Officially there are 196 nations around the globe connected with UNO (United Nations organization); however industrial growth and development in these nations didn’t suppose to be equal. Developed economies like United Kingdom, Australia, USA, Russia and France have great infrastructure to support industrial development. International Franchise Business model has grown significantly over the decades, different countries have developed rules and regulations required to follow by every franchise providing company irrespective of size, revenue generation or brand value. Here we are discussing over basic laws followed by leading franchise establishment countries.
1. USA – Concept of franchising was commercially originated from USA and it remains at top position in today’s fast-paced environment as well. Individual state laws and United States federal laws are two basic set of laws imposed on franchise industry. Franchisors have to mention goods or services offered, substantial marketing plan, trademark and payment mode. Apart from this, legal documentation had to follow by both franchisee and franchisor.
2. China – By 2016 there were approximate 2000 franchise brands in various business sectors, large population and adequate resources encouraging number of global franchisor to invest in China. Basic rules including, a franchisor should own an enterprise, possess registered trademark, patent or business plan that suits Chinese economy. Global franchisor at least has two outlets outside China in operating condition under franchise business model. It is just overview of basic laws for more information you can do proper research.
3. India – Second most-populous country in the world is favourite destination for franchise establishments. Unlike USA and China, there are no specific laws regulated franchising in India. Franchise Agreement or contract relationship between franchisee and franchisor would be enforced by government.
These are leading nations where franchise establishments are more as compared to rest of economies. For more information you need to visit official government website and also asked questions to gain essential knowledge
Countries where industrial development isn’t growing well and recession will come as surprise, employment opportunities are degraded. It is essential to overcome uncertainties to empower young generation to explore new business ideas. Franchising is a proven model successfully run when economic crisis occur in country, irrespective of trouble franchise business model is always a ray of hope in the face of macroeconomic troubles. There are approximated 300 business sectors that falls under franchise business throughout the globe. The burgeoning population on the planet is matter of concern because resources available are less as compared to population growth. Franchise business is comprised of various sectors but service sector is continuously showing amazing growth rate and remains one of fast-growing sectors in today’s competitive environment.
Small business owners who still listed under unorganized market share could be shifted to organized format through franchising. Recent studies have suggested that near about 50% of companies that offer franchise have succeeded to expand business in new territories. It is proved that franchising would be act as fuel for organizations that want to achieve new heights of success. As technology is advancing, small as well as medium sized organizations have undergone infrastructural shift and try to implement modern-day equipment in commercial operations. For example, a small vendor selling clothes in particular region quite famous and large number of people visited on daily basis. Now if owner want to establish another store with same name should utilize franchise concept. In this way brand value can be created and new customer get to know about products or services. It goes without saying that franchise business sector is still in nascent stage and has shown unprecedented growth in recent time. It is expected that several business owners in small scale industry utilize franchising concept to reach new customers. Small scale businesses are pillars of economic growth and stability because number of local people gets employment from these businesses.
As franchise business model is consistently changed through latest technological advancement; there is new business as well as academic opportunities will be created in coming years. According to United Nations organization (UNO), 196 countries are official exist on the planet out of which 150 nations engaged in franchising concept. Companies headquartered in various nations around globe looking to expand business in other countries thus franchise is best model to make business associates. Moreover, Franchisor (company that offer franchise) and franchisee (company that pay for franchise) both are concentrating primarily on hiring professionals with an education in franchising. But at current scenario there are few universities that offer bachelor degree program in franchising however in countries like India and China where large number of franchise establishments operated still didn’t implement any course for specific franchise studies.
As well aware about the fact that franchising is widely accepted as best business concept by both franchisee and franchisor. There are school of business in USA, offered bachelor degree in management by giving opportunity study franchising.
Franchise as a career
Like other career options, franchising could be best opportunity to become an expertise by gaining completed academic related concepts. Companies that operate franchising had to face lots of problems regarding marketing, management and other business concepts. To overcome all troubles they are even more focusing to work with professionals who have depth knowledge. In India there is hardly any University that offer bachelor degree in management (franchising). In order to provided assistance to franchisee and franchisor it is crucial to teach students about franchising principles and polish their knowledge and skills to nurture franchise business model. It goes without saying that franchise industry is becoming a mega status industry and generates lots of business opportunities. Thus industry requires some talented professionals who develop new concepts to add more value to franchising.
