FRANCHISING: EASY ACCESS TO FINANCIAL FREEDOM FOR IDIOTS
We are all faced on all sides with legion of problems. And they range from social, family, economic, academic, age, health to finance. But do you know that by attaining financial freedom we have over three-quarter these problems solved? Therefore, financial freedom is a goal worth pursuing. But how can one attain financial freedom?
There are many business models through which financial freedom can be attained but of them all, franchising provides an easy access to anyone who cares. Franchising does not require any special talent or any academic qualification. You don’t have to be a specialist to be successful at it.
What is Franchising?
Franchising is a form of licensing. It is obtaining the right to replicate a tested business system at any location of your choice. For example, if you see a successful business system in Lagos, you can approach the franchisor, that is, the system owner, for the license to replicate it in Port-Harcourt. The franchisor will not only grant you the permission to duplicate the name, logo and colour but the entire business methodology for a fee.
Why Franchising?
Almost anyone can start a business but not everyone can start a successful business system. A successful business system is not dependent on the owner or an expert or some special skills to deliver consistently. Just as you don’t need Mr. Honda, or a degree, or be specially endowed to drive a Honda car. A car is a system of systems. With minimal instruction anyone can drive a Honda car, so it is with a system dependent business.
Moreover, franchising provides the opportunity for you to be in business for yourself but not by yourself. What does that mean? As an independent business owner you have your hands full with the numerous challenges of running the business daily and with little or no time for strategic work in an ever-changing market. But as a franchisee you have behind you the strength and support of qualified staff of the franchisor. Remember, the franchisor has the means for constant research and development that put the franchisee abreast the ever-changing market.
What types of franchising are available?
There are franchises that are product and or service based. They are available in all sectors of the economy. They are there in entertainment, courier, transportation, communication, hospitality, health, domestic cleaning services.
What should I expect when I Franchise?
There are various entitlements in franchising; some of them are:
A Business. It could be a fast-food restaurant, a courier service or domestic cleaning business in which you will use the name, logo, products, services and the methodologies of the franchisor’s business.
Training. The franchisor owes you, the franchisee, an on-going training right from the grand opening day. Since the success of the franchisor depends on the success of the franchisee, therefore, as a franchisee you will be running your own business without being alone.
Legal Aspects. The franchisor will serve as a big brother whose presence scares off would-be ruthless competitors. The franchisor also exposes you to the rules and regulations in the community in which you operate.
What does a Franchise cost?
Franchises are designed as products for the shelf for prospective buyers. They are mostly tested and proven and as a result don’t come cheap. Nevertheless, their cost is dependent on the sector and many other variables. But there is a franchise affordable to everyone. They cost from hundreds of millions to hundreds of thousands or even less. But one thing is common to all, and that is the fact that even the idiot can ride any to financial freedom.
For more information on franchising opportunities in Nigeria, please call CUE - 08023462938