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SABizOps.co.za  News
So, you think you’re Richard Branson
By: Bruce Whitfield
Date: 2010/06/16
I once had a boss who scoffed at the idea of franchisees being entrepreneurs. They took no risk he said, the mere fact that they required a franchise made them lesser business people than those he respected and regarded highly.
The mere fact that they bought, in his opinion, a box of tricks that enabled a turnkey solution was an insult to his personal drive – a drive which set him apart from the slovenly world of franchisees.
He may have had a point. If you are going to buy someone else’s intellectual property, work yourself to the bone in order to pay them their royalties and eke out a living for yourself, then you are not going to be the next Richard Branson.
Chances are, they are more likely to become super wealthy, particularly if they have a great idea that is taken up globally by thousands of people just like you.
The reality is however that many thousands of people worldwide do very well out of running franchises and do build substantial wealth for their families that they would not have been able to, without the support and knowledge that a franchisor can bring. They certainly did not however do well by sitting back and expecting it all to happen by itself.
Running a franchise or network of franchise opportunities is very much running your own business. You buy the solution from the provider, sure, but the buck stops with you. There are those who can make a franchise work and those that don’t. Buying a franchise does not guarantee success.
You do have to be entrepreneurial to consider going into business for yourself. There is nothing like the passion, dedication and commitment that comes with running your own business, whether you developed the bright idea yourself or you have taken to adopt
someone elses tried and tested methodology.
Anyone who goes into a franchise believing the hard work is finished and all that is required is some fancy furniture, equipment and a sharp manager is doomed to fail. Like everything else in life, success comes only with hard work and persistence.
I have a couple of relatives in the franchise business – some of them had corporate jobs before they took on their new businesses – all are working harder than they ever have and miss the certainty of the pay cheque.
Few, however would go back to their previous lives as employees flying a desk.
There is something about running your own business, franchise or not, that makes you unemployable – in a good way. Once you have tasted the rush of ownership and the satisfaction it brings that sets people who take the leap of faith apart from those who do not.
There is something about running your own business, franchise or not, that makes you unemployable – in a good way. Once you have tasted the rush of ownership and the satisfaction it brings that sets people who take the leap of faith apart from those who do not.
The franchise industry is complex. There are some great franchise opportunities and there are dogs. Let’s be honest about that. You buy into a bad idea and no matter how much effort you put into it, your success or failure can lay in the concept itself. It’s the way of the world. As a franchisee you have to be absolutely certain that your interests are closely aligned with those of the franchisor. If you are unable to build a sustainable business, then it’s likely others are struggling too and that particular franchise model may be history. It happens. Keep your brain engaged.
Food, by far the biggest franchise segment in South Africa, is not everyone’s cup of tea. You may be more cut out to run your own mini-business centre or posh cosmetics outfit. If the idea of being on your feet fifteen hours a day and going home smelling like a piece of grilled meat doesn’t light your jets, find something else. Just make sure you have done your research properly. Having the systems and comforts a good franchise gives you is one thing – but if you are running a same day faxing service in the Internet age – no number of cheerleaders are going to help you survive.
Article supplied by Standard Bank Franchising
For further information visit Standard Bank franchising portal
This article has been archived under Starting Your Business for your research purposes
Click Here to Search Archives
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