There is no doubting the fact that being your own boss definitely holds a certain appeal. To this end, over the past few years, several people in Georgia with an entrepreneurial bent of mind have been buying into the concept of franchising. Their spirit of enterprise must be lauded because franchising plays a key role in the economy as well.
It takes a considerable sum of money to set up a franchise and nailing your location is key. It can turn out to be very lucrative for both the franchiser, as well as the franchisee, if done right and executed well.
Franchisors looking to expand have possibly done well consistently, regularly turning in a profit. So when someone is looking to open another store of the same chain, for example, the risk element is negligible. It is clearly a business model that works, with proven results.
Similarly, a franchisee has the advantage of sales and operational processes of the existing, established brand in place already, which also serves the purpose of savings as far as costs are concerned. Training methodologies and support are extended by the franchiser and hence the transition is made much simpler.
Creating a successful franchising relationship necessitates:
- A solid foundation of trust
- Thorough and exhaustive market research
- An ironclad franchising agreement
- Ensuring franchise policies are enforced properly
With opening a franchise, like with any business, keep in mind there are legalities involved. It is better to make sure that everything is set up properly from the onset, which is why it’s highly encouraged to reach out to an attorney to discuss plans and goals for the business.