Perseverance, dedication and determination are three qualities that Amanda Giannaros possesses and has used in her journey, from studying to become a teacher in the Eastern Cape to becoming a co-owner of one of the busiest Spars in Cape Town's CBD. Amanda and her husband Angelo have become a formidable team in the retail industry since acquiring ownership of the Spar based in the Grand Central (the old post office building) in 2006.
As an entrepreneur, one of the best ways to rapidly expand your business is through franchising. That said, the franchising process can be extremely complicated and incredibly risky should you not execute it properly. This franchising process can be better understood as consisting of three steps: assessment, replication, and market.
It is very important that you understand the business you wish to start. Appraise your experience, likes and skills to determine if that business is a good fit. Through this article, you will learn how to make objective decisions when considering the purchase of a business or franchise, the pros and cons of buying a business or franchise, and how to evaluate how much you should pay.
In franchise terminology, the purchase of an existing franchise outlet is referred to as a ‘re-sale’. When buying a resale, you have to do the same research and assessment you would do if you were buying any business. Added to this are some other issues to consider when buying a re-sale, such as: Why buy a re-sale? Why is the franchise up for sale? Will the business remain viable in the future?
While many prospective franchisees would rather focus on the financial reward as a new business owner, it is very important to obtain legal advice before concluding a Franchise Contract, to understand its legal implications, ensure that the contract terms are fair, and that it reflects a relationship governed by sound legal and business principles.
As the South African economy feels the strain of the local energy crisis, higher interest rates, and petrol and food price increases, entrepreneurs continue to look for viable ways to keep their businesses on track and profitable in the face of these challenges. There are, of course, many methods at their disposal, but in the small and medium enterprise (SME) sector, the franchising model is one such method which can be considered.
Benjamin and Breched de Kock are the proud owners of a Build It store in Atlantis,
When purchasing a franchise, you have to understand the terms of a franchise agreement provided by a franchisor. This checklist will help you think about the information you should obtain before entering into a franchise agreement. Find out as much information as you can about the franchise. Read all documents and agreements carefully, and do not sign anything without understanding it first. You may adapt the tool to reflect your business needs, type of clientele, products and services you offer.
The Franchise Association of Southern Africa (FASA) is a trade association for franchisors, franchisees and the professional organizations that service the franchise industry. Its aim is to develop and safeguard the business environment for ethical franchising in South Africa. FASA is the only recognized representative body of the rapidly growing franchise industry. FASA’s criteria for membership conform to international best practices and are acknowledged by government and the public at large.
Franchise Finance is a specialist franchisee loan origination agency set up to address the exact needs of the franchise industry. The proprietors of Franchise Finance have a strong record of accomplishment in franchising rather than in banking. In other words, we are not bankers but franchise experts focused on funding, with a bias towards the use of sophisticated computerised processes. We help franchisees obtain finance by acting as a loan origination agency.
Franchise Finder provides a comprehensive directory of franchises available throughout South Africa. The website also provides franchise information and advice through our informative newsletter, online business tools and website links. Franchise Finder lists various types of franchises: Fast food franchises, fitness franchises, financial and commercial franchises, education and entertainment franchises, beauty, fashion, health and sport franchises as well as communications and property franchises!
When you're considering starting your own business, you have a choice of either starting from scratch, buying an existing business, or looking at a business opportunity like a franchise. Owning and operating a franchise can be as much work as other options, and it can also be quite profitable. There are thousands of franchised businesses, covering nearly every conceivable industry – the challenge is to decide on one that both interests you and is a good investment. Use this article to learn the basics of franchising.
Many entrepreneurs steer clear of franchising when choosing a business venture, primarily because they feel franchisors place too many restrictions on franchisees. I suppose the word "restriction" needs to be seen in its entirety before one can truly call the requirements of franchisors "restrictions". Financial institutions like Business Partners are very much in favour of franchises especially for new entrepreneurs, or relatively young people, who wish to be their own boss.
Johan Erasmus has been an entrepreneur since 1983. The owner of a Spur Franchise since 1988, Johan has had a number of restaurants over the years and is also involved in property – both commercial and residential. According to Erasmus, "Franchising offers the franchisee a specialist opportunity with a best practice advantage. Being part of a strong team and brand in the food industry enhances ones opportunity for success and certainly eliminates failure rate.” Here is an interview with Erasmus on his franchising experience.
Buying a franchise is generally a lower risk than starting a business from scratch. With the training, support and business model provided by the franchisor, the entrepreneur has a much better chance of succeeding. However, this is not a guarantee and the entrepreneur still has to put in the hard work. There are many factors that can either make or break your franchise business – here are some of them.
Franchising in South Africa and the potential that the franchise model has to stimulate employment, empowerment and economic growth prompted the formation of Franchize Directions in 1997. We are specialist franchise development consultants and trainers who have become a well respected service provider in our sector for the depth and value we add. We continue to develop and serve the franchise sector through specialised development and support services.
To start or manage any business is challenging enough, but owning and operating a service station has added challenges. The rate of armed robberies at service stations is alarming and taxing on owners and employees alike. It is ultimately the responsibility of the service station owner to protect his staff. There are, however, measures that can be taken to reduce the risk. Here are some tips on how to better secure your service station.
When asked, the majority of entrepreneurs will tell you that access to finance is their greatest challenge. Funders may target certain industries, types of business or even geographical areas. By knowing who and where these financiers are, you can approach the most appropriate organisation that meets your business's specific needs and goals. This document provides an overview of organisations that provide funding to the smallest micro businesses all the way through to medium-sized enterprises in South Africa.
While many small businesses are struggling to keep head above water, others are considering expansion to take advantage of the opportunities that are still out there. If this is you, there are a few things to think about before going this route. There are plenty of ways to expand a business; some take a lot more planning, research and finance than others. Here are some considerations to keep in mind when deciding to expand or not to expand your business.
Franchising is a business arrangement between a franchisor (the owner or holder of a business concept, brand or an arrangement) and the franchisee (who acquires the rights to operate in accordance with a franchise agreement). The franchisor allows the franchisee the right to use its trade name, business methods and know-how. In return, the franchisee accepts certain restrictions on the way he or she conducts their business. Here are some FAQs about what franchising is.
A mentor can be a valuable guide and sounding board when you are running a small business on your own. If you feel you need the services of a mentor, it's important to find one with a good reputation, the appropriate experience in your industry or problem area, and one you can trust and get along with. So, where do you start looking?
whichfranchise.co.za is the leading website for franchise information, advice and opportunities in South Africa, and hence one of the top franchisee recruitment websites. whichfranchise.co.za provides franchisees with a useful step-by-step guide to opening a franchise. Since launching our first franchise website over 12 years ago, whichfranchise runs successful websites in South Africa, UK (official online partner of the British Franchise Association), Ireland, Australia, and the USA.