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FRANCHISING – THE FASHIONABLE APPROACH TO BUSINESS
WORDS: NICOLA KELLY Franchising is a very interesting proposition for anyone who is considering the idea of running their own business. But it is women who are making their presence known in this growing industry. Franchising starts with one business, for example, a burger bar. The original business becomes so successful that the owner may open a few more stores in other areas. The owner may then decide that he/she doesn’t have the time to put into expanding their empire, or the capital to fund it. So a good way to expand is to make the business into a franchise system. The original owner of the restaurant is the franchisor, who then licenses trademarks and their methods of doing business to a franchisee. The franchisee gets access to a proven business system, in exchange for a recurring payment. Both the franchisor and the franchisee benefit from this arrangement, and both have a vested interest in making sure it succeeds. Laura Hill is a Franchisee of O’Briens Sandwich Bar. Her outlet is in Castlebar, Co Mayo. The franchise system definitely appealed to her. “I worked as an accountant prior to opening shop. I had no previous experience as an entrepreneur and therefore decided a franchise opportunity would suit me better. I could avail of assistance from the O’Briens support office where necessary. Franchise operations have a proven track record. The back-up provided was particularly beneficial in the early days as O’Brien’s offer advice and support in relation to set-up, store location, layout, systems and suppliers. They also provide initial and ongoing training support to the franchisee and staff. Statistics suggest that typically 1 in 6 franchisees fail whereas 60% of other start ups fail within the first year. Being a franchisee has given me the opportunity to branch out on my own. O’Brien’s have invested time and resources in developing new products, concepts and marketing ideas which I would never have the time to do. The business as an asset is more valuable, because it has a strong identifiable brand.”
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