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 o
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 ‘resale’. When buying a resale, you have to do the same research and assessment you would do if you were buying any business.
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.
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.
Many entrepreneurs steer clear of franchising when choosing a business venture, primarily because they feel franchisors place too many re
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.
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?