Do You Have What It Takes

Think of one of the largest franchises of our time, McDonald’s. People who buy a McDonald’s franchise buy into the system already in place of producing Big Mac’s and Filet o Fish without having to “reinvent the wheel” Bosnia and Herzegovina WhatsApp Number List. All you have to do is follow the “system” and your franchise will be successful, so they say. But the desire to “be my own boss” is not fully satisfied by a franchise.

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Franchisees cannot think of themselves as an independent owner. If they do they will be tempted to try to change the system. Does Mickey D’s sell hot dogs at all? Of course not! The home office does not permit anyone to “tinker” with their formula. The franchisee owns the assets of their own franchise, but is licensed only to run someone else’s business system.

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Business Value

The desire to become a franchisee is grounded on belief that they can be more successful using someone else’s brand, and operating according to their methods, than they would be if they opened up their own independent business and competed against them. The problems with most franchises like McDonald’s, is that: it costs substantially more than a small business, there are royalty fees (usually 5-10% gross profit), loss of personal control…

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