The importance of doing your homework before buying a franchise

The importance of doing your homework before buying a franchise

An exposé on eNCA’s Check Point last week put the spotlight on the plight of franchisees who bought into a franchise that was not accredited by the Franchise Association of South Africa. Irregularities in the franchise contract, lack of support and unhappiness amongst franchisees were highlighted – giving franchising a bad rap.

Often, when FASA deals with enquiries and complaints from unsuspecting franchisees who apparently have been done in by a franchisor that appears to be a fly-by-night, one wonders why or how did it happen that they decided to buy a franchise from a franchise company that is not an accredited member for the Association. Despite the many warnings from the Franchise Association and others in the industry, it is a sad fact that many franchisees blindly buy into franchises without doing a thorough due diligence and fail to have considered the following:-

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Franchises thinking outside the box gain new clients

think-outside-box

There is no question that franchising’s saving grace in a struggling economy is the fact that, by its very nature franchising is entrepreneurial, flexible and forward-thinking. Not only does it continue to be resilient, it offers, largely due to its strong business format and support system, a better chance of surviving the ups and downs.

Thinking outside the box and looking for ways and means to cross-promote and reach new markets is a trait that many of FASA’s members do extremely well. They are the ones who find a ‘niche’ that sets them apart or, by default, thrive on the back of challenging conditions.

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Do your staff ask customers how their experience was as they walk out the door?

customer-experience-retail

Do you remember the days when shopping for clothes was a group effort?  And I’m not just referring to have a number of BFF’s needed to help you decide which outfit to choose.  I’m talking about those engaging sales people who would be constantly at your side, ready to swop sizes, offer an alternate colour-way or simply BE THERE when you needed them? Read More

A warning against being ‘penny wise pound foolish’

ethics-trust

Are you a budding entrepreneur with big ideas? Maybe you’ve started that small business and it’s going well and you think the time is right to take it a step further by maybe franchising it? You’ve made some enquiries and find out that, according to the Regulations of the Consumer Protection Act’s reference to franchise companies, you will need to have a franchise agreement, operations/procedures manual and disclosure document in place before you start franchising. But all this costs a lot of money if you use bona-fide lawyers and accredited franchise consultants and you’re tempted into cutting corners by using someone at a much lower fee who makes themselves out to be a franchise specialist, because they claim to have worked for one or other franchise company in the industry and thus see themselves as franchise consultants. Read More

Looking to buy a franchise?

buying a franchise business

B.rain gives key factors for success that all franchisees should know and implement, in order to build and grow a compliant and profitable business.

Franchises are often (mistakenly) perceived as companies that are well-established and would offer support for entrepreneurs who wish to start their own business, but are wary because of their own inexperience. While good franchisors may offer mentoring and training sessions on the brand and systems a franchise does not teach franchisees how to run a business. Without some basic business skills, novice business owners are bound to struggle. Investing in getting a formal education to understand the details of operating a business is instrumental for franchisees to compete in a complex and ever-changing business environment.

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Top tips for selling a small business

sell small business

Selling any business successfully takes preparation and knowledge in order to get the best result in the shortest time. Every business is different and therefore, deserves a different level of attention. There are several key issues that need to be considered not only to ensure a good sale but also a smooth transition for the new owner.  FASA member B.Rain gives their top tips to selling a business.

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Do you have what it takes to be successful in business?

business-success

As the focus from government, big business and Expo’s like FASA’s recent KZN Franchise Expo is on empowering entrepreneurs, stimulating small business and creating jobs, we look at what does it take to be successful.

Making a success of a business requires total commitment and dedication to realising your own potential and ensuring success. To do that you need to:

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The next steps to owning your own business

For those that attended the IFE Franchise & Entrepreneurs Expo in Durban this past weekend, being able to talk on a one-to-one basis with franchise personnel from the range of franchise businesses on offer was invaluable as a big part of the success of franchising is in the win-win business partnership between the franchisor and its franchisees. FASA, whose mandate in presenting franchise expos is to educate the public on this business format, cannot emphasise enough the importance of understanding exactly what franchising is and how it operates.

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Make sure the franchise you choose is a FASA Member

franchise association stand

The success of franchising is largely due to the handful of franchisors, who, 40 years ago, got together to formalise the business format of franchising along international ethical standards and laid the foundation for what is today the Franchise Association of South Africa.

The franchise sector today is well-positioned to come together in a concerted effort to stimulate entrepreneurship and create much-needed jobs. The opportunities to expand into many more sectors and particularly in the social and services sectors of the economy are endless – with the goal of accelerating BEE and enterprise opportunities, give training to the youth and above all create much-needed jobs.

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What motivates you! Pushing the right motivational buttons

Staying positive when there is political chaos, the petrol price is about to go up and you worry for the future of your job, business and family is a challenge for us all. Whether you’re working on a big goal or just trying to get revved up for the day, getting and staying motivated can be a challenge. According to the experts, whilst getting inspiration from motivational books and quotes can help get you started, they say you first have to understand what motivates you and tap into what buttons you need to push to get you going.

Check out these four motivation styles and what you can do to kick your drive into gear:

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