In today’s highly competitive economy, businesses are constantly bombarded by a variety of challenges. Smaller businesses find themselves unable to compete with larger franchised ones, and are often forced to shut down operations and/or close their doors. The number of small businesses are decreasing and franchises are rapidly taking their place. As small, independent businesses give way to franchised businesses, the ‘mom and pop’ stores of old are falling out of fashion. That being said, there are a number of factors to keep in mind when converting your small business into a franchise.
Infinity Brands is a franchising company, with over a decade’s worth of experience. We offer a uniquely-tailored approach to each business considering expanding into a franchise, and we evaluate each one based on its own merit. While we specialise in start-up franchises, we welcome all franchising ideas presented to us by our clients. We provide a step-by-step approach serving as a guide for prospective franchisees to facilitate the franchising process. Before you embark on the franchising adventure, however, we would like to offer the following points for consideration.
Factors to take into account when considering franchising:
Entering into a franchise agreement offers small businesses the support of a big business network, with access to ongoing training and support mechanisms. Often, there is little to no previous experience required to operate as part of a franchise, but some people might find the formality of a franchise agreement stifling in terms of the permissible creative freedom imposed upon signing. Often, further restrictions pertain to operational locations, products sold, and suppliers used for products/parts sourcing.
While success is never a foregone conclusion, franchises do have a higher chance of succeeding than independent business, providing that solid business practices of good management, hard work, informed decision-making, consistent excellent customer service, and time management skills are implemented. Paulo do Nascimento, a franchise consultant at Infinity Brands, avers that when you are “part of a franchise, your chances of success are greater than in independent start-ups. Being part of an established concept will lower the failure rate in a competitive environment – you receive the benefits of the franchisor marketing campaigns as well as Big Brother-like assistance in terms of ongoing training and support.”
While there is no foolproof recipe for success, the dynamic and energetic Infinity Brands team is always ready and willing to guide you along the way by offering advice, financial services, ongoing support, HR services, marketing and graphics, and IT support.