Wednesday, October 19, 2011
Business Franchising....A Sure Thing?
As an OFW, I'm also thinking if I would resort to putting up my own business someday and whenever I think of what possible business could I put up to, my mind is running wild. Why not? There are so many business opportunities available out there but the question is.....do I have the expertise?
Running your own business could be very risky especially if you are not well versed with the line of business that you would like to enter into. There are lots of preparations necessary and doing a business plan is definitely not an easy task. Starting from scratch may mean a lot of research works, studies, and concentration and yet you are not one hundred per cent sure of the outcome.
The solution? Business franchising is usually the fall back of every OFW who would like to try their hand at running their own business. Of course, you wouldn't like the idea that the money that you have saved from years of working abroad would just turn into ashes. That would be the saddest thing if that happens. But, is there really an assurance with business franchising? So what are the things that you have to consider before getting a franchise?
I think basically, you should have the passion for the business that you're eyeing. How would you have the zest to run a business which you are never interested in the first place. Second, do you have enough money for the franchise fees and other incidental expenses? You see, going into a business is a risky decision but going into a business using the money that you have just loaned from a bank or from another private individual would proved to be even more stressful especially if you need to pay an interest for the said loan. Then there would be this question of what is really the type of business that you want? What are your options? Then probably, after selecting the type of business that suits your interest, you may want to consider checking the background of the franchisor. Does this company has a good reputation? Do they offer a reasonable terms and conditions? Do they demand reasonable requirements from the franchisee? A thorough check on the company may proved to be very important and the kind of support that they are willing to extend to their franchisee. Only then, you could make a decision if franchising is really for you.
Most OFW's are resorting to franchising business because of the ease and convenience of setting up the business. Knowing that they are going to sell an already well known brand usually backed up by readily available operating system, fueled by support services and a well organized marketing plan. Moreover, franchising concept has already been tried and tested and have 80 to 90% success rate.
Personally, if I only have limited time left to put up my own business in the future and granted that I have enough capital, probably I would just go for franchising. But of course before venturing into such, I would also make a careful study and lay down my best options before I finally decide to take one.
How about you? Would you go for franchising or start on your own?
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