Selecting the right franchise brand
Sunday, October 23, 2011
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To help you ease into the world of franchising, read the tips below compiled by Entrepreneur.com.ph on how you can land your dream franchise brand:
When you are shopping for a franchise brand, select two or three concepts to your liking. Then write a letter of intent to the franchisor. Be specific about wanting a master franchise and ask for brochures. Some franchisors will provide you with information on the license and other fees immediately, but others will give them to you later. Once you receive the documents, check out the following:
• Franchisor’s record in international franchising: A franchisor with long years in the business will want higher fees compared with those that are new in franchising.
• Number of company-owned and franchisee–owned businesses: A franchisor with more company–owned branches is more credible than one with more franchisee-owned stores.
• Features of the business concept: From the brochures, are you able to identify the franchisor’s uniqueness? Do they allow you to put a value on the concept and to identify the features that will let you position yourself effectively in the market?
After reading about the business concept, study whether there is a market for the concept in the Philippines. If there are companies already offering the same product or service in the country, is there a market segment you could still tap? How big is this market?
Ideally, the concept should be pioneering or first to satisfy a particular market need. But, as a result of the influx of foreign franchises, and the growth of homegrown ones, expect to have direct and indirect competitors. In any case, look for a market segment you could tap for the franchise concept.
source: entrepreneur.com.ph
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Selecting the right franchise brand
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9 comments:
Researching is one of the fundamental steps in business, including franchising. It is imperative for franchise buyers to look for a possible and stable franchise that they want to purchase and manage. One tip to make the search easier is to make a list of possible franchise you want to purchase. From there, you can make an inquiry on each establishment, and narrow down the choices based on your budget and knowledge of the product or brand.
-Joseph Carr
Hi! I am looking forward to visit your page again and to read some of your other posts as well.I am glad that I have an added learning from your blog.Keep it up! Thank you so much for sharing a post about this topic. You have such a very interesting and informative page.
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With the plenty of options available today, choosing the right franchise brand can be a very wise business decision. With the correct choice in selecting a franchise brand, you will lead to the success in the business easily.
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It is very important to choose the right franchise brand for starting a new business. This article is really very useful for all those people who wants to start a franchise business. Thanks for sharing.
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Nice post. Short but really important things to share. - Elijah of Franchise Wisely.
thanks for post.....selecting the best franchise business is just not that easy, firstly we have to be understand the concept of franchise business to get success in the available market.
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