27/10/2020 Business Opportunities, Franchise
In apparel many big, trusted brands are there in franchising but requires high initial and running expenditure.
Simultaneously many new and exciting companies are coming up too with lower initial and running expenditure.
Franchisee is like other business you have to work hard to make it profitable.
Some factors that make it most profitable (applies to both franchisors and franchisees)-
your passion and hard work
right product for customers
right business model
Don’t go blindly into starting a franchisee.
Always DYOR (Do Your Own Research)
Remember going for a franchisee is almost similar to building a partnership business. Only when the team is right, the business will become successful.
Some very important points to remember while going for a franchisee -
Zero in on the business and match it with your passion.
Meet the parent company / franchisor team, you will be running your business in partnership with them
Talk or meet with existing franchisees, learn from their experiences. You will gain good insights.
Check the franchisee proposal by various ways, like strategic fit + operational fit + financial fit.
See how franchising company will help you in marketing, selling and operations.
Check both capital expenditure (initial investment) and revenue expenditure (running investment) to have better grip on finances.
At last the most important point, Think from customer’s point of view - how your business will solve problem for him. Will he love your services and willing to pay for it.
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