You have been dreaming of owning your own business. Imagine being able to control your work hours and how much you can earn; imagine being your own boss; imagine the freedom. However, you do not know where to start. So you researched and found out that investing in a franchise is good for newbie investors like you. You can have a business of your own without starting from zero. Now, you are convinced. You are excited to get a franchise of your favorite brand and are already dreaming about earning a lot while being on an island somewhere.
Wait. Come back to your senses for a while. Before you write that check and put that investment up, are you really sure with what you are getting into? Before you franchise and continue your daydreaming, know these things first!
What is Franchising?
If you’ve always wanted to run your own business but the thought of having to start from scratch might be intimidating, then franchising may be the right path for you. By definition, franchising allows you to acquire the proprietary knowledge, trademarks, and processes of proven successful business and run it as your own. Basically, you are paying a fee to own a proven brand name.
Key Advantages of Owning a Franchise
The biggest advantage franchising offers, especially if you don’t want to go through the process of building your business from the ground up, is you gain access to a proven system and process that has helped the business become successful. New franchisees can avoid a lot of the mistakes startup entrepreneurs make since there’s already a laid out business and operations plan done by the franchisor.
Not only that, if you choose the right brand to franchise you will also benefit from its reputation and customer loyalty. This means you don’t need to spend a good amount of resources to get your name and product out to your customers. Choosing the right franchisor will also help boost your confidence as they will help you differentiate yourself from the competition.
Franchising also requires little investor involvement during the day-to-day operations, so if your goal is to find an alternative stream of passive income this is definitely a great option. As the franchisee, aside from choosing the right brand to franchise, the other important business decisions you will need to make will revolve around the location of your business, the proper training of your staff, and the quality of the product or service you provide.
Where You Can Learn More About Franchising
However, all of these things may sound easier said than done, which is true, but with the help from the right people, you will be able to successfully franchise yourself. That’s why for this year’s Investa Online Summit we invited RJ Ledesma, the co-founder of Easy Franchise, to help solve the common problems of first-time franchisees. With their online platform, they match the right franchise to the needs of the franchisee.
RJ Ledesma, a well-known jack of all trades, is an accomplished entrepreneur and a notable personality in show business. He currently hosts the Bright Ideas on Bloomberg Philippines/One News, a show that focuses on the local tech startup scene, and Philippine Realty TV on CNN Philippines. Also, he is the co-founder of both EnterPH (a market entry consulting firm) and Easy Franchise (a franchise marketplace that connects franchisors & franchisees).
Want to learn more about franchising and hear from one of the best in the industry?
Then reserve your slot to the first-ever Investa Online Summit this June 27, 2020.
For more details, www.investagrams.com/investasummit.
