Before having a thorough understanding of the training program of a franchise success it is important to know what a franchise is. The franchise is a part of the business model which provides the entrepreneurs with a great opportunity to lay stepping stones for their new business or for the ones who are laying their first steps in the business world. It is always said that starting a business career with a franchise outlet is one of the best opportunities to enter one of the most competitive fields in the world. The biggest advantage that an entrepreneur gets after buying a franchise from a renowned brand is that the entrepreneur would not have to spend much in gaining popularity or in the advertisement of the brand.They just have to invest in advertising the location of that particular brand and when we talk about food franchises we mean the brands that provide food services and products to the public. The franchise is explained as a part of the business model in which a firm or a company would share its marketing strategies to gain more reach as a firm and geographically to gain maximum profit. It does so at a lesser cost and may share one of its products, or all the products, services or maybe a brand name. The franchise can also be defined as a venture which is jointly agreed upon between two parties which is a franchisor and the other is the franchisee. A franchisor is the one who originally owns the business and cells or shares the rights to increase its market reach. The franchisee is the party who buys the right and pays for it to the franchise or for the services and goods which exist under that particular brand for the product.
But how does the economic system of this business model work? A franchisor mainly earns through the royalties and salary that is being paid by the owner of the franchise and the owner makes money from the profit they make through their business. The earnings are generally the leftover amount the brand makes after deducting the overhead costs. Overhead costs include the extra expenditure the firm makes in the form of maintenance, electricity, staff salaries, equipment costs, internet, etc. The main aspect that differentiates franchises from the traditional business model is that the franchise gets a fixed earning as compared to the traditional ones. They have a fixed percentage of earnings agreed on with the franchise owner.
There is a list of qualities that a franchise entrepreneur should possess. These characteristics would increase the chances of success of the firm. The most important characteristics that are at the top of the priority list are listed below.
- Risk-taker– Risk-taking is one of the most important characteristics that a successful entrepreneur should possess. It helps in increasing the chances of growth because when you won’t take risks you won’t explore and when you don’t explore you never know how things work. Risk-taking is an important factor no matter if it is big or small. Risk is involved in every step of life.
- System oriented– An entrepreneur should never shy away from buying a franchise because they may assume that this will affect their entrepreneurial skills. It’s nothing like that. It takes skill even to run a franchise business at a particular location.
Getting coached– The franchise world holds a saying which states that “In business for yourself” means it is a business for yourself and because of your ideas and thoughts. When a franchisee has any doubt regarding the agreement or anything related to the franchise it can always ask for help and get assisted.- Hard-working attitude– Keeping a positive and hard-working attitude towards life and work. Hard work helps in getting the job done whatever it takes. It hardly matters which franchise you are interested in but you can only be successful when you work hard towards it.
- Strong self-confidence– Strong self-confidence means excellent interpersonal skills and strong interpersonal skills helps in gaining the loyalty of customers, better communication with the public, etc. which again means that it helps in enhancing the business and helps in the growth of the firm.
Karan Makan
Technology Engineer and Entrepreneur. Currently working with International Brands and helping them scale their products Globally through different ventures. He owns Multiple Food Brands and is on a continuous spree to acquire many more businesses in the coming years. With over 10 years of experience and strong background in Brand Acquisition, Karan Makan is soon poised to be a Brand in the coming years.
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