Franchise is one of the business models. I took an interest and did some research on Franchising. Our local Franchising and Licensing Association would organize Franchising event bi-yearly. Before visiting this Franchising event, I prepared my check list:
- the local knowledge of the Franchisor
- numbers of franchisees are operating and where
- what are their unique selling points
- franchisor’s organisation and staffing profile
- the franchisor’s business plan
Armed with the checklist, I started to visit the Food and Beverage counters. I approached the Franchising firm for “Cakes and Pastries”. The “Cakes and Pastries” Franchising firm offered to grant the use of their” brand”, their operation manual, be the tenant of the outlet and the marketing. I attended their video show and talk on their franchising concept and framework. Their ingredients for making cakes and pastries are organic and high fiber. This is their unique selling point.
The firm requested a non-refundable deposit and it can be used as part payment of initial fee upon signing the Franchising agreement. I noted the terms and conditions that would form part of the contractual agreement.
Moved on to the next counter, I was attracted by their tag line “We serve the world with quality food” and they are Franchising their “drought culture”. They want the Franchisee to run their concept as food kiosk.
Interesting, the Franchising company want to be involved in recruiting the staff and training them. This Franchising company shared with me why they want to get involved. The people are the one that make or break the business. They are the interacting with clients. To have a quality and fantastic food is not enough, they want to build the service culture for warm and caring atmosphere. The Franchising firm wants to ensure the good buying experience of their target segment of the F&B.
Walking toward the counter that offer “Ramen and dumplings” kiosk concept, I noted that the visitors would just collect their marketing materials, whereas I took notes of my findings and my personal assessment based on my checklist.
Using a check list, it helps me to stay focus and objectively evaluate each counter. I also did the review about each of these Franchising firm. I put a rating and rank them. Those that met my criteria, I would visit them again during the last day of the event.
From this experience, I have more confident in getting a profitable Franchise.
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