Why Schools Need to Teach Franchising as a Subject
Who wants their kids to do a 9:00 to 5:00 pm job for their whole life? The answer is no one. Everyone wants children to run a successful business or at least get free from future tension. Thought it’s not possible to get completely free from future tension but we can plan something so we don’t need to worry at the last moment. We all know how important it is to plan and execute them correctly in life. Good planning may save you from lot of hustle. Let’s say, you are going to a friends party and you already planned what to gift him. Now, when everyone is busy in finding the best gift, you can whistle calmly because you planned for the future.
Future planning is also important for national development. A Country can grow seamlessly only if its youngsters are intellectual and hardworking. This phenomenon makes it important to teach entrepreneurship and business skill from an early stage. Teaching correct business skills to students will help the country grow financially and socially as well.
In this article, we will discuss why schools should teach students about franchises and business from starting. How it will impact their future and nation growth.
What is franchising
Franchising is the process of forming a partnership with a particular business to sell its products or services. Today, franchising is becoming increasingly popular among entrepreneurs looking to improve their profit margins by introducing new product lines or expanding existing operations. Franchising is taking a business idea and giving it a life of its own. It is giving someone the ability to build their own business. Interested ones need to submit an amount to the franchisor and in turn, the franchisor gives him rights to his business. Training and support are also provided to the franchisees if needed.
Though the concept is new in India, franchising is decades old in the developed countries. Franchising can be a great opportunity for entrepreneurs whose businesses don’t quite get off the ground. The main reasons why Indian entrepreneurs shy away from franchising are lack of capital, high start-up costs and a lack of knowledge. Franchising is a great way to get involved in an industry that you care about. And it can be a great way to increase your earnings.
Reasons for why the franchise is important
Existing business owners and people looking to enter the market should know about franchising. Franchising is needed as it helps in expansions and levels. The franchisor large level. Franchisors can take benefits of easy and rapid expansion in very little time through franchising.
1. Helps in getting investment money. Owners get money in form of franchising fees which they can use for expansion in another area. Buyers also get back their franchise fees from the profit generated.
2. Expansion of any business need trained professional to manage the new outlets. In franchising, franchisors provide training and guidance to the new franchisee till they become perfect in the work. This approach makes it easy for anyone to own a business in few steps.
3. As the business grows, the manufacturing cost of products get lower which helps both franchisee and franchisor. This is one of the main reasons why small businesses fail to compete with the big ones. Franchising helps franchisors by increasing their purchasing power and gets the resources in bulk at comparatively lower prices.
New education policy
New Education policy is said to be a revolutionary change Indian education system. The old system is of 10+2 is replaced with a 5+3+3+4 system. All subjects will be available in regional languages as well. Subjects like Artificial Intelligence, Design Thinking and Holistic Health will be introduced to students at a related stages. All these subjects will help the not being programmed slave, it will help them file their skills.
Talking about skills, opening a business and running it is itself a skill. Government should understand the importance of business and promote it for future generations. Expansion of business has many ways in which franchising is the most important one.