Take Your Franchise at Another Level by Being a Master Franchisee If You Think You Have The Leadership Skill And Vision, Then Make A Move To Own A Master Franchise Option
This story originally appeared on Franchise India
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If you think you have it in you to take a Franchise business to the next level, you may be right in thinking to take up a master franchising option. Raynia Theodore, a principal lawyer who deals with franchise related business shares, "Many franchisors, at some point during their business, consider master franchising. Master franchising can create new opportunities and new income streams. However, master franchising is not appropriate for all franchise systems and careful consideration as well as expert advice should always be sought prior to embarking on such a major decision."
Here are reasons why you should think of these lines:
Sense of Responsibility
A master franchisee status is a serious responsibility. So you have to be sure to for this. This model required far more commitment of time, energy, resources, leadership and involvement to ensure the franchisor can trust you enough to give you as master franchise option. This will also mean that you would be choosing the other franchisees and carefully planning to expand a franchise model in your designated region. So, be prepared and ready to take responsibility.
If you have the leadership qualities and conviction to build it, then there are huge opportunities to grow and shine as a master franchisee. This is because you are going to be responsible to choose the sub-franchisees and this is in itself as a huge indicator of personal and professional growth. The decisions and expansion plans will have to be routed through you and in most cases, you will also be the direct point of contact for the Franchisor itself.
With all personal and professional growth, the return of investments (ROI) is also huge. Master franchising provides franchisors with an ability to earn extra revenue. Master franchise fees have the capacity to add significant amounts of additional income to the franchisor, notwithstanding reductions in other income (as the master franchisee will take a portion of each collected fee).
Less Overhead Costs
Typically you will operate a Master Franchise has an advantage of not having to spend too much on infrastructure. Once you have a robust network of franchisees, your need for support staff reduces. You might see yourself enjoying surplus income and leading a semi-retired life.
Serving a Few
Another advantage of being a Master franchisee is that you will now have a few chosen customers to look after. Now that your sub-franchisees will be your new customers, this is where you can put all your energy and help them grow with you. With a small team to nurture, mentor and guide, there is a huge sense of ownership and satisfaction of creating an opportunity to employ so many more people.
This article is originally published by Uttara J Malhotra on Franchise India