L11 Entrepreneur Journal



This week, I have had the privilege of learning how Franchising Works. Purchasing a franchise is such a proven model that I am surprised that more people don’t do it! I feel most people in Ghana don’t go into such business due to our level of education on this matter.



The reading materials from the website under How Franchising Works did enlighten me a lot about franchising. I have come to understand that franchise business offer much less risk than other conventional businesses because it has better operational and management systems. According to Small Business Administration (SBA), many small businesses failed because of weak management. (http://money.howstuffworks.com/franchising2.htm )

I personally have a strong erg to purchase a franchise and also be able to educate others about it. I also learn of interesting terms like Franchisor and Franchisee and also Franchise Agreement which are often sign between the Franchisor-the owner of the business and the Franchisee-the one buying interest in the business. I learned how important it is to have an attorney with experience in Franchise to scrutinize every document before signing. I also understood I may need to develop a business plan to enable source funding from individuals or banks and that the Franchisor will only offer only relevant information about his business and would not also offer any guarantee sales projections.
One great principle I learned from my Action Hero Nicole was how important to know your numbers, that even if you may have someone hired to do them for you, you still need to look at it and understand them because that’s what will help the company grow or crash.

Likewise Steve Jobs reading, it really served as a spring board for me.

$ 100 challenge
Apart from the income I made during my last week services, I haven’t made any because I was on a trip to Nigeria this week. Even though am away, one of my clients will be picked up from the airport on 14th of this month, who will spend about a week in Ghana and I know will make more profit from the services I will render to him.
I have created an Airbnb page where am advertising one aspect of my services.


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