Are You The One?
Are you the one?
So you are looking for a franchise ………… Did you do the following?
1. Perform self-evaluation to see if you are suitable for a franchise venture including health, managerial and financial capabilities?
2. Agree with your family members to undertake a particular franchise venture?
3. Identify the business category you desire. “Simply select something that he enjoy.”
4. Clearly identified your mission, vision and objectives.
5. Clearly identified your short and long-term strategies.
6. Evaluate all the franchise opportunities in offer?
7. Study all material provided by the franchisor?
8. Undertake legal and financial evaluation of the opportunity in consultation with lawyers and accountants?
If you did not take any of the above steps ….. it’s OK
you still can do it !!!
So you are looking for a franchise ….. Do you possess the following?
1. The knowledge of the benefits of franchising including obtaining a proven successful business and how it can save you the time in going through the trial and error stages.
2. Understanding of the IPR value and willingness to protect to the franchisor
3. Understanding of the financial obligations with the franchisor and readiness to abide by it.
4. Good reputation and credibility in the market.
5. Honesty, genuineness and sincerity.
6. The motivation to work for your own but not on your own.
7. The enthusiasm to work hard (a minimum of 12 –15 hours a day)
8. The eagerness to operate the business yourself and not to act as absent owner.
9. The required level of education as required by the business and/or the franchisor.
10. The required level of experience as required by the business and/or the franchisor.
11. The basic computer knowledge as required by the business and/or the franchisor.
12. The basic language skills as required by the business and/or the franchisor.
13. The suitable mental and physical attributes.
14. The dexterity to hire the most qualified people to work for you “not only those who are moderately paid”
If you answered no to questions 1, 2 and 3 ………. it’s OK you still have a chance to learn about it. If you answered no to questions 4 to 14 ………. it’s NOT OK you need to make major changes in your life.
So you are looking for a franchise ….. But are you willing to?
1. Make available the required funds to launch and operate the business?
2. Abide by the franchisors policies in hiring and contracting employees?
3. Learn the business through the training program as offered by the franchisor?
4. Protect the secrets of the business and never to divulge it in any way or form?
5. Maintain the standards as per the franchisor specifications?
6. Use of the computer programs as agreed with the franchisor?
7. Adhere to the designs and layouts of the franchisor’s business?
8. Execute the marketing plans and spend on it as per the franchisor requirements?
9. Obtain all licenses and adhere to the local laws to operate the business?
10. Adhere to the franchisor’s system including operation, accounting, management, marketing and sales?
11. ONLY sell the products and services of the franchisor and source the products from the franchisor or through nominated suppliers and adhere to the price structure as agreed with the franchisor?
12. Keep all accounting books as required by the franchisor and share your operational and accounting information with the franchisor and provide access to such information as and when required?
13. Make available enough stocks of all products and services in offer?
14. Adhere to all quality control programs as executed by the franchisor?
15. Communicate attentively and efficiently with the franchisor?
16. Meet with the franchisor and other franchisees as and when requested and share in good faith the wisdom of your experience in the business?
17. Renovate your location(s) as and when requested by the franchisor?
18. Exercise patience in operating the business and to rush for quick results?
If you answered no to any of the questions above ……….. Don’t Worry you still can teach yourself how to do it !!!
Click here to download the document.