No matter how challenging the economy, entrepreneurs will continue to look for exciting new opportunities and viable businesses to invest in. The franchising industry offers plenty of these, making up 13% of the GDP according to the Franchise Association of South Africa (FASA).
“The industry is still growing and entrepreneurs see the value in franchise opportunities,” says Jan De Beer, Managing Executive for Zebro’s Chicken, The Fish & Chip Co. and Maxi’s at Taste Holdings.
If you are in the market for a successful franchise here are three important considerations:
A. Select the right business
It may seem obvious but you need to do your research and also consider what the best fit is for you personally. The franchise industry offers everything from van rentals and tool hire to clothing and restaurant opportunities, so choices abound. The fast food and restaurant category makes up the biggest piece of the pie with 25% followed by the retail sector at 15% and the building, office, and home services sector at 13%. Make sure that your passion and expectations are aligned with your business and invest in a business you will enjoy working in.
B. Employ the correct people
We all know that a successful franchise is owner managed, but for it to succeed, it requires your unwavering personal attention and a commitment to delivering on the brands business promise.
Your most rewarding investment will be in the people you employ. It’s important to employ people with the right skills and a winning attitude, as well as those who believe in your vision and are prepared to grow with you.
C. Be the best employer
Once you have the right people in your business, you need to feed those winning attitudes. Ensure that you get the basics right from the start.
Franchisors like Taste Holdings provide ongoing HR support that covers everything from salary benchmarks, job descriptions and a guide to the industry HR standards.
Take advantage of the training programmes provided by your franchisor to empower your staff and employ your own HR manager or consultant to assist in navigating and mitigating people issues as soon as it becomes viable. Make your business attractive to new employees by implementing incentives and competitive benefits.
REF: Taste Holdings News Release