Family Businesses Now Take A Way Forward Through Franchising.
The phrase “family business” is not hard to understand. By definition, any corporation that is run by members of a family, immediate and/or extended is eligible to be called a “family business”. But today, more and more businesses today are making their operations less dependent on the owner entrepreneur. But everything, like in a monopoly situation, depends on the owner and the dynamic of the family and the member-partners. Some of the top family run businesses in India are Reliance Industries, Tata Consultancy Services, Bharati Airtel, Wipro Technologies, Jindal Group, Wadia Group, etc. But aside from these giant conglomerates, the mom-and-pop stores form the basis of a country where family culture and business go hand in hand.
The Indian “bazaars” are full of these stores, often stacked and surviving generations one after another. The successes and failures of such kind of organisations, though, get difficult to deal with after a couple of generations, suggest industry experts. It is important for FOBs to devise a system to iron out the conflicts and maintain a balance, to keep the personal separate from the professional, to have well structured guidelines and company policies and to keep thinking about creating a legacy, whose onus is taken on rather responsibly by the generations to follow.
For that to happen, the business has to undertake the process of “disengagement”. It will free the owner to take a more on-the-business role and enable him to focus attention on getting together resources for growth. The growth can either be achieved by the FOB owner himself or by collaborating with others. But the former will have its own limitation in it that the business from a single unit will soon reach its saturation point.
This is where collaborating with others come in handy to build growth. The path of collaborating to build growth is the path of franchising, one of the fastest growing business methods in the world today. Licensing your business franchise means offering others on payment of fees the rights to sell your products and services, through processes created by you, and using bands and trademarks owned by you. This route calls for investment to be made by the franchisee into the franchise business. You, thus, share the revenue without necessarily investing your own funds. Your funds stand limited to making you ready for stage through documentation and the costs of recruiting franchisees, which are way less than the typical costs involved in opening another branch on your own.
The times are changing! A lot of people are opening up to the concept of franchising and that is where Franchise India comes into picture. Franchise India is Asia’s largest integrated franchise solution company since it started its operations in 1999, with a record of helping hundreds of investors in selecting the right franchise, and, in turn, assisting numerous organisations in international and domestic franchise expansion. Franchise India provides and-to-end consulting and that’s how it’ll help the entrepreneurs take a well-informed decision.
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