Franchising has always been a popular choice of business because of its relative reliability, and it remains one of the most powerful ways to stimulate entrepreneurship and job creation. In Nigeria, franchising contributes to GDP and there is scope for the growth of this sector.
Morné Cronjé, Head of FNB Franchising says, “There’s no doubt that franchising remains an attractive prospect for businessmen and entrepreneurs. The beauty of franchising is that you’re in business for yourself but not by yourself.
MacKenzie says that while a number of trusting suppliers provided credit, he did not have the capital to roll out company stores. Franchising was consequently an attractive option, but it was key to build an attractive franchise.
“From a potential franchisee perspective an exceptional return on investment is vital. In order to sustain the business in the long term innovation across all aspects of the business is essential and as with any business, if you fail to plan you plan to fail. Planning should always go hand in hand with trend analysis and sector specific research. ” says MacKenzie.
“A responsible businessman or woman always plans for the future, and as Craig has demonstrated, it is imperative to build an attractive franchise for present and future purposes,” concludes Cronjé.