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If you are contemplating on starting your own business and looking for right options, franchise business is something you must consider. There are many reasons as to why franchise business is a better option over others but let us consider a few!
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If you consider every business to have its own process and that business has tried many alternatives before finalizing the best course of action that is most profitable; you could call this course of action the formula for achieving success! A franchise business gives you this formulae ready in hand without years of trying and testing and facing possible failures!
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It is indeed the minimized risk that has enabled the growth of franchise business model in 21st century. The continued research and development and the support from franchisor ensures reduced risk, plus the franchise model’s ability to survive the economic uncertainties has increased its popularity among entrepreneurs today.
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One of the crucial element on which a success of the product depends on is the brand name. It takes years to build that same and is a gamble until a business achieves the very good brand repute. In case of franchise, brand name is easily purchased with a cost much lesser than it would have been if built by the entrepreneur.
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It is most suitable for entrepreneurs with limited assets and also who are looking for minimal financial risks. Shared costs on many services by franchisor, such as marketing, research, advertising ensures optimization of financial resources, further fixed prices provide franchisees to forecast most accurate budgets and plan effectively for increasing business.
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Under franchise model, periodical marketing and advertising is the responsibility of the franchisor. For brand image franchisor too ensures effective marketing. As most of the marketing and advertising targets much larger audience there is huge recognition of the product and or service at a reasonable cost. Cost of marketing and advertising is shared among all the franchisee existing in a given target area making it cost reasonable and affordable.
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There is always a guiding hand that minimizes the chances of failing to a very great extent. Franchisors support with guidance, hand holding and consulting services. They are always studying the performance and intervening if franchisee needs assistance in the way of business. Training in any skill necessary is provided to the entrepreneurs or his team by the franchisor.
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The initial days of setting up any business are very critical. The entrepreneur has to decide on every element of business such as location, funds, employees, inventory, purchase of assets, installation, designing of layout, process assimilation and training the individuals in various skills. In franchise business Franchisor guides the franchisee/ neo entrepreneur in each of these utmost crucial decisions and gives specific skills training in replicating the operations effectively.
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Franchisor has an obligation to share intellectual property and assist in procurement of various resources including the finances in many cases(If agreed upon). Many franchisors aid to all requirements through their vendors and other network channels.
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So why not select the very best business model of the current century. With millions of live examples available there is no reason to hesitate in contemplating on buying a franchise business.
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Indian Institute of Hardware and Technology (IIHT) is a premier IT training institute from India with its presence in 22 countries across Asia, Middle East and Africa. IIHT has adopted franchise model and has highly reputed franchise line of over 300 centers across the world.
Visit IIHT for more information.
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Corporate Headquarters#15,Sri Lakshmi Complex, 4th Floor, St. Marks Road, Bangalore - 560 001. India
Tel: 91 80 6160 4545 e-mail: [email protected] web: www.iihttechnologies.com/
