Do I Need to Have Industry Experience in Order to Have a Franchise Business?
Frankly speaking you do not need to have experience in similar line before you plan to run a franchise business. However previous experience in sales, management, and customer service will be useful.
In fact you would not require any formal education to run a franchise business. However any experience in related field may help you or experience in running any business will help you in efficiently managing people and basic accounting.
Should you be planning to run a franchise business, you can contact British Franchise Association that runs seminars and provides information and also approves franchising companies.
Though not necessary but taking a short business start up course from your local college or adult education center can help you understand the basics of running a business.
Training and development
Almost all franchising companies offer some sort of initial training. The training program will involve training all your employees. In fact with most of franchise companies there is a provision for providing ongoing training as part of the franchise agreement.
The training includes
- Operating the business at required level of standard
- Sales Skill
- Ongoing training in relation to product knowledge, new product launch, pricing and marketing
- Finance, administration and customer service
Skills required running a business
- Strong motivation and determination
- Sense of business
- Organizational skills
- You should follow the rules and guidelines described in your franchise contract document
- Basic understanding if budget and accounts
- Confidence in himself and confidence to market and promote his business
- Excellent communication skills
- Can handle the challenge of working for long hours
- Leadership qualities, and ability to manage and keep the employees motivated
Hours at work
The hours at work would typically depend on the kind of business you are involved in. Some business would require you to work for pretty long hours of work while some other business would not require so.
Investment
Every franchise business requires you to pay initial fee in order to use their brand name, product. You will also require to a regular management service fee based on the percentage of your turnover.
Income
Your profit from the franchise business will depend on the type and size of franchise business. It will also depend on your ability, your effort and the location of your business.
Still not sure about skills and experience
Owning a franchise business is about working on a tried and test model of business that already ahs its brand established and people are well aware of it. This means you already have your market ready from day one.
13.7bn franchise business has grown continuously in the last five years despite tough economic conditions. This is because its model of supported business ownership provides independent franchise ownership with the kind of backup they need in terms to marketing or in terms proven business model.
In fact you would not require any formal education to run a franchise business. However any experience in related field may help you or experience in running any business will help you in efficiently managing people and basic accounting.
Should you be planning to run a franchise business, you can contact British Franchise Association that runs seminars and provides information and also approves franchising companies.
Though not necessary but taking a short business start up course from your local college or adult education center can help you understand the basics of running a business.
Training and development
Almost all franchising companies offer some sort of initial training. The training program will involve training all your employees. In fact with most of franchise companies there is a provision for providing ongoing training as part of the franchise agreement.
The training includes
- Operating the business at required level of standard
- Sales Skill
- Ongoing training in relation to product knowledge, new product launch, pricing and marketing
- Finance, administration and customer service
Skills required running a business
- Strong motivation and determination
- Sense of business
- Organizational skills
- You should follow the rules and guidelines described in your franchise contract document
- Basic understanding if budget and accounts
- Confidence in himself and confidence to market and promote his business
- Excellent communication skills
- Can handle the challenge of working for long hours
- Leadership qualities, and ability to manage and keep the employees motivated
Hours at work
The hours at work would typically depend on the kind of business you are involved in. Some business would require you to work for pretty long hours of work while some other business would not require so.
Investment
Every franchise business requires you to pay initial fee in order to use their brand name, product. You will also require to a regular management service fee based on the percentage of your turnover.
Income
Your profit from the franchise business will depend on the type and size of franchise business. It will also depend on your ability, your effort and the location of your business.
Still not sure about skills and experience
Owning a franchise business is about working on a tried and test model of business that already ahs its brand established and people are well aware of it. This means you already have your market ready from day one.
13.7bn franchise business has grown continuously in the last five years despite tough economic conditions. This is because its model of supported business ownership provides independent franchise ownership with the kind of backup they need in terms to marketing or in terms proven business model.