Talk on the Street
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Talk on the Street
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Vision 2030 outlines Saudi Arabia’s development into the future. At its heart, master franchising plays a pivotal role in this thriving economy.
Vision 2030 for Saudi Arabia
Vision 2030 is what the Crown Prince of Saudi Arabia has set out as the future for the Kingdom of Saudi Arabia. Crown Prince Mohammed bin Salman bin Abdulaziz is considered an influential and dynamic force behind the success of his father, King Salman bin Abdulaziz Al Saud in bringing about significant reform and development within the country.
Vision 2030 is focussed on three main points. Firstly, it is about developing Saudi Arabia into a strong position as the heart of the Arab and Islamic worlds. Secondly, Vision 2030 is set to develop Saudi Arabia into a global economic powerhouse by encouraging and developing national and foreign investment in order to stimulate the economy and diversify its revenues outside of oil. Finally, Vision 2030 focusses on utilizing the nation’s strategic location to becoming a connecting hub between Europe, Asia and Africa, thereby becoming an epicentre of international trade and a gateway to the rest of the world.
While Saudi Arabia is rich in not only oil but other minerals including gold, uranium and phosphate, the idea behind Vision 2030 is to harness the power and potential of its people, in particular, its younger generation.
The Crown Prince, in his Vision 2030, is determined to create a thriving economy, one that benefits all its citizens and encourages its people to take up all opportunities for further education, training, employment and entrepreneurship.
A major focus of Vision 2030 is to create a stable, strong and thriving nation that provides every opportunity for its people, with a particular interest in establishing a greater opportunity for partnership with the private business sector, both small and large business. And one way to achieve this is through franchising.
Franchise Ownership Options
A number of different franchise ownership options are available, including single and multi-unit franchise options, where the franchisee buys either a single franchise unit or more than one franchise unit. Area developer franchising is similar to multi-unit franchising, but covering a wider geographic location. As an area developer, the franchisee is able to open a pre-determined number of units within the designated territory.
One of the most popular franchise ownership options for entrepreneurs is the master franchise option. With master franchising, the business owner, or master franchisee, becomes like the master franchisor. The master franchisee is able to take on single or multi-unit sub-franchisees, receiving their own franchise and royalty fees.
A master franchise covers a certain territory, usually a large geographic location. It is one of the most popular and successful ways for a parent franchisor to quickly break into a new market. And it is a very lucrative way for any entrepreneur to quickly build a large and successful business.
Benefits of Master Franchising
Master franchising offers significant benefits. Apart from the franchise and royalty fees received from each unit that opens up under the master franchise, a great amount of control is available to the master franchisee in terms of recruiting, training, supporting and developing franchisees. And all this is able to be done within a proven and detailed business framework. Brand recognition is something a master franchisee simply has to maintain and develop, not create.
When looking to emerge into a new market that is actively looking for foreign investment, such as with Saudi Arabia and their Vision 2030, master franchising is the ideal option for the parent franchisor and the master franchisee.