If you want to become your own boss, purchasing a
franchise may be the right way for you to take. Franchises are
established businesses that have brand name recognition new businesses do not.
They also have comprehensive training programs and on-going support for
franchisees, and often have purchasing power and exclusive territories selected
in advanced for maximum profit potential.
When looking to enter the business world a
franchise opportunity can be very appealing. Business franchise opportunities
have a reputation of being safer than single entities; however, that does not
make the selection process any easier. It is important to find a franchise that
fits your skills and experience to ensure success.
Before
starting the Business, follow the steps given below:
1.
Pin point your interests, skills and experiences that
you would like to be reflected in your franchise. Knowing what you personally
can offer within your franchise will make increasing the business and
understanding operations much easier. Once you have done some self-discovery,
do extensive research of the business sector you are looking to purchasing a
franchise in. Know the success, failure and growth rate of different avenues
for franchising within your sector.
2.
Know your budget and evaluate your finances. A
franchise can be a small or large investment ranging anywhere from a few
thousand dollars to hundreds of thousands of dollars, and can possibly require
some liquid capital. Before you begin speaking to any franchisees you need to
know your restrictions and speak with lenders who specialize in the type of
loan you require.
3.
When you find a franchise opportunity within your
sector and price range, view and review the franchise several times during
business hours. Understand the day-to-day workflow and daily routine. Request
financial information and records for the past few years, keep an eye on any
trends and question why increases/decreases have occurred.
4.
Speak to
existing franchisees in an area similar to your potential territory to get an
inside view of the franchise opportunity. This will give you the
opportunity to ensure there is not a competitive tone during the conversation
and create a strong relationship with existing franchisees to get accurate
answers and learning experiences. It is also important to contact references
for the franchise as well as the Better Business Bureau to discuss any further
questions you may have and to gain information about the franchise’s
reputation.
What was the biggest challenge you faced when you decided to buy a
franchise?
You will face many challenges
when you buy a franchise. These challenges are mentioned below.
Finding the right
franchise: This is one of the first
challenges you will face as a (prospective) franchisee. Figure out what you’re
passionate about, and find a franchise that matches your skillset. This is not
a decision you should make suddenly. Think long and hard about your decision;
you are entering a long term relationship with the franchiser.
Finding the right
people: Whether you own a franchise
or your own business, one of the most challenging things will always be finding
the right people to work for you. Make a list of (reasonable) qualities and
experience you expect from your employees to have. Then provide a positive work
environment for the people who meet your expectations.
Money: How will you get
the money to finance your franchise? Do you know how to manage it when
you do begin seeing revenue? Like in most life situations, dealing with money
is one of the greatest challenges you will face when you buy a franchise. But
fortunately, it can become easier over time once you figure out how to navigate
your finances.
Marketing: It doesn’t
matter how fantastic your business is. If no one knows about it, you will never
be successful. You may have decided to buy a franchise with the hope that you
would not need to do any marketing, but it is extremely important you have your
own marketing plan (that complies with franchise standards).
Now that you know a few of the
challenges you may face as a franchisee, prepare to overcome them.
Develop a marketing plan.
Consider talking with an experienced franchisee if you needhelp in getting started. contact Josoft Technologies, you deserve best service & support and we are committed to provide the same.
If you think franchising may be a good fit for you,
browse the listing of franchise opportunities availableat Josoft Technologies Pvt. Ltd. and select the franchise opportunities that
interest you the most. To learn more about each opportunity, you can receive
free information just by filling out the Enquiry form of this Blog. A franchise
representative will follow up with you to discuss if that business is right for
you.
Josoft Technologies Pvt. Ltd. provides BPO Training
& outsourcing Project. Master Franchise in India we are authorized to
appoint area wise franchises across the country. And managed by professionals
having exceptional knowledge of capital market. We recognize in our operating
philosophy that the key to our business is service which will result in total
satisfaction to our clients. Josoft Technologies has set a target to open 15
new centers across the country though its franchise which it has started in
collaboration with Rana Industry. We are getting number of queries from
entrepreneurs across the country. Most of them are from north India.
We are evaluating deals with some of the serious
players and expect that in next 18 months we will have open 15 new centre in
India,” said Mr. J. K. Rana, director, corporate affairs, Josoft Technologies Pvt. Ltd. All our processes comply with standard norms of the industry and we
are committed to take care of all the needs that have to be addressed as part
of this agreement,” said Mr. Rana, National Head (JOSOFT TECHNOLOGIES).
Josoft Technologies, already has two running Franchisees. Josoft Technologies claims that these franchisees have increase profit margin of the
company by 20% per cent in pilot phase.
Each franchisee running approximately 18 seats has the opportunity of
billing unto $20,000 in foreign exchange. Moreover since the model looks at
setting up franchisees across smaller towns, it gives out an opportunity to
small town graduates to earn a BPO salary of Rs. 8000 and above while not
leaving the luxury of staying in their own home-town.
