Franchising Business:
Franchising offers a wise option to get started with your own business under an established and profitable system feels the successful franchisees. One most significant decision that can make or break a franchisee successful is the right selection of franchise business. No doubt it is a tough decision but when taken with utmost care it proves to be the saving grace for franchisee’s better future. In order to offer substantial details of how important it is to evaluate a franchise
opportunity, the franchisees’ opinion is very significant
Stepping stones to franchise success
Zeroing on a particular brand and its franchise offerings is one of the most important decisions that an aspirant has to make. Do not rush into it out of sheer excitement!! Before getting into the company’s profile, it is always better to fetch ample amount of time for introspection. Franchisee need to know the answers of four basic questions that will plunge him to the next level.
Which industry interests franchisee, the most?
This is the most important question to ask, as it will decide the fate of your franchise business. As TK Rithal, Regional Franchisee, ClubLaptop says, “It is always advisable to take up a franchise business that interests you or the industry you always want to get into. It helps you in long run and in operating the business successfully.”
In which industry, franchisee has experience?
Knowledge and experience in the similar industry is something that will always be helpful. As Sanjay Purohit, CEO, iProf India says, “Experience is not at all the criteria for the selection of the franchisees; however, experience in the education sector can be added advantage for the entrepreneur.” However, when taking up a franchise business, a franchisee gets all the help he requires in establishing the franchise business during the initial phase.
Source:
www.Franchiseindia.com
Well have you been itchy nowadays about starting your new business. Has it been a long many years since you have been working for other people and I guess this is the time to start working for yourself.
Now being an entrepreneur is not an easy task. Exactly how do you go about it?
I have been reading around quite a lot nowadays …mostly through the net. I have been trying to find out some very stupid ideas of doing a business and this is one article which I loved.
Here’s the link :
No doubt a few of them would stay with you for a long time. But hey ..they have been tried out and the innovation angle is now lost. You can utmost roll them out in some different form. It isn’t bad, if you can work it out in some other form.
Next I was trying to find some great business ideas that didnt do that good at the ‘box-office’. Here’s a link
So if you are trying to think up in terms of facebook or myspace.. I guess the time has run out. It can only be innovated to suit something else.
SO why not first look inside and first list down the different avenues on which you are good at.
Here’s a list though a not-an-exhaustive one:
Sales/marketing
Manufacturing/procurement
Logistics
Planning
After Sales-Service
Advertising
Accounting
Administration
Management
Execution
Technology
These can together constitute the very basic functions of most businesses. So the first thing one should do is to list down the activities that one is good at. Remember the activities stated earlier and try to understand your strengths or weaknesses in each of those listed. Grade yourself and award points :
a) novice >> 1 pt
b) intermediate >> 2 pt and
c) expert>> 3 pt.
After you have completed the chart and rounded off your points, check the total. If the total of your points stands between 16 and 21, then you stand a good chance of starting your own business. Below 14 would basically mean that you need to pick up knowledge or experience in some of these activities.
Or otherwise, you need to find other organizations/agents who would help you plug in your weaknesses in those activities. An example can e an accountant or a freelance salesman. It may also mean that you would need to team up with someone who has some positive qualities In the ones you lack. That would make for a great combination.
