A Business Model That Is Growing in Popularity
When the entrepreneurial spirit instills itself in us and we think about starting a business, several options are possible. There are many ways to go into business, but also more than one business model to choose from when you decide to dive head first into entrepreneurship.
For example, you can start your own business or buy a franchise of a business with which you share common values. Those are often the two business models that freely come to mind when we think of embarking on this adventure. However, there is another way, that few know of, which gives you access to entrepreneurship thanks to its characteristics adapted to the current and future market. It is the business model that could be placed in the “integrated trade” category. This means that the store or business belongs to an independent corporation (parent company) but that it is operated by an external resource who acts as its manager.
The crucial differences
Instead of paying hundreds of thousands of dollars to buy a franchise and be responsible for its financial success, the CORO model allows you to keep your wallet in your pocket. By taking on the role of manager, you get the flexibility you need to lead your team and keep your business running smoothly. In addition to being free to manage your business, you can count on a large team within the corporation that supports you in all matters of logistics regarding suppliers and deliveries, but also on a marketing department that helps you promote your products and services.
And the initiative is more than welcome! Some people mistakenly believe that being a business manager of a large corporation puts the brakes on innovations and ideas that they could bring. On the contrary, each manager has a say in their business and enjoys plenty of freedom on how to manage it.
A method that’s becoming more and more popular
Although this business model is beginning to make its way into the entrepreneurial world, it is still unknown to many people, both to experienced and emerging entrepreneurs. However, several large corporations are quietly inserting “integrated trade” into the business offerings aimed at a different type of entrepreneur who is hesitant about how to get into or back into business.
The Parkland Petroleum Corporation, which owns Ultramar, is one of those companies that offers entrepreneurs a chance to manage a convenience store and an Ultramar service station while receiving constant assistance from all branches of the company. Whether it’s for starting the business, for seeking marketing advice for different events or promotions, or for managing the shipments of goods, the manager is never left alone.
The “integrated trade” method is therefore situated halfway between the solely owned business and franchise. Without having to invest huge amounts that can sometimes prove unprofitable, you are managing a business under a banner that has proven itself over time. With this business model, you earn a base salary as well as a commission based on the performance of your branch.
If you thought that going into business depended only on two options, you now know that there is a third one and it is important to take it into consideration!