The People’s Franchise

[ad_1]

The term Franchising can be defined as:

• The authorization granted to an individual or group by a company to sell its products or services in a particular way.
• A revolutionary business concept that provides a low-cost, low-risk, turnkey business operation.
• The most efficient route to expanding a business or distributing a product or service internationally.
• The future for all people-based businesses.

Networking has existed for more than 50 years and has suffered a damaging reputation for the past 30 or so. It was previously slammed as a scam aimed at conning hopeful entrepreneurs into investing their life savings in a business that had ‘failure’ stamped all over it. Then came the turn of the century, bringing with it new business concepts and ideas. Part of that revamp included franchising.

Franchising is essential for every business with big dreams. Any company intending to spread its culture, influence and product/service to the masses uses franchises as its tentacles. Its ability to reach out to existing and potential customers in different locations simultaneous is an advantage that can’t be ignored or downplayed. Take mega brands like Kentucky Fried Chicken or KFC, 7-11 and McDonald’s. All three would have remained stuck in their native lands if they hadn’t set up global branches.

While franchising accounts for a huge portion of businesses in advanced countries like the U.S., Japan and those in Europe, its entry into Malaysia has been rather recent and the level of acceptance isn’t widespread as yet. Many local businessmen, though attracted to its benefits, are unwilling to play by the rules. They’re reluctant to pay an upfront fee or comply with a set system and would sooner copy a franchise idea rather than buy over one. This is a vast difference from China where almost every store on a busy street is a franchise of some sort.

Franchising forms the vertebrae of my business, but it’s referred to by a different term in the industry. In fact, most businessmen whose businesses depend on their network of contact prefer using this slightly modified term. It’s called The People’s Franchise.

[ad_2]

Source by Ken Li