The Entrepreneur’s Source Examines the Three Pillars of Franchise Operations
The Entrepreneur’s Source Reviews the Three Pillars of Franchise Operations
With Start A Business Weekend® just around the corner, the team at The Entrepreneur’s Source® is delving into a wide range of topics concerning professional development. For anyone who has ever considered owning their own business, franchising offers proven business models that are able to be replicated and duplicated. They offer the opportunity to be in business for yourself, without having to do it by yourself, while having the independence associated with being one’s own boss. Selecting one or the other largely depends on the goals, needs and expectations of the individual.
“There are many independent business owners who start businesses and are successful.” said Terry Powell, founder of The Entrepreneur’s Source® (E-Source), North America’s leading career and franchise business coaching company. He added, “However, the kind of person who starts an independent business from scratch and the kind of person who invests in a franchise are typically two different people. The person who invests in a franchise may have passion and the desire to control his or her own destiny, but they want a proven system in place. They don’t want to invent it themselves, and they don’t want to go through all the hassles and mistakes that independent owners encounter. Franchises give franchisees a proven entrepreneurial track to run on, complete with a brand name, operating system, and ongoing support. Independent business owners have to figure out those pillars for themselves.”
The three basic pillars of franchise operations:
1) Brand Name. A franchise brand provides an entrepreneur with an established service or product that has a consumer following and recognition. This allows a business owner to start with a built-in customer base, instead of having the responsibility and stress associated with creating a positive reputation.
2) Operating System.Right out of the gate, a franchise is able to increase a professional’s chance of running a successful business. The business model comes with proven operational tactics and procedures that allow an individual to forgo the time and resource consuming responsibility of establishing best practices. Other benefits from a franchise operating system include established supplier relationships, outlined marketing channels and proprietary technology systems designed to facilitate business operations.
3) Ongoing Support/Performance Enhancement. A franchise provides an individual with a regimented training program so that he or she is able to learn about the business, as well as the industry. Often considered the franchise launch program by most brands, this allows an entrepreneur to build a strong foundation and understanding of the industry and organization they have joined.
Those individuals interested in learning more about how they can benefit from franchising and whether it is an ideal way for them to achieve professional and personal success and happiness can sign up for the virtual franchise expo. Hosted by The Entrepreneur’s Source, the complimentary online event will take place March 27-29, 2014 from 10 a.m. to 7 p.m. EST. Registration is free at www.StartABusinessWeekend.com.
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