Thursday, August 29, 2024
Starting with franchising: A secure and supported path
The Benefits of Franchising for New Entrepreneurs
A proven concept
One of the main advantages of franchising is access to a concept that has already been proven in the market.
The franchisor has often invested years in research and development to establish a recognized brand and a successful business model. The franchisee does not need to go through the trial-and-error phase, significantly reducing the risks of failure.
Initial and Ongoing Training
Many franchisees enter a sector they may not be familiar with. This is why the initial training offered by the franchisor is crucial. It enables the franchisee to acquire all the necessary skills to effectively manage their store. This training often covers the technical, commercial, and managerial aspects of the business.
Moreover, this training doesn’t stop at the store’s opening. The franchisor typically offers ongoing training to help the franchisee adapt to market changes, new technologies, and emerging practices.
Permanent operational support
The franchisor’s support isn’t limited to training. It also includes continuous operational assistance. Whether it’s for marketing, logistics, or product development, the franchisee can rely on the network’s expertise.
For example, in sectors like food service, the franchisor can help find quality suppliers or negotiate advantageous prices through the network’s buying power.
The importance of support in the franchisee's journey
Becoming a franchisee is an adventure that’s not undertaken alone. The support from experts and peers is crucial in making the project a success.
The key role of experts and banks
According to a Banque Populaire survey, 65% of prospective franchisees seek the help of an accountant, and 61% turn to a bank for financial advice. These experts help structure the project and make it more attractive to investors, thereby strengthening the credibility and financial viability of the future franchisee.
Advice from other franchisees: An invaluable asset
Interacting with other franchisees is also a valuable resource. In fact, 31% of new franchisees seek feedback and advice from their peers. This solidarity within the network strengthens cohesion and shares best practices, contributing to project security and reassuring financial institutions.
One of the most underestimated aspects of franchising is the solidarity within the network. Franchisees are not isolated; they are part of a community of entrepreneurs who share the same challenges and goals. This network becomes a source of moral and practical support. Experienced franchisees willingly share their advice, tips, and experiences, helping newcomers avoid common pitfalls.