Tamakkan’s session on “The Power of Franchising” at Al Mamoura Auditorium was aimed at those wanting to be either franchisees or franchisors and shared the fundamental dynamics required before taking the franchising plunge.
The seminar focused on a broad range of aspects; experts shared technical information about the legal and regulatory frameworks and offered advice on the entrepreneurial skill sets required. They also provided insights on ways to mitigate insecurity and conclude a quality contract. The session also featured presentations by entrepreneurs who shared their personal experiences.
Tamakkan is a knowledge-sharing platform established by BrandMoxie, a leading advertising agency in the UAE. The initiative operates under the patronage of Fatima bint Hazza Cultural Foundation (FHCB) and this event was supported by Aldar.
“One of the most common questions we receive at Tamakkan relates to franchising. We try to help people who want to start their business to create something that is a successful model, that is workable, that is sustainable, that is repeatable. And we think that franchising, when it is done right, offers that kind of entrepreneurship dynamic,” said Founder of Tamakkan and CEO of BrandMoxie Sana Bagersh.
Willem Steenkamp, Al Tamimi and Company Senior Associate, spoke about the advantages and disadvantages of being a franchisee and franchisor as well as its legal implications. “In franchising, there are some nuances that you need to consider. It’s not just a case of getting a turnkey solution and then you’re off to the races.” said Steenkamp.
Yendy Khayat, Founder and Managing Director of The Franchizery, detailed the most important things that one should consider before buying a franchise. She advised entrepreneurs to really know yourself before diving into franchising: “70% of people have thought about getting their own business. But you should not start your search for franchise by searching for a franchise. You really need to start with self-discovery.”
Entrepreneur Oman Bader Al Mohammadi, who bought the Esquires Coffee Houses Franchise for UAE, Qatar shared the journey of how he acquired Esquires Coffee Houses. “We went for Esquires. We liked it because it had organic coffee and they were very flexible with the menu. You can have your own food but you need approval from the mother company for presentation, costs etc. so we thought this was a good advantage.” said Al Mohammadi.
The story of Mandilicious, a home grown franchise, was shared by the founder Fayez Al Nusari, Founder and CEO of Mandilicious. He shared the roadblocks that he encountered and how he was able to overcome them. “I always wanted to be in the food business but never had any experience but I had the drive and the passion and I knew I can do it. I chose to surround myself, and this is very important, with people who believed in me,” he said.
Tamakkan is an initiative aimed at nurturing entrepreneurship, leadership and innovation. Established in June 2009 by BrandMoxie, a leading advertising and marketing company in the UAE, Tamakkan support s the growth of SMEs and startups by providing access to information and networking, as well as promoting innovation, best practices and corporate social responsibility to corporations and institutions. The initiative has steadily grown into a powerful knowledge sharing and training platform that has contributed to the development of the local economy. www.tamakkan.com
Note: This article is a repost