Starting a Franchise

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When starting a franchise, adhere to the standard regulations and training that the parent company requires, as the consistency of each franchise contributes to its success. Purchase a franchise with help from a management teacher in this free video on business.

Part of the Video Series: Running a Business
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Video Transcript

Hi my name is Mark and we're going to look at how we can start a franchise. Buying a franchise is buying an established, organized, successful business. A brand name that people know and has already been an establishment for several years and running successfully. So you are buying into an already successful operation. So starting it really is a case of you understanding the business that is involved and the procedures involved in running that business. Ultimately a franchise operator wants you to operate in a specific way. Ultimately because that's what works for them, that's how time has proved that the brand has been built over time and is successful because of the procedures it is laid down. Ultimately the continuity of it in terms of a franchise offering requires certain aspects to be place and therefore the franchise holder will offer or should offer training and procedures that you need to follow in order to be successful too. So starting a franchise is also a very much a investment both in time and in money. You obviously want to buy into a franchise because it is a successful name in it's industry, but it will cost for the privilege or doing so. So you need to consider the financial investment and of course what type of business you're entering into. So for example if you want to setup Subway sandwich bar then you have to think about the premises, the location and the various equipment that is involved in operating such a chain. If you're operating a career service that you can operate from home, ultimately the only real initial outlay will be possible stationary and a vehicle. So you need to think about the type of operation that you can afford and will bring you the kind of returns that you're looking for.

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