Dreaming of being an Entrepreneur? Wish to work for your own Startup? Are you feeling ‘Cold feet’ to try your hands in it right now? With no experience in the field of managing multiple things at the same time makes anyone feel the fear which is quite a natural thing. So the question would be what can be done to get hands on experience of donning multiple hats and the same time. One of the ways would be to try it in a Franchise Business.
So what does franchise mean? It is a right or license granted by a company to an individual or group to market its products or services in a specific territory. It can be pre-school, online tutoring for various exams, Health Care, Health and Beauty, Property, Computer and Internet, Consultancy, Food, Fashion, Cafe, and the list is endless. You can pick and choose according to your requirement. Home Based, Part-Time, Management based and also based on the capital required for initial investment.
With Franchise business, you get support system from Day One
Franchise Business provides you with the working business model and knowledge of the products. It provides you an opportunity to be independent at the same time guidance is available from the franchisor. It is more like holding hand and leading you in the way to do business.
Risk Factor is less
Though risks are there, compared to a Startup they are considerably less. As the products and business models are tested and tried before.
Opportunity to learn about the franchise
You get the opportunity to choose which would match your interests. On zeroing on the one you would like to try, a detailed research needs to be done on how it works, where it has worked, risk factor involved, initial investment, returns which give you a learning experience for doing groundwork required to be an entrepreneur
Success rate in Franchise Businesses is more
Compared to Startups success rate in Franchise Businesses is good. As the franchise already has a bran#d name established and quality of the products is maintained.
Main input from your side in this would be creating your team of people who can best market the brands and make good sales. Man management would be the area which will completely need your time and focus.
You will have a learning experience of managing team and training them
Build and Maintain Relationships
Every working day, you are building a relationship with your customers, team and also your franchisor. Learning experience for you would be communication which is vital for an entrepreneur.
If you are not from the economics background then this certainly will be a groundbreaking experience. Learning here will be reading the financial accounts, learning profits and losses and also gives an opportunity for you to experiment with your business model to minimise your losses and maximise your profits. This goes a long way for an entrepreneur.
Every learning you get from being a franchise can be carried ahead for being an entrepreneur too. This certainly gives you an opportunity to test waters before getting into it.The main disadvantage here is you are implementing the tested and tried model. There is not much space for improvisation or innovation. But this certainly is one which equips you to wear multiple hats at the same time so it is a lot easier when you become an entrepreneur.
— Team SoS