Posted on March 25, 2010, 1:23 pm - Author: Dhawal Shah
Are you a student, considering entrepreneurship? Have you not determined which business would really excite you?
Are you the one that fears failing and do not have a strong conviction. Are you looking for an additional income source? Finding it difficult to locate a suitable job? Would you be considering bank funds to start your business? If you answered a YES to any of the questions. Then, franchising is a option you should consider. Franchising is a great option for entrepreneurship. Students should actively consider franchise opportunities to begin with. Some of the advantages in comparison to starting by themselves are that they get an established brand, proven system, training, advertising assistance and a dedicated team that is committed to help make this work for you. I have heard it many times that
Entrepreneurship (other than franchising) is for adventure seekers. It reminds me of the Mumbai - Pune visit, when needs to drive down from Mumbai to Pune, he has the option to take either the expressway or the Old Mumbai Agra Road. When one decides to take the expressway, he will come across marked roads, adequate road signs, designated food zones, re-fuelling stations and phone connectivity in case of any problems and for all of this he would have to pay a fee to get access to. Vis a vise, taking the old Mumbai Agra road, he may not reach on time, may encounter robberiers, may be delayed due to absence of all weather roads. The Mumbai Agra road, definitely sounds more like an adventure. (Of course, on the flip side, franchising is definitely at a startup level, a more expensive proposition.
I am often asked why students should consider franchising, instead of perusing other business opportunities. Here are some guidelines that would help you decide.
- It is easier to pursue business opportunities, no structure. However without franchising the learning curve is longer, otherwise
Your friends, family and the bank are more likely to fund a franchise business than a startup. (Of course taking up a franchise is obviously more expensive)
When is franchising not recommended for young entrepreneurs?
- When young entrepreneurs are too innovative, Mark Zuckenberg, the founder of Facebook, and Larry Page of Google, are not going to be franchisees.
- Following a system: As a franchisee, you are expected to follow a system and adhere to norms, if that is something that gives you shivers, stay away from it.
- Which industry are you considering: If you want to start a Children's Education, retail store, or any food business, then a franchise business is recommended, as otherwise while the entry cost is too little, but sustaining your new enterprise would be a challenge.