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Growing your business through franchise: Things to know

by Family Center
Growing your business through franchise: Things to know

‘The big naira’ we see today begins with a small Kobo sometimes back. Growing your business successfully doesn’t necessarily demand that you start a business of your own from the scratch, but you can follow through a repeated successful pattern or recipe which will eventually stay through with your brand.

Franchise might seem not too popular in our country Nigeria, but then, it has been a form of owning a business in Europe and has led many to count great profit and in the long run fulfil their age long dream, of owning their own businesses.

According to Oxford Advanced learner’s dictionary 8th edition defines franchise as the formed permission given by a company to somebody who wants to sell its good or services in a particular area. Therefore, an individual who obtains a franchise is called a franchisee and franchisee purchase a franchise from the franchiser.

Experts in franchising had suggested that before any prospective franchisee purchase a franchise, such franchisee must examine some business opportunities that those popular brands have and then consider the one that best suits individual franchisee’s demand.

Franchise such as McDonald’s, Domino’s pizza, Mr Biggs, Tantalizer and Tasty Fried chicken or even Kentucky Fried Chicken had all gone on to make great fame worldwide, nationwide for their success in the franchising business. These franchises earlier mentioned had all tested the waters and can boldly tell individual new entrants entrepreneurs where to step their footing and what to do per time.

To own a franchise business, a prospective franchisee must follow some guidelines already established by the franchiser and also in most cases, pay a certain fee (royalty) or an ongoing fee which can come in any form.

Owning your business through purchased franchise lessens the rate at which you encounter risk, as the franchiser has seen it all and will always be ready to guide you through the commencement of your business operations.

Franchise seems to be a great and profitable option for business starters who are not ready to go through the stress of starting afresh. It also comes with packages. Such packages are; Trademarks, easy access to available products, recipe, tested and proven marketing methodologies etc.

Some franchiser might also assist entrepreneurs seeking franchise from them with an initial capital letting you get by with a little upfront cash as possible. So why going through the stress when you can actually build on an existing success?

Stay logged onto Dailyfamily.ng to also enjoy, 7 Things to know about Franchise Business

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