expenses attached to the franchise fee, for example infrastructure adjustments, public bills and payroll.
Do you have an entrepreneurial spirit or are you just looking to invest in a business? Most of the franchising brands in the country prefer to give their franchises to enterprising people who are capable of leading processes and people and also sacrifice their time with the intention of not only maintaining the business but making it grow than to those investors who only look for returns on their investments but do not intend to make an effort or perform any work. Find in the contract agreement the best Franchises in Colombia.
Do you have time availability? It is clear that in order to start your own business you must have time to concentrate on it and devote all your attention. The franchises are not the exception, they also demand time even before opening to the public, since you must learn and know all the processes that you will execute. A good strategy in this case, is to associate yourself with another entrepreneur.
Are you willing to follow standards? The success of the franchises is based on replicating a business and a process model that is successful, therefore, although each franchisee is owned by the entrepreneur, the tasks must be executed as they are defined and tested by the franchisor brand and guarantee their differential in the market, so you must be a flexible person who accepts the opinions of others. But this does not mean that you can not contribute to the company, any improvement or contribution you have can be proposed to be approved and applied throughout the franchise network.
If you answered these questions positively, then consider starting your business under the model of a franchise, since you meet the essential characteristics to achieve success.