Franchising is a network of interdependent business relationships that allows several people to share:
There are many misconceptions about franchising, but probably the most widely held is that you as a franchisee are "buying a franchise" In reality, you are investing your assets in a company to utilize the brand name, operating system and ongoing support. You and everyone in the company are licensed to use the brand name and operating system.
The business relationship is a joint commitment by all franchisees to get and keep customers. Your focus must be on working with other franchisees and company managers to market the brand, and fully use the operating system to get and keep customers.
Other franchisees and company operated units are not your competition. The opposite is true. They and you share the task of establishing the brand as the dominant brand in all markets entered and reinforcing the customers’ familiarity with and trust in the brand. So, in this respect you are working as a team with others in the system. Other franchisees share with you the responsibility for quality, consistency, convenience, and other factors that define your franchise and insures repeat business for everyone. Increasing the value of the brand name is a shared responsibility of the franchisor and franchisee.
The reason why the biggest brands of the world like Subway, Hertz, 7 Eleven have 1000s of Franchisees is because of the simple difference between the mindset of an employee and a self-employed individual. The employee works for the salary he/she is to receive at the end of the month and has become more and more demanding as the countries get developed- they demand better work environments, lesser working hours, leave pay etc. whereas a self-employed individual works for himself/herself and has nobody to complain to, no fixed contract. If you can generate business, you earn or else you don’t. A stark example of the same could be seen during Covid-19 Pandemic, most retail shops were open with their owners but without any staff because they know that they won’t earn if they don’t start. This “ownership mentality" makes the Franchisees much more dependable for a brand and thus they prefer expanding their network with various Franchise Models.
Post Covid-19, jobs are scarce even in the top hiring companies like TCS.
A large number of MSME Businesses have shut down due to lack of customers/ availability of working capital. To put this in numbers around 122 million Indians lost their jobs in April 2020 and about 35% of micro, small and medium enterprises and 37% of self-employed individuals have started shutting their businesses, saying they saw no chance of a recovery in the wake of the Covid outbreak, a survey by the All India Manufacturers’ Organisation has revealed.
Today, everyone wants a stable income, a stable job, A Stable Business! One cannot afford to risk starting a new shop and waiting for magic to happen, one needs a steady source of revenue from day 1 and that is where franchising saves the day. By taking an established brand’s franchise, one doesn’t have to take risks or wait for his/her stars to align.
So, you’re sold and yes you want to buy a business, a franchise and grow with the brand, but how can Richfield help you?
We’ve associated with a company which is best in the Businesses of Selling Business- Franchise India.
Franchise India Holdings Limited is Asia’s largest integrated franchise solution company since 1999, and an absolute authority on franchising and licensing. FIHL has helped hundreds of investors in selecting the right franchise and, in turn, assisted numerous organisations in international and domestic franchise expansion. Knowledge, Opportunity, Network and Success are FIHL’s key ingredients. You can choose from 13000+ Franchise Opportunities at Asia's Largest Franchising Company.
Our Founder Mr. Rishabh Kankaria has partnered up with Franchise India as an IFC- Independent Franchise Consultant after rigorous training by a team of mentors as well as the Chairman of FIHL himself- Mr. Gaurav Maurya.