Basically, a franchise is a license, or permission to use the name and/or products of an existing business, as well as the trademark. The party that grants the franchise is known as a franchisor and the party taking the franchise is known as a franchisee (You). There are various popular Franchisors around, some of whom includes KFC, Domino’s Pizza, Mr. Biggs etc.
Franchises are a way to leverage on existing brand name and brand appeal to start a business. It has its own peculiar risks and things to look out for before you start out. Franchises follow a pattern which the franchisee must follow through to retain and sustain the brand name and quality.
Before starting a franchise business, you should leave no stones unturned when it comes to research. Research about the brand/business history, the founders’ philosophy, what has changed overtime in the establishment. What new market area are they hoping to adopt. These kind of questions will put you on the right track to starting up a franchise.
Ensure you have the financial capacity to maintain the franchise for a period of time, at least before profits starts rolling in. this financial standing should enable you meet and uphold the existing standards of the franchisor. A tip to note is to seek to surpass the franchisor’s existing marketing standards. That would put you on a pedestal.
Contact the franchisor and spend quality time going through the specific standards they have set for the franchise. Don’t make the mistake of feeling you can do better and don’t follow the rules. Of course you can do better by following the rules and discussing your bright idea with the franchisor.
A franchise should have a similar effect on the customers regardless of location.
Starting a franchise is not a walk in the park as some would think. It requires more from you than the normal startup, it just has the higher advantage of having a reputation to maintain.
Location is very key. It is also one of the things most franchisor would want to find out first before discussing further with you on any agreement.
So now, look up franchise business you feel will do well in your environment and contact them. There are very many of them that want to come to Nigeria and various African countries. You just might be the one to bring them in.
What say you? Franchise?