Want to be your own boss?
Franchise/Franchising is a way in which the owners sells the rights of their business name, logo, and model to third-party retail outlets, owned by independent third-party operators, called "franchisees." Nowadays, the franchise model is a common way of doing business, and the widespread of franchising has resulted in you seeing franchise businesses everywhere you go. Examples of well-known franchise models include McDonald's, 7-Eleven, and Marriott International. In Malaysia, there are franchise business opportunities available across a wide variety of industries.
Entrepreneurs who have established a successful business often wonder if they should franchise to expand their operations. Some choose not to grow their business because of uncertainty in financial stability; the time needed to achieve profitability, and some wish to maintain sustainable growth.
For those who seek to expand their business, Franchising is a way to go as it offers a few benefits to business owners seeking to expand operations.
Franchising is a great way to find those who can manage your business in different locations and to give them an incentive to work hard. Typically, those who are competent and hardworking prefer to invest in running a business in return for profits rather than being a working-class employee. By franchising, you will gain access to a better talent that would work harder to build the business than you hiring an employee.
Franchising is a brilliant way to obtain expansion capital. You can expand the number of outlets without utilizing much of your money or request financing from investors and banks because your franchisees will pay to buy outlets in your chain.
You can generate higher financial returns for little comparative risk by Franchising your business. When you franchise, you put less money into adding locations into your company’s portfolio. If you have an excellent business model, you could earn high royalties from sales at those outlets. The returns you acquire might even be more than what you would have received if you opened and ran those outlets yourself.
By franchising, and finding the right franchise partners, you will be able to scale without compromising on service.
There is a growing segment of people who spent the first fifteen years of their careers doing the corporate thing, and who are now looking to work in a business that is values driven. Millennials can also be excellent franchise partners because they are motivated by the company's values and will get to experience great pride of ownership at the same time.
For those who seek to join the franchise business, Franchising can be a great move for those who want a simple way to go into business and doesn’t want to create a new business from scratch. Being a franchisee does offer a few benefits for a would-be entrepreneur.
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