Franchising and Small Business
Committing financial and personal resources to owning and operating a franchise or independent business is a serious undertaking. The success of the enterprise will depend on how diligent you are at each of the five phases of being in business, namely (a) Deciding on self-employment or employment, (b) Getting ready for business, (c) Starting the business, (d) Growing the business and (e) Exiting the business.
you have decided to go into business. You have a choice of buying a new franchise from an existing franchise brand or establish a new independent business. Each mode of entry requires a different approach before, during and at the end of the business life cycle.
You are required to prepare a Market Entry Blueprint that addresses and defends the following:
1. Your reason for choosing self-employment2. Your choice of industry – retail goods, wholesale goods or service industry3. Your choice of participating in business- buy an existing business, buy shares in an existing business, and establish a new business4. Your choice of channel to market – physical, online and omni channel5. Your choice of business model – franchise or independent small business6. Your choice of legal structure – sole trader, partnership, company or trust7. Your decision regarding contracts and agreements, tax registrations, insurance, human resource, corporate image, marketing, digital presence/SEO, licenses and banking arrangements8. Your choice of financing the business9. Your revenue and cost budget10. Your plans for resource management, staff training and incentives and customer relationship management (CRM)11. Your key performance indicators (KPIs) to monitor business performance12. Your local area marketing, advertising, promotion and resourcing plans13. Your plan to manage your supply chain and your capacity to grow intellectual property assets14. Your plan to exit the business