It is quite confusing for many individuals to left a high pay. At certain age there is number of social responsibilities that makes you thinking twice, whether to pursue your dreams or engage in daily routine life. The key to work on your dream project is to choose a business model that can be coupled with current lifestyle. One of the best options that suits is franchise business model, you can start a new business as per needs and wants. First all identify your areas of interest then select a franchise which have same mission, vision and core values you’re looking for. It is crucial to choose a right franchise partner to develop a profitable business. You should focus on various prospective such as:
- Is the franchise business can be operated along with current job
- Will it be profitable in future or not
- Current market value of brand
- What kind of support will be provided by franchisor
- Profit margins
Whether you handle business alone or hire management team, goal and objectives should be developed so that team members’ efficiency can be measured. Franchise is tested business model of some other company, it is ready to implement format for beginning and running a business. However you can carry current job as well because franchise is provided phenomenal flexibility, all you need to do is focusing primarily on template designed by franchisor. To add more, Technological advancements has made everything easy, from managing system to payment you can easily control each section of business without physically present in franchise store. It is always a dream come true to become a boss of own business. It goes without saying that pressure and uncertainties are part of business but you should stick to basics to overcome all troubles. It is concluded that one can easily a franchise as part time business with low investment.
Connect Franchise is leading name in franchise industry. It is known for its efforts to bring more productive business ideas in live environment. The organization has required infrastructure and knowledge to develop best business solutions and has proven track record of developing popular brands in various franchise sectors. To become market leader it is crucial to create better customer experience, for example, in franchising both selling and buying process go hand-in-hand. Consequently, necessary steps need to be adopted to create best buying and selling franchise experience. Franchise is popular business model and one of the easiest ways to expand business in different territories.
Advantages of franchise model
- Tested concept by other company
Competition is tough in every business sector, starting a business from initial concept could be risky. You can focus on franchise business opportunities for better returns on investment. franchise is tested model of some other company, you can use company’s brand name by giving certain franchise fee.
Franchise isn’t limited to single business sector but it is utilized by players in fast-growing sector like entertainment, retail, food, etc. You can choose from number of brands as per investment limit.
- Easy establishment
You will get training to marketing support from companies that offer franchise. Hence without any trouble you can easily become owner of your business.
- Profits margins
Before choosing any brand look for certain things like brand value, profits margins and future opportunities, at present there are number of franchise companies that offer amazing returns
Connect Franchise helps you in every aspect of your business. Both investors and brands purpose is effectively served by franchise consultants working with the company. There are huge varieties of popular brands is available and also directory of investors is so large. Hence the organization is focusing on both process buying and selling franchise.
Emerging technologies have changed fortune of franchise business sector. However, technology and business go hand- to-hand; each needs the other to grow. Across various franchise sectors like education, retail, food and apparel, new technologies are developed to provide better customer experience. New start-up companies in IT sector has developed various products to connect business with technology. System, stakeholders and technology are three significant concepts that are interdependent to each other. Without stakeholders no system will run and absence of technology leads to more troubles in managing systems. To become successful entrepreneur, all these pillars should be maintained to drive more revenues. As we all knows that e-commerce platform consistently encouraging organization to make entry in global marketplace, irrespective of industry, size or revenue companies can access e-commerce platform to sell products or services to maximum customers. All players in franchise sector make most of profits from e-commerce platform over the years.
Companies have to adapt with new technologies for sustainable growth, it is fundamental to connect with technology to develop a competitive business model. Digital technologies are providing new paths of success, bring automation in industrial process. It is observed that in next ten years, all industrial process is done through machines only few people will be required to maintain these smart equipments. It is prove that there are pros and cons of technology, on one hand it makes everything easier but on the other hand employment opportunities will be declined. Business leader now demand more technologies to generate revenue, everyone in this world want to become king in their respective sector. Multinational corporations are likely to involve technology as part of strategic planning. Technological developments have enabled companies to attain great success, create quality products to make life of customers easy and comfortable. As technologies are consistently growing at significant rate new business opportunities will be generated in coming year.
In next five years e-education or online education platform will create lots of franchise business opportunities. Growing dependency on internet is resulted in development of e-educations apps like BY JU’s, now it become easy to for professionals or students who don’t want to travel to distance places for further certified courses or exam preparation. From notes to live classes everything is easily available through various e-learning companies. Day-by-day number of users has been increased and is estimated that industry might touch US $ 2 billion by end of 2020. E-learning platform is still in nascent stage, and can be categorised as:
• Primary and higher class learning
• Certification course for corporate
• Exam preparation portals
• Casual learning
This sector is expected to increase at a rapid rate, there were 2 million users in years 2014 and then after huge jump is observed approximate 7 million users take advantage of e-learning platforms. Several companies successfully established as brand offer franchising opportunities as well. For example, BY JU’s incorporated in year 2013 has become one of the best platforms to learn basic concepts. In addition, there are number of start-ups line up to make entry to serve India large population. Brilliant students living tier 2 and underdeveloped regions also take e-education as opportunity to clear their concepts. Things get simpler, you it has become possible to join online classes provided by lecturers in foreign countries. Physical educational systems are also adopted e-learning concepts to give new experience to students. Near about 50 % of enquiries for e-learning is comes from tier 1 and tier 2 cities. However, after launching of 4G network throughout India is significant step towards creating a ‘Digital India’. You Tube is best platform for utilized by millions of users. E-education market is growing at a rapid rate but still there are lots of things that should be developed like best network and database.