Want to be extravagant in franchising determine to Chase
Success is one such thing, behind which many great people run; and want to grab it as quickly as possible. Hence achieving success in any form of business has become a necessity in the market. Apart from the communication & analytical skills along with the CRM principles that are followed everywhere is a must; there requires some additional requirement too; to achieve what is called success! Few things that determine success are often highlighted and are also kept incognito to avoid escape of the secret. Hence one thing that is highlighted by all and has no specific relevance to any one industry and this relates to the employee of the organization; hence when you determine that your employees are your strength then nurture them to the fullest and also see to it that they remain committed to the organization. Hence managing and motivating your team becomes a core responsibility of the franchisee. Hence working along with your strength your assets and developing core relationships & attachment towards the franchise or organization lies the main cynosure. Making connections personal as well as professional, bankers, suppliers, traders, and many more directly or indirectly matter to business and its conduct. Following the well defined system can be one strategy to achieve the target of good relationship among all, or else if you don’t want to follow the same old pattern you can develop your own pattern of getting things done; one can develop a system of own which benchmarks against the system already defined.
“Franchising is business for yourself but not by yourself “the collective effort is much better than individualized effort put in by an individual. Why do you buy a franchise? Because the brand is renowned and trusted by all; apart from commitment what is more essential here is willingness to learn & patience. A great franchiser will disperse his skills to his employees, thus guiding them and making them a part of team’s success. The vision and mission that every time popup at the start also states the path of the franchisors activities, as said above franchising is business for yourself, risk avoidance should also be thought of; and supplementary strategies should also be implemented supporting the same. Hence to avoid risk some tend to buy the strongest brand in the market, one which has a unique offering, one offering credible people or one with a proven record.
Popular Franchise Facts & Stats:
There are an estimated 1,500 different franchisors (franchise business companies) operating in the U.S.
There are believed to be more than 750,000 franchise businesses in the U.S.
The franchising industry and businesses employs over 18 million people in the U.S.
In 2004, it is estimated that franchise businesses were responsible for over 1.5 trillion in economic output.
According to the IFA (International Franchise Association) almost 4% of all small businesses in the USA are franchises.
The franchise industry accounts for approximately 40% of all retail sales in the US
A new franchise business opens every 8 minutes of every business day
Approximately one out of every 12 businesses in the U.S. is a franchise business
More than 75 different industries use franchising as a means to distribute goods and services
The average initial franchise investment is $250,000- excluding real estate.
The average royalty fees paid by franchisees range from 3% to 6% of monthly gross sales.
Most franchise companies have fewer than 100 units
The average length of a franchise contract is 10 years
Top franchise industry- Fast Food Franchises
Top franchise company- McDonalds
Owning a franchise feels to be great and is also a great way to start with.