Owning Utility Franchise
Utility Company is one of the established businesses in delivering IT services to small and medium firms.
The company has been engaged in the business of franchising as is now continually growing and making name with integrity in the industry.
The Utility Company provides IT services for small and medium businesses which is indeed a booming industry. Despite the challenges that hit the industry due to intense competition, Utility Company was able to overcome the predicaments and came out strong. This is as a result of their integrity in the industry and by incessantly providing quality service to customers.
On the financial side, it is very important to get a grasp of the capital investment needed to quality as the company’s franchisee. In most businesses engaged in franchising, it is the financial capability of the franchisee that is first examined and assessed. There are some that do offer financial support to those who are willing and able to manage but lack financial resource. It is advised to have a sound business plan as well to be able to get financial backing from lending or banking institutions.
Franchising fee required to get the Utility franchise business started is estimated to be around $20,000 to $30,000 with on going royalty fee of 7%. Usual term of agreement is a 5-year renewable contract. The accumulated investment thus ranges from $36,321 to $61,987. Qualifications for being Utility franchisee are focused on at least general business experience and skills on marketing. However, though not required, it would an advantage being knowledgeable in the same industry as with Utility.
The good thing in franchising Utility is the fact that it can be run from home but absentee ownership is not allowed. The company prefers hands on managing for the business. Starting the franchise requires just one to three employees which is an advantage especially for entrepreneur that are just starting in their career path.
On the other hand, aside from abiding by the rules and policies of the company, it is important to have also a concrete business plan for the franchise as well. The business plan will most likely include marketing initiatives, service improvement, financial support, and capacity planning. The plan will serve as the guide of the franchise along with the company’s program to drive the success of the business.
Most commonly, the marketing plan involves advertising and promotional activities that is more on creating an image for the business to attract customers. Service improvement, on the other hand, is more like a continuous process of innovating to enhance the performance of the business while catering the best interest of the people behind the company and the customers.
Summing it up, it can be said that in Franchising, it is worth the time to balance things out before firmly deciding on which to franchise and how to manage the franchise well enough for it to succeed.
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