Definition
What is a
franchise? A franchise is a right granted to an individual or group to market a
company's goods or services within a certain territory or location. Some
examples of today's popular franchises are McDonald's, Subway, Domino's Pizza,
and the UPS Store.
There are many
different types of franchises. Many people associate only fast food businesses
with franchising. In fact, there are over 120 different types of franchise
businesses available today, including automotive, cleaning & maintenance,
health & fitness, financial services, and pet-related franchises, just to
name a few.
Characteristics of Successful Franchisees
Thinking about starting your
own franchise business? What are the personal and professional qualities
that allow individuals to successfully operate a franchise? You may have
previous business experience and an understanding of the basics of franchising,
but what attributes are necessary for success as a franchisee? Before you jump
into a career as a franchisee, consider the seven characteristics of successful
franchisees:
1. Being accountable
In
order to manage a franchise business, you need to adapt to changing situations
– like keeping your business flexible and your customers happy. Your team will
rely on you to make responsible business decisions and diligently respond to
enquiries quickly and efficiently. Take responsibility for operating your
franchise business, and follow through on your business goals.
2. Being a leader
Don’t be afraid to get your hands dirty. As a franchise business owner,
you can bring energy, innovative thinking, and a sense of commitment to your
team. Leadership qualities will help you build better relationships with your
franchisor, employees, and other franchisees. Like all businesses, working as a
franchisee will require you to work closely with a large group of people, and
to lead them in the right direction.
3. Being a hard worker
Do you have a can-do attitude and take pride in doing quality work?
With dedication and focus, you can weather the storms that will eventually
arise. You will be successful if you are willing to put in the hours it takes
to get the job done right.
4. Being willing to learn
At the start, you may not be an expert in your franchise
business. That’s OK! Showing interest and a willingness to learn will
work to your benefit – and it will make your franchisor more willing to provide
support and training.
5. Being a people person
In a franchise business, you will work with many people on a daily
basis. Maintaining open lines of communication with customers and employees is
an important part of being successful in franchising. Forming strong
relationships with your franchisor and other business people in the community
contributes to the growth and success of your business.
6. Being aware of sound financial management
When you start a franchise, you may invest your own capital, and that
investment must be protected. Financial management skills are necessary to
properly monitor and manage income and expenses. They are also critical as your
business begins to grow and diversify.
7. Being a team player
It’s not enough to say you’re part of a team. Being a team player in a
franchise environment involves adaptability, drive, and resilience. Operating
your own franchise business doesn’t mean you are “going solo”. You will be
operating your business within your franchisor’s system and will need to
cooperate with stakeholders to make your business runs smoothly.
Specifications of Franchise
Here are a few examples that might be in the Specifications:
For a restaurant: The size, type, and brand of refrigerators, freezers, cookers, drink dispensers, etc. The physical requirements for the restaurant layout, kitchen, and front entry. The décor and interior and exterior signage requirements. The seating requirements, including number, size, arrangement, color, and source.
For a retail store: The size, type, and number of displays and counters. The inventory assortment and depth requirements. The color, décor scheme, signage (interior and exterior), etc. The method of pricing merchandise and use of promotional signs on displays.
For a service or trade type business: The type of vehicle required, advertising on the vehicle, the type and quantity of tools necessary, the clothing worn by employees, the work orders, storage requirements, materials used, etc.
For a home office based business: The type of telephone access, number of lines, type of Internet access (high speed or dial up) type of fax machine and phone connection (dedicated or roll-over line), the type of computer, computer software (may be previously specified in the FDD), the number of desks, and other office equipment. Also, whether you require the office to be in a separate room and any restrictions on employees working at the home.
Advantages and disadvantages of franchising
Buying a franchise can be a quick way to
set up your own business without starting from scratch. But there are also a
number of drawbacks.
Advantages
·
Your business is based
on a proven idea. You can check how successful other franchises are
before committing yourself.
·
You can use a
recognised brand name and trade marks. You benefit
from any advertising or promotion by the owner of the franchise - the
'franchisor'.
·
The franchisor gives
you support - usually including training, help setting up the
business, a manual telling you how to run the business and ongoing advice.
·
You usually have exclusive
rights in your territory. The franchisor won't sell any other
franchises in the same territory.
·
Financing the business may be easier. Banks are
sometimes more likely to lend money to buy a franchise with a good reputation.
·
You can benefit from
communicating and sharing ideas with, and receiving support from, other
franchisees in the network.
·
Relationships
with suppliers have
already been established.
Disadvantages
·
Costs may be higher
than you expect. As well as the initial costs of buying the franchise, you pay
continuing management service fees and you may have to agree to buy products
from the franchisor.
·
The franchise
agreement usually includes restrictionson how you can run the
business. You might not be able to make changes to suit your local market.
·
The franchisor might
go out of business.
·
Other franchisees
could give the brand a bad reputation, so the recruitment process
needs to be thorough
·
You may find it
difficult to sell your franchise - you can only sell it to
someone approved by the franchisor.
·
All profits (a
percentage of sales) are usually shared with the franchisor.
Example of Franchise
Informasi
restaurant bakmi GM. Bakmi GM
Gajah Mada merupakan salah satu restaurant mie/bakmi populer di Indonesia. Saat
ini mereka TIDAK menawarkan peluang franchise/waralaba. Bakmi GM telah memiliki
sejumlah cabang di beberapa kota di Indonesia. Jika Anda tertarik ingin
mencicipi rasa bakmi GM silakan berkunjung ke salah satu cabang bakmi GM.
Cabang Bakmi GM
Kota, Jakarta
Jalan Gajah Mada No. 92
Kota, Jakarta Pusat
Telp : 021 – 6334689
Kebayoran Baru, Jakarta
Jalan Melawai Raya No. 3
Kebayoran Baru, Jakarta
Selatan
Telp : 021 – 7398038
Serta beberapa cabang lagi
yang berada di pusat-pusat perbelanjaan di kota-kota di Indonesia seperti Mal Metropolitan Bekasi, Mal Pondok Indah
Jakarta Selatan, Mal Puri Indah Jakarta Barat, Mal Kelapa Gading Jakarta Utara,
Mangga Dua, dan Mal Senayan City
Sources :
http://usahafranchise.blogspot.com/2012/03/bakmi-gm-bakmi-gajah-mada.html
Made for : http://www.gunadarma.ac.id/
Made for : http://www.gunadarma.ac.id/
There are so many business ideas that are out there waiting for enterprising individuals to exploit. Although franchises are common with retail businesses they however do exist in many industries and markets including manufacturing.
BalasHapusfranchise Massachusetts