By Pastor Welcome Thamsanqa Mlungisi Dlalisa
The idea of franchising is an exciting one and has been around for some time now. Several people have bought into some of these strong brands and have made serious money for themselves. The fact is that a franchise gives you an option to start your own business or to buy into an existing business with a well established brand, clients, systems and even products.
The question is what is a “franchise”? The franchise is a well established concern where a franchisor provides a developed way of doing business, ongoing guidance, systems and assistance in return for periodic payment of fees and/or purchases.
A pure franchise provides the franchisee with a complete business format, including a licence for a trade name, the products or services to be sold, the physical plant, the methods of operation, a marketing strategy plan, a quality control process, and the necessary business services.
The franchisee purchases the right to use all the elements of a fully integrated business operation. A pure franchise is the most rapidly growing of all types of franchise and is common among fast-food restaurants, lodging establishments, business service firms, car rental agencies, educational institutions, beauty aid retailers, and other promising growth industries.
It is an alternative to starting your own business. It recognises the fact that making it on your own doesn’t necessarily mean making it by yourself.
Here are some of the benefits of buying a franchise business:
-Franchises build on well established brands and products
-Franchises have well established suppliers of products and or services
-Franchises systems and business models are tried and tested
-Franchises have established client bases who support the brand
-Franchises offer guidance on where (locations) you can strategically locate your business premises
-Franchises have often done the prerequisite research and have built a strong knowledge base to address many of the challenges that affect the franchise
-Franchises offer the independence of small business ownership supported by the benefits of a big business network.
-You don’t necessarily need business experience to run a franchise. Franchise owners usually provide the training you need to operate their business model.
-Franchises have a higher rate of success than start-up businesses.
-You may find it easier to secure finance for a franchise. It may cost less to buy a franchise than start your own business of the same type.
-Franchises often have an established reputation and image, proven management and work practices, access to national advertising and ongoing support.
In order to help entrepreneurs of Tembisa to implement what we are learning via these articles, I have set up what I call the JOSEPH ACHIEVERS MENTORING (JAM) program.
The program is based on Joseph in the Bible who rose to prominence despite his background. I am encouraging all Tembisa residents to join. This program is aimed at supporting all residents of Tembisa but it targets mainly entrepreneurs, young professionals, university students and high school learners. It offers a range of support initiatives including career guidance, training and mentoring.
Many have enrolled in the program and receive business management training and mentoring. I challenge you to enroll in order to propel your life or you business to new heights. To register on JAM, send an email to dlalisa.rhi@gmail.com or call the numbers below.
Join us for our next seminar which will deal with access to funding and digital marketing. It is already confirmed for 21 September 2017. Our confirmed conference partners include ABSA, Nedbank, SEDA and Blueberry Brands and Promotions.
This seminar is scheduled from 09h00am till 3h00pm at RoyalHouse International Church (532 Entshonalanga Section, Tembisa). To register for free entry, send your email to dlalisa.rhi@gmail.com
For more information, contact Pastor WTM Dlalisa on 083 395 1165
