All about franchising — buy a franchise business
Franchising is alive and well in South Africa. With over 550 franchised brands and close to 30 000 franchised outlets in SA, it is a very developed market. Although buying a franchise in South Africa is not an easy way to owning your own business, in some cases it is a lot easier than starting from scratch.
Joining a franchised network is a business decision. A franchise is not a passive investment. The onus is on the franchisee to maximise the ROI. Once you have decided that owning and operating a franchise is the right business route for you, you have to set about choosing the right kind of franchise. Conducting comprehensive research on the franchise companies in question can seriously lower your financial risk.
Whichfranchise is the leading website for franchise information, advice and opportunities in South Africa, and hence one of the top franchisee recruitment websites. Whichfranchise is an invaluable source of information and to conduct a comparative study of franchise opportunities offered.
A franchise is an agreement or license entered into by two parties, namely the franchisor and the franchisee.
Franchising in South Africa is well developed with over 550 franchised brands and close to 30,000 franchised outlets.
Read why franchising is an attractive career change option in today’s climate.
Follow our step by step guide on how to become a franchisee
There is no such thing as the best franchise. Instead the question should be “what’s the best franchise for me?”
Franchising can be a minefield of information and opportunities. Identify how to find the right franchise for you
One reason for franchising’s success is its versatility. Not only can this concept be adapted to serve optimally as the distribution channel for various industry sectors but it can also accommodate various expansion models.
If you are set on working for yourself in business but are not sure whether you should attempt it on your own or invest in a franchise, you should weigh up all the pros and cons.
Franchising also has drawbacks and it is important that you understand them fully before you enter into any binding commitment.
Franchising isn’t for everybody as it involves a particular mind-set and attitude, and with so many different franchise companies on the market how do you choose the right franchise to invest into? If you have a question for an expert, select an expert here…
You may have heard it said that when you are about to start a business of your own, a franchise is a safer option. Indeed, it is, but this does not mean that you should walk into such a deal with blinkers on.
It is important that you carefully evaluate the franchise you are interested in. Getting it wrong can lead to failure in the future.
You may have found the ideal franchise for you, but is it ideal for your market?
A true story about the tell tale signs of a bad franchise
It is vital that you fully research the franchise business and know it inside and out
All franchises have different offerings though there are some common elements you should expect to be included in the franchise package.
How and when to negotiate with the franchisor
Not all franchises are established. Buying a franchise from a new franchise concept does not necessarily mean that it is risky.
Understand what it takes to be a happy and successful franchisee
To get the most out of attending a franchise expo, you need to go prepared. You need to know what the purpose of your visit is and what you want to achieve
Making an investment in a franchise can be a complex process. To simplify it for you as far as possible we have compiled an extensive list of terms that are commonly used in franchising, complete with their definitions.
The operations and procedures manual is the heart of a franchised business and compliance with it will ensure happy customers and successful franchisees — yet many franchisees ignore the manual. Why?
Recently, the practises surrounding upfront fees paid by franchisees and the franchisorâ€™s entitlement in this regard were in the news. This article features some of the best practices on paying upfront fees
Once you have decided that owning and operating a franchise is the right business route for you, you have to set about choosing the right kind of franchise.
Many people mistakenly believe that owning a restaurant franchise is a sure way of becoming rich quickly. However, opening and owning a restaurant is a complicated process that involves a lot more than putting together a menu and serving food to the masses.
The success and growth of any franchise company is greatly dependent on having an energised and motivated team of franchisees. To ensure a high level of commitment from franchisees, franchisors have to ensure that an active and engaged franchise support system is in place.
A common phrase repeated among franchisors is: a franchise system is only as good as its franchisees. Assuming a franchise system is based on a proven business concept that has good training and support systems, it is estimated that about 40% of franchisees success will be the result of their own hard work and talents.
Internationally respected leadership authority, Dr Steven R. Covey, said in his world-renowned book, The 7 Habits of Highly Effective People, that your character is a composite of your habits, which form a powerful factor in our lives.
As a new franchise owner, your success will not only hinge on making clever decisions, but also on avoiding mistakes. While you should be confident about starting your franchise venture, you shouldn’t let it blind you to realities of business. Navigating the financial aspects of franchising can be challenging and common mistakes can range from lapses in judgment to serious miscalculations.
From Franchise Owner Involvement to Skills and Characteristics, just exactly what is required from you as a Franchise Owner? Get a clear picture of how involved your new venture would really need you to be and which other attributes and skills would really help you turn your new franchise into a success.
Buying a franchise can either result in great success or dismal failure, depending on how you approach the franchise process, and whether you make the right decisions.
For every beginning there is eventually an end, and the same goes for franchises. So, if you want to end your franchise agreement, here are a few things that you need to consider.