This week a learned a lot more about franchising. Before taking this class I did not really understand what it was or what it meant, or how you knew what was a franchise. Now I understand it much better. I also realise there are a lot more franchises than I thought. For one of the assignments we read about franchising and decided if that was something we would ever want to do. My first thought was “yes,” because as far as business go, it sounds like an easy way to start one. You are given a building (but you do have to set up in the inside). People already know the brand, so it is more likely you will have customers. However, you do have to follow the company’s policies and structure. You are in charge of the franchise you run, but you still have to report to a superior. This sounds like a great idea for some people, but I don’t think I am that type of person. When living by someone else’s policies you are also living by their standards and values. You are living by their vision and mission of the business. The franchise you own is an extension of their business, and so they want to keep it consistent with all the other franchises. For my business I would like to be able to set my own values, standards, and vision. A franchise does not offer this freedom.
For my $100 challenge, I am almost there! I am excited by my progress and am doing better than I thought I would do.