Sharjah 24: The Sharjah Foundation to Support Pioneering Entrepreneurs (Ruwad) of the Sharjah Economic Development Department (SEDD) held a virtual training programme entitled: How to become a successful franchisor? With the participation of 20 male and female entrepreneurs.
The trainer and businessman Jassim Al Bastaki presented the 3-day programme.
In this context, His Excellency Hamad Ali Abdullah Al Mahmoud, Director of Ruwad, stated that the UAE is an ideal destination for franchising with many international companies. Yet, this type of business still needs more awareness among entrepreneurs who wish to enter the world of entrepreneurship and establish their small and medium enterprises. In addition to owners of existing projects and who wish to expand their businesses, services and products in a more professional manner.
His Excellency added that the number of member projects of Ruwad that operates on the franchise system is 43 projects, including 36 projects for entrepreneurs, 6 projects for women entrepreneurs, and 1 joint project.
His Excellency pointed out that entrepreneurs today are more in need of developing their knowledge of the concept of franchising as an option for business.
The training programme included five main axes represented in the definition of the concept of franchising, its importance and advantages, the strategic structure of franchise, the legal aspect regulating it and the types of contracts in them. In addition to the nature of the relationship between the two parties to the relationship in franchise agreements, namely the grantor and the grantee, and the success factors of each party.
Jassim Al Bastaki stated that the programme aims to promote and achieve growth and investment opportunities for innovative ideas and solutions owned by the participants in the programme by helping them understand the content of franchising, how they succeeded in achieving their goals and reaching their projects to the world through local roots.
Al Bastaki stressed the need for those wishing to enter into franchising to understand what the roles and responsibilities of purchasing in commercial franchise and the forms of this franchise, and to develop their negotiation skills, as well as familiarity with the operational aspects of franchising operations.
The trainer explained to the participants that strategic planning is an important pillar in enabling the entrepreneur to practice this type of business successfully. This included the correct selection of the site and the supply chain, determining the costs of obtaining the franchise, marketing for their project, other legal aspects, and areas of technical and logistical support.
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