Karnataka Pharmaceutical Franchise Comapany In light of the current economy, many people are thinking twice about starting independent business ventures; instead, they’re looking to franchising. Why?
Franchisee Business Model’s primary benefit is risk minimization. Starting a new business is risky. Most studies show that over 90 percent fail within three years. The primary reason that the failure rate is so high is because the owners have to go through the learning curve of operating that specific type business. Franchising reduces that curve substantially.
Franchisers sell a defined, proven business format or method of operation, offering a product or service that has sold successfully. An independent business is based on both an untried idea and operation.
The experience of the franchiser’s management team increases the potential for success. The primary reason that franchising is so successful is because the learning curve is transferred from the franchisor to the franchisee. The franchisor has developed a successful system. If you are going to be a franchisee, you must be willing to stick to the system. You have to do things the franchisor’s way. Not your way. The closer your experience is to the type of business you are considering, the better are your chances of succeeding.
Operating a business requires wearing many hats. You have to be willing to do everything from managing inventories, finance, marketing & distribution.
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