If you read this article, I am planning to give you an award at the end. Stoppp…...not now. We have scanners to locate people who move to the last part without reading this article. So, what are we talking about in this piece of writing is Women in Franchise Business Opportunities.
Franchise is the place you hasten to- if you don't fear failure at every step, you are willing to work for an established name and toil and toil till the sun goes down- again and again. However, if surveys are any indicator, women are having the last laugh. Step in, Franchise business. According to bfa/NatWest survey 2007 forty five percent of franchise owners are women with eleven percent being the sole owners of the franchise. Now this is where you are permitted to say-Wow. Go ahead; say "wow" or "wah" as you please.
I can hear you ask-What is franchise? Franchise, in simple words, is an agreement between a holder of trademark, service mark or tradename and a person/group/institution to run a business for a fee. Some of the models of franchise are,
- Franchise of product/trade name: The product name/tradename of the product is sold by the franchisor
- Franchise of complete business format: The franchisor provides total assistance including site selection, training, marketing and sales strategies
- Social franchise: Social enterprise sectors help firms to set up business like soap making, candle making, hotel operation
- Event franchise: Holding events at different geographical location by different people under the same logo
- Distributorship: Franchisee gets legal rights from the franchisor to sell the products
A job would be difficult for a home maker with long layoff period. Imagine the interviewer with a grin on his face saying, “You, a home maker? You must be kidding.” In such cases, franchise is very attractive with its additional income and flexible working hours. Also, franchise gives women financial independence with low risks as opposed to starting a fresh business. Ambitious career women find it exciting to build and run a business with immense growth prospects. Students obtain a quick job which does not seek additional experience.
Owning a franchise is expensive as the franchisee has to confirm to all the necessary amenities like uniforms, staff, office, furniture. In addition, there may be expenses to cover royalties and adverts. The opportunity as such is easy to find with banks pitching with loans to start-up the business and, most important, the franchise comes as an all-inclusive package with training, support and operation manuals. What more should one ask for? I know-more.
Here's more. The franchisor even helps with outline of the infrastructure and marketing of the business. In fact, a continuous support is at hand.
But, hey, watch out. There are many franchises for sale and it's tempting to buy a cheap one without proper planning and interest. So there are some points to bear in mind for a woman on the threshold to start a franchise business. Firstly, the entrepreneur should look at her interest. Second, she should see if her skill set complements the job. Thirdly, the franchise should be easy to handle and come within the purview of the allotted money.
The Olympics is well on its way and coaches are the flavour of the month. It wouldn't be a bad idea to have a franchise coach to guide in the initial stages, especially for women who have had a long off work. Instead of groping in the dark, hiring a coach can streamline the business. The coach can be taken as a small investment.
As in any marriage, the two way relationship between the franchisee and franchisor can easily run into trouble. The franchisor may feel that their product was losing its name because of the tardy and incompetent service of the franchisee. The franchisee, on the other hand, may think that the cost was too high or that the franchise was making unreasonable demands on them.
There are decisions to be made at every step with muti-tasking all day long, juggling jobs from admin to manager. Women having the natural ability to multi-task, we all know that, may find it not too tough. Interestingly, they have all the other advantages of being successful in franchise business- sharp listening ability, flexibility and attention to details.
The award-I am still in the planning stages-No I am not a bureaucrat.
Here is my Award Winning Picture. Hurray!!
