If you are a person that desires a business that you are in charge of, then this interview with Jassim Al Bastaki, Owner and CEO of Franchise Souq will give you some insight and an idea of how the field works.
1. How did you enter in the franchise business?
Jassim Al Bastaki: We entered into the franchising business after reviewing the current market situation and demand from aspiring entrepreneurs. We found that a lot of investors cannot find the right brands and a lot of brands do not find the right partners, so we decided to create a platform that provided opportunities and one that connected potential investors to the right entrepreneurs absolutely risk-free.
2. Where and how did the idea for your concept come from?
Jassim Al Bastaki: The concept was formed after we reviewed the foreign franchise markets and analysed the UAE market. Our results showed that some businesses were facing competitive challenges and losses. We then formed Franchisesouq to give opportunities to business owners to franchise their business. Our company helped decrease business loss and increase opportunities for brands and investors.
3. What inspired the brand name?
Jassin Al Bastaki: The brand name was inspired by the functions of our company, Franchisesouq which represents a 360 marketplace for franchising brands.
4. What is the story behind the brand logo?
Jassim Al Bastaki: The word franchise indicates the franchise business and the word souq indicates a marketplace for brands and our business strives to create a connection between the two and our logo shows this. Our logo is meant to show our aim which is to connect one platform with another.
5. What makes your brand different from your competitors?
Jassim Al Bastaki: Franchisesouq is a 360-degree platform which lists, promotes and connects the franchisors from local and international markets to serious franchisees worldwide.
6. What are the essential qualities that you look for in a franchisee?
Jassin Al Bastaki: We look at the total amount he is willing to invest in the brand, the location, the number of units as a master franchise and area development or per unit he wants to open. This process becomes easier because of TGFM due to the face to face meetups.
7. How long does it take, on an average, for your franchisee to realise their investment?
Jassin Al Bastaki: It takes a minimum of 3 to 6 months but this choice also depends on the franchisee and the brand.
8. What was the major challenge you faced in your career and how did you overcome it?
Jassin Al Bastaki: Since franchising was still new to UAE, our major challenge was to spread the awareness of the importance of Franchisesouq through marketing and various other channels to franchisors and franchisees.
9. What is your best achievement?
Jassin Al Bastaki: I would say the rapid growth of our company. We reached 300 users locally and internationally online in a short period of time and have advanced to a total of 3000 users daily on our site. We were also nominated by MEA UAE business awards 2018 as the best online business platform.
10. What the best moment throughout your franchise career?
Jassin Al Bastaki: It is when our local and international clients appreciate us for services, being part of the global market, TGFM and Franchisesouq.
11. Where do you see your brand in the next two years?
Jassin Al Bastaki: I see our business globally recognised for its business opportunities.
12. Any tips you want to impart to our readers who want to be in the franchise industry?
Jassin Al Bastaki: Hire a professional restaurant/ franchise advisor to help you with getting your brand-related facts and figures ready before promoting your brand as a franchise. List your brands at Franchisesouq to get the right exposure and participate in major franchise exhibitions such as TGFM 2019.
For more details about Franchise Souq, please visit their website.
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Term Of The Day
Franchise Feasibility Studies: “This is used to check if a company can be a good franchise.”
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