Get to Know the Business Loan Before Starting a Franchise Business
Starting a business is not an easy thing, even for business people who have had success before. Therefore the choice of starting a business can fall on a franchise or franchise business. Here are 4 things you need to know before you finally decide that a franchise business is the most appropriate choice. Visit http://www.raeesboxofficecollection.org/how-to-apply-a-sbi-bank-savings-account/ for a summary
When you buy a franchise, it means you buy a business. Speaking of business, of course there is: gain (profit), operational systems, marketing and labor. You need to check whether the franchise business offered to you is truly profitable. Remember, don’t just look at the data obtained from franchise owners, do a comparison with similar industries. For example, if you want to buy a minimarket franchise, you should compare 2 or 3 similar businesses.
The second thing you should know is the readiness of the business system. One of the differences between a professional franchise business and not is the system. There are several franchises in Indonesia, which do not have a system. Finally, franchise buyers find it difficult to run their business, many unexpected expenses and ultimately difficult to reverse capital.
Strong Brand Awareness
One Kasimutan in business is to create and introduce the brand (brand). That is why franchises like McDonalds, KFC, Pizza Hut, Starbuck are very expensive. If we start our own business, of course it takes time, energy, thought and money to introduce your brand and make it known.
Has a Strong Support System
If you buy a franchise, never improvise. If you experience problems in your business and / or have input, you should discuss with the franchisor. We recommend that before you start a franchise business, you should know the personal franchisor. You could say the fate of your business going forward, depends more or less on the franchise owner. As much as possible find a franchisor who has the same goal as you.
There are two ways to accelerate business growth, namely by adding value and multiplying factors. In the franchise business, you only have a small space to improvise to provide added value, because you have to discuss with the franchisor. Inevitably, you will rely on multipliers or duplication. Before you start a franchise business, make sure that the business is easily duplicated.
Dig as much information as possible before starting a franchise business
Choosing the franchise to buy is a difficult job. In addition to having to think about his business, prospective buyers must also think of funding strategies. There is nothing wrong with combining your own money (capital from your personal pocket) with a business loan.
One of the advantages of using a business loan is: The bank also helps conduct a feasibility study of the franchise business that you are about to buy. The bank of course has an assessment, which franchise can be funded. So once reaching for the paddle, two of the three islands passed. Good luck trying and starting a franchise business.