Eric Schiffer – Franchising With Him
Anyone who wants to have some insight about the franchise business model should get to know the views and suggestions of Eric Schiffer. Eric Schiffer is currently the CEO of 99 Cents, a business that has various franchise outlets in many states of America. The company is still growing and it has close to 300 stores in the whole of America. A majority of the 300 stores runs on the franchise model. This is precisely the reason why many people consider Eric as the right person when it comes to getting advice on franchising and retail businesses.
Irrespective of whether it is about franchising or managing a particular business, Eric Schiffer always gave huge importance to the concept of acquiring information on a regular basis, provided the sources are true and reliable. Eric Schiffer believes that a successful business model would not necessarily reap out the same benefits for another person. 99 Cents is a business which is based on selling goods at a much cheaper rate when compared to the market price. Selling cheap has been a successful business model for 99 Cents but it may not necessarily work for others as well. 99 Cents would have definitely undergone losses in the early stages of its business. Most other businessmen would have not been able to withstand such losses and they would have raised their hands midway. However, things were not the same with 99 Cents Store as it tried to ride through the difficulties and was patient till it started cutting profits for itself.
Experience is also a major factor here. Getting into a business is not just about the capital investment. It is also about having some knowledge and expertise in the particular line of business. Recruiting people for the business is also a major decision; and when it comes to selecting the managers, things can become quite tricky and tough.
Most of the people who start franchises think that the sum of money on their hands is good enough to start a successful franchise business. Such people have a budget in hand but they do not consider all the unforeseen expenses of a franchise business within their budget. It is only when an unexpected expense incurs, a businessman’s mettle could be tested. Eric Schiffer believes that new franchise owners should have at least an additional 15 percent of their entire budget to address any unforeseen expenses in the future. The creativity of the managers and the communication between the franchises is also a key element in the success of a franchise business.