Posts Tagged ‘Franchise’
Which one to choose ? a franchise or small business opportunity?
Many potential entrepreneurs are lured into franchise and business opportunities to enter the business world. While some opt for tested and successful franchise business model, many prefer to start their own business right from scratch. However, there are many entrepreneurs who are confused as which one to choose – franchise businesses or invest in small businesses.
When it comes to security, buying franchise and becoming a franchisee of a popular company or brand is a relatively secure investment as here entrepreneurs get to work on a proven business model of doing business that is already popular in the market. The main benefits of buying franchise business are the proven system and the support offered by the franchisor. Also in franchise businesses, investors don’t have to indulge into costly trial and error process that is a common element associated with starting their own small business. Franchisors have already found out what works and what doesn’t and have come up with a specific system for franchisees to follow.
The British Franchise Exhibition
For those looking to invest in a franchise business, The British Franchise Exhibition has a host of opportunities and advice under one roof. The event takes place at Manchester Central on Friday 10 and Saturday 11 June 2011 and offers a valuable insight into exciting prospects in franchising.
There are more than 50 franchised brands to meet covering a range of sectors from food and drink to travel and property, and with ideas to suit every budget, lifestyle and interest. These include Action Coach, Alphagraphics, Auditel, Cash Generator, Dublcheck, Fastsigns, Roomzzz Aparthotel UK and WPA. What’s more, the exhibition is still the only franchise event in the North endorsed by the British Franchise Association (bfa), the regulatory body for franchising in the UK. This means all companies exhibiting have met the Association’s code of ethical franchising.
3 Types of Home Based Franchise
Many people these days are attracted to the idea of owning a home business, but often the biggest obstacle in starting your own home based business is figuring out the right business and how to best implement it. There are several different types of home based businesses and within each classification are plenty of individual businesses that can suit just about anyone.
A home based business is any business that is based out of the home, but many of these businesses are built around service calls that take you out of the home and on site to customer’s homes and places of business. Work at home businesses are the typical depiction of the home business where virtually all of the day-to-day business is done at home, and generally business is conducted online or over the phone. Work from home businesses are a hybrid of the two other types of home business, wherein roughly half of the business is conducted from home, but the business owner and his employees perform much of the services and sales outside of the workplace.
Quick Massage Success – the Growth of Tt Quick Massage Franchise
TT Quick Massage is the most inventive massage service to hit Singapore. They offer the highly popular authentic Thai Massage at reasonable prices and at sessions lasting 15 minutes per session. Every therapist is certified and trained by experts from the prestigious Thai Massage School SHIVAGAKOMARPAJ that is located in Northern Thailand, Chiang Mai. Since its inception in late 2006, TT Quick Massage has been inundated with requests from its satisfied clientele to franchise its business.
In 2008, TT Quick Massage rolled out its Franchise program and has since signed up 4 franchisees in Singapore. When asked why they signed up the TT Quick Massage franchise despite it being a relatively young franchise, franchisees listed professional training, highly systemised operating standards and lucrative returns as the top three reasons for purchasing this franchise. “We wanted to buy a franchise that is relatively low in investment, gives us operating control even if we are not in the outlets on a full time basis and of course the business must give us a steady return on our initial investment! TT Quick Massage offers these advantages plus they also offer a turnkey package which meant my partner and I did not have to stress about the initial set up and could focus on our business training and operational oversight” says Anders Teoh, Franchisee.
Environmental Planning for a Green Franchise
There are a number of benefits to starting an environmentally friendly business – especially if you’re starting a franchise. Not only will you save money on getting your business launched but you’ll earn the respect of the local community as you strive to improve your carbon footprint. It’s great for positive branding as you prove that you’re a globally and economically responsible company. Here are steps to help you develop an environmental strategy as you get ready to choose and open a new franchise.
Target Environmental Regulations with your Franchise
Every business in the US is governed by a minimum set of environmental standards and regulations that have to do with trash and cleanliness, drainage, etc. Keeping up with these helps to avoid legal issues but if you want to build your brand and tout yourself as a green business then you need to go beyond the minimum standard.
Franchise Disclosure Document
One of the biggest reasons why individuals franchise their business is because the franchisee provides the capital for expansion, rather then the franchisor. This allows a business to grow much faster and larger then if it were funded by internally generated funds or bank loans. You can sell a couple of hundred franchises per year, as opposed to maybe three or four company owned satellite locations.
The franchise agreement and disclosure document are critical and highly complex legal documents that establish the terms & guidelines for your relationship with your franchisees. Unless you are a professional, its a big mistake trying to handle this task on your own. If your documents are not properly written, you can be vulnerable to lawsuits, financial loss, plus more. Your Operations Manual is the “Bible” of your franchise. It highlights every facet of your franchise, and provides franchisees everything they need to know in regards to operating your franchise. Important care must go into making sure every aspect is covered. It is very important that these three documents are properly written. It definitely isn’t a job for someone without any prior experience. Rather then hiring a pricey lawyer, FranchiseHippo.com has compiled all the information you will ever need using ready-made templates that you can customize. This can save you time and a ton of money.
Tips for the Success of Your Franchise Business
If franchising your business seems like an appealing option to grow your company, there are several factors to consider before you make any big decisions. From taking a good long look at your current setup, to evaluating the financial burden you may incur, it’s important to ask yourself these important questions:
What makes your business special? When considering whether your business would succeed as a franchise, you will want to identify what unique product or service you bring to the market that will appeal to a wide range of customers. If there are already several other similar options on the market, it could be a difficult venture to try and draw consumers to your specific brand.
How to franchise your business- Operational Manual Updates
During the process of how to franchise your business, you have to go through several stages and these stages involve so many different processes. In the procedure, you have to follow an operational manual. The manual contains so many points which are very necessary in the franchising process for both franchisees and the franchisers. For the sake of perfection that operational manual must be updated regularly with proper point’s coverage.
Follow these points which are to be updated:
- Update the franchise agreement which is actually an agreement between you and your franchisees. This contains basic information regarding the business which helps in maintaining a good relationship between you and your franchisees.
How To Franchise A Business
Franchising a business has several advantages such as risk reduction, retention of capital, and a higher return on your investments. Franchisees find it a viable business since they are purchasing an established brand name or trademark, making it easier to do business than when they start a new company, which only gets established slowly.
Steps Involved In Franchising A Business
When considering whether to franchise your business make sure that there is sufficient demand for your product or services and that the concept is adoptable anywhere. Franchisees must be able to earn a profit after paying the fees and royalties. The franchisees must find your business unique and yet credible. You must consider registering your intellectual property to protect your business adequately. The franchise must be reasonably priced, have programs to provide training, and guidance for your franchisees to conduct business the way you do it.
How To Franchise Your Business
The first step in franchising your business opportunity is to start by analyzing your business model. Is it profitable after allowing for your franchise fees? If it is profitable and has well defined objectives to exploit the opportunities in the market place then you are ready to move to step two.
Can the business model be easily taught? There is no point in having a profitable business opportunity if it can not be duplicated by your franchisees. A training package must be devised that assumes that the franchisee has no prior business experience.