Home Limerick Business To Franchise or Not to Franchise? Limerick-based centre has the answers

To Franchise or Not to Franchise? Limerick-based centre has the answers

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Whether or not to Franchise can be a difficult
decision for many business owners- What is involved? How do I protect the core
venture? Will I get sufficient return on my investment? and What exactly does
business format franchising entail as opposed to other expansion models? The National Franchise Centre, based in Limerick, offers its advice
Often, the
cost and time involved in scaling ones venture depends on the complexity of the
business, the proposed system and the current position. So making the initial
decision as to whether franchise is right or not, can be difficult. Notably, the
NFC has identified key elements in this decision making process inclusive of
understanding expansion models, legal considerations, financials, brand
development, marketing, systemisation, Intellectual property  and the importance of speaking with people who
have been through the process (both franchisors & franchisees).
Indeed, the
relationships between business format franchising, licensing, agents and
distributors can be muddied; however they are all forms of expansion hugely
relevant to many businesses.
In 2010, the
Irish Franchise Association reported that the annual turnover of franchise
activities in the country as worth 2.419
Billion and employed nearly 43,000 people. The UK franchise association
advised that it was worth 10.8billion to its economy and had grown by 44% in
the last decade.
Thus, it is
clear that the potential for growth within the franchise sector, (despite a
recessionary decline) has remained, possibly as a result of its core function-
replicating successful business models in an ethical manner.

Businesses who
wish to pursue such a growth model do have access to unbiased support in the form
of the National Franchise Centre (NFC) which is a not for profit venture
established by Limerick Institute of Technology in Partnership with Limerick
Chamber. 
Dr Fergal Barry speaks to NFC members recently
Currently the NFC
offers “Franchise START” which helps business owners/managers to evaluate their
current situation and what planning is required in these key areas. The
programme is 5 days in duration, and facilitates those who wish to assess the
feasibility of business expansion using various models.
Dr. Fergal
Barry, Vice-President of Research, Enterprise
& Innovation at LIT advised “The merits of Franchise START lie in its
practical and utilitarian approach to expansion models”.
Martina
McGrath, Centre Manager noted “this programme helps to demystify the
business format franchise concept, offering a true insight into the investment
required in order to scale ones business. For some franchising offers an
excellent platform for expansion, however gaining a knowledge base to enter
into this sphere knowingly can be an uphill and costly exercise. Franchise
START is catered to those who need to determine their suitability to the model;
in addition to those who need information on best practice and ethical
operations.”

To
register your interest for Franchise START or for further information please
log onto www.nationalfranchisecentre.ie
or email: nfc@lit.ie

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