FUTURE OF FRANCHISING
Franchising is an answer in a growing number of sectors adapted to current ways of living, namely: retail and services, fast food, sports goods, specialized health and beauty services, car services and others.
It is a system that actively participates in the modernization of trade and craft practices. It is obvious that franchising has reaffirmed itself as the most profitable means to take advantage of traditional economic multipliers.
FRANCHISOR INCOME STREAM AND CONTROLS
Franchisors controls the sources from which their Franchisees purchase operating assets (equipment, fixtures, furnishings and signs) and goods and services required to operate the franchised business for one or more of four basic reasons:
We are almost nearing the end of the second quarter and it’s time to assess how we fared as a business under an economy considered as one of Asia’s worst hit by the pandemic.
In a Bloomberg report penned by Ditas Lopez and Cecilia Yap, our economy “contracted more than economists expected in the fourth quarter, capping its worst year on record, as private consumption remained anemic even as more businesses reopened from lockdowns. For all of 2020, GDP plunged 9.5%, the largest drop in government data going back to 1946.”
PROCTASTINATION IS THE WORST ENEMY OF BUSINESS OWNERS
If you look up procrastination in the dictionary, it says “to put off intentionally and habitually or to put off intentionally the doing of something that should be done.” So not surprisingly, we frequently see founders and business owners delaying the next generation transition process until some triggering event happens.