World Franchise Review 2018

WORLD FRANCHISE REVIEW Feature Head & Heart 7 Are you confident in your belief that the consumers in your country will be as excited about the brand and its products and services as you are? • Attitude – Are you convinced that the franchise business is going to be rewarding for you and your family and stakeholders in the ways that are the most important to all of you? To answer this question, you must be very clear on what is most important to you? • Relationships – Are you comfortable with the people who own and manage the franchise business and have you gotten to know and understand them well enough that you are confident that you can develop a long, meaningful and mutually beneficial business relationship based on shared objectives and founded on integrity and trust? • Time – Do you have the time? Are you committed to invest the time and effort that it takes to succeed and can you balance your many personal and professional priorities to allow you to do so? Remember time is one of the only commodities that can’t be grown or multiplied or reproduced if it is lost or wasted so don’t fool yourself by telling yourself and others that you can “make” the time if you just don’t have it. So in summary before you decide to commit to the acquisition of an international franchise brand in your country you, your family and all of your stakeholders need to look to your Head and Heart to determine if you have the capability to successfully acquire, launch and develop the brand in your country and that you are committed to apply your complete energy and interest towards successfully acquiring, launching and developing the brand in your country taking into account the key considerations I have summarized above. Once you are convinced you have the Head and Heart for the business/brand you can move forward with your further analysis and due diligence knowing that you have acted wisely and responsibly by conducting the critical self-analysis required for a major undertaking of this nature. Additionally, you shouldn’t just keep this to yourself or treat it solely as an internal exercise you should share it with the business/ brand as your progress your discussions and negotiations with them so that they understand the level of your commitment to developing their brand in your country. Of course these Head and Heart considerations are not the only considerations and there are many other issues to consider when acquiring an international franchise brand and many steps in the process but having the right Head and the right Heart makes for a very a good start on the journey to creating a franchise relationship that looks like a “match made in heaven”. Wishing you every success with your franchising endeavours! Nelson Mandela by lasanta.com.ec (2013) https://www.flickr.com/photos/45582474 @N02/9215883633/ Attribution (http://creativecommons.org/license/by/2.0/ ). Photo attribution by PhotosForClass.com A good head and a good heart are always a formidable combination. - Nelson Mandela “ “ By: Troy Franklin

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