It is an open fact that the primary aim of establishing a business or owning a franchise in Nigeria and anywhere else in the world is to maximize profit.
The profit generated will be used to either expand the business, establish another business or to take care of the personal need of the business owner(s).
Nigeria is one of the countries in Africa that is deeply into various kinds of business. Presently, businesses have gone beyond buying and selling of good to quality service delivery.
For instance, Power Holdings Company of Nigeria is not into buying of goods but for service delivery. That is to say that the public pays for its services at intervals.
However, this does not mean that those into the selling of goods are not progressing in their business; it all depends on the amount of money invested and the nature of the business.
Franchise businesses such as Mr. Biggs, Chicken Republic, and other related business will continue to generate enough dividends irrespective of the economic situation in the country.
The benefits of establishing your own personal business with a proven track record and security cannot be over emphasized.
Owing a franchise which is already based on an existing model will not only give you a feeling of security but also a path way of success because it has successfully worked for most other entrepreneurial individuals.
Other benefits of operating a personal franchise in Nigeria include:
People engage in businesses to make a name (brand). The name here distinguishes the product from some other products of the same kind.
It takes years of organizational hard work for a business to achieve a brand name in a highly competitive market, but with ownership of a franchise, you can leverage the benefits provided by the company.
Reduces overhead costs:
Owning a franchise in Nigeria offers one the advantage of having a lower overhead cost when compared to independent businesses because franchisee takes the advantage of the company’s nationwide distribution system which comes in a lower cost bulk purchasing.
If the franchisee is lucky enough to have high sales, he can also consistently get a supply and access to high volumes of products.
Most employees training in Nigeria is being provided by the parent company for the franchisee and its staff members, thereby saving the franchisee the resources and money that would have been incurred in the process.
Also the parent company provides employee polices and information about the procedures, desired attitude and operational style to implement for the maintaining and smooth running of the business operations.
Apart from the fact that owing a franchise is of great benefits to persons with the requisite experience of how to operate that type of business within the industry, it also helps by giving support to business owners who have little experience within the industry and who don’t have a large network of contacts of business associates.
The benefits of owing your personal franchise cannot be over emphasized; apart from the fact that you will generate sufficient income for expansion of the business and personal use, the parent company will also save you a lot of cost which ordinarily could have accrued to your business