Ruwad motivates entrepreneurs to enter into franchise projects
SHARJAH, 23rd October, 2021 – The Sharjah Foundation to Support Pioneering Entrepreneurs (Ruwad) of the Sharjah Economic Development Department (SEDD) held a virtual training programme titled “How to become a successful franchisor? With the participation of 20 entrepreneurs”.
The trainer and businessman Jassim Al Bastaki presented the three-day programme.
In this context, Hamad Ali Abdullah Al Mahmoud, Director of Ruwad, stated that the UAE is an ideal destination for franchising for many international companies with a strong brand.
This programme is also for owners of existing projects who want to expand their businesses, services and products more professionally.
He added that the number of member projects of Ruwad that operates on the franchise system is 43, including 36 for entrepreneurs, six for women entrepreneurs, and one that is a joint project.
Al Mahmoud 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.
These are its importance and advantages, the strategic structure of the franchise, the legal aspect regulating it and the types of contracts.
It includes 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 and commercial experiences to the world through local roots.
Al Bastaki stressed the need for those wishing to enter into franchising to understand the roles and responsibilities of purchasing in a commercial franchise and its forms.
They should develop their negotiation skills and familiarity with the operational aspects of franchising operations.
The trainer explained the importance of strategic planning in enabling the entrepreneur to practice this type of business successfully.
This included selecting the site and the supply chain correctly, determining the costs of obtaining the franchise, marketing for their project, other legal aspects, and technical and logistical support areas.