My Queue

There are no Videos in your queue.

Click on the Add to next to any video to save to your queue.

There are no Articles in your queue.

Click on the Add to next to any article to save to your queue.

There are no Podcasts in your queue.

Click on the Add to next to any podcast episode to save to your queue.

You're not following any authors.

Click the Follow button on any author page to keep up with the latest content from your favorite authors.

Franchising Your Business

4 Things Entrepreneurs Can Learn From FIFA World Cup 2018

Just like the World Cup, Business Opportunities also comes with full of excitement and disappointment.
4 Things Entrepreneurs Can Learn From FIFA World Cup 2018
Image credit: Franchise India
3 min read

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

The 2018 FIFA World Cup with a viewership of 3.2 billion has much more than entertainment hooked to it; There are many things that Franchisors can learn from the most loved ball game. Read on to know more…

Underdog can come out on top/The days of the Underdogs

Bigger isn’t always the best in the world of franchising. While having many big chains in the market, there are many smaller, low-cost franchises that may be better suited to your ambitions, budget, and lifestyle. Recently, South Korea outclassed Germany, the defending champions, eliminating them from the World Cup which the entire football nation sat and noticed. Similarly, smaller brands can outclass big chains with their right strategy, planning, and dedication.

Low-cost franchises provide an opportunity to get in with a franchise right from the start. It can enhance your position within the network, as new franchises tend to be more affordable than established brands.

Teamwork is key

A nation that performs well at World Cup, do great as a team, and not individuals like Ronaldo of Portugal, and Messi of Argentina. Similar is the case with franchising. The relationship between a franchisor and franchisee is as important as of the players from the same team.  It’s necessary for the franchisor and franchisee to work together towards the same goal, making the business profitable. There is no franchising without teamwork.

There is always a plan

Every World Cup team’s Manager formulates a plan which he expects the team to follow throughout the game. Similarly, investment in the franchise model comes with rules that need to be adhered to. There is no need to re-invent the wheel while a franchise system is already doing great, proving its success, every now and then. It’s important to understand the importance of consistency for the franchise to thrive.

Training is essential

Training on franchising ground is as essential for franchisees, as for the players on ground. Players train for weeks before the tournament starts to make sure that they are fit and ready for the game. Similarly, franchises should provide comprehensive training programmes for all franchisees. During the training, topics like qualities every business owner should possess and specific skills should be provided to the franchisees. Providing coaching and support throughout a franchising journey can interest the young, willing to be a franchisee population.  

This article was originally published on Franchise India by Shahram Warsi.

More from Entrepreneur

Dustin's experience and expertise can help you monetize your message, build a marketing strategy and connect with influencers.
Jumpstart Your Business. Entrepreneur Insider is your all-access pass to the skills, experts, and network you need to get your business off the ground—or take it to the next level.
Are you paying too much for business insurance? Do you have critical gaps in your coverage? Trust Entrepreneur to help you find out.

Latest on Entrepreneur