Franchise Opportunities

Our firm was established in the year 1969 as Lara Educational Supplies Shop. It was however incorporated as a Limited Liability Company in 1978, and the name changed to Lara Bookstores Ltd., with Registration Number RC 24942.

We are glad to mention that for almost 40 years, we have operated continuously in this sector and currently, we maintain a dominant position nationally.

PROFICIENCIES:

·     Extensive experience in the procurement of books and other educational materials from Nigeria and other countries such as China, U,S.A, and the United Kingdom;

·     Proficiency in conducting international business;

·     Expertise in developing training curricula for multi disciplinary training in the Retail Management  sectors;

·     Proficiency in conducting marketing research on educational book and non-book products;

·     Good  knowledge in the use of computer software such as spreadsheets, word processors, data base management, statistical analysis packages for Bookstores Management;

·     Ability to utilise application software for such activities as financial control, budgeting, payroll, personnel records and stock control;

·     Growing number of franchises in Educational Institutions and cities all over Nigeria.

MEMBERSHIP OF PROFESSIONAL BODIES:

Member, Nigerian Institute of Management
Member, Institute Of Management Consultants
Member, Kwara Chamber Of Commerce, Industry, Mines & Agriculture
Member, Nigerian Booksellers Association

PROFESSIONAL WORKSHOPS/CONFERENCES

Members of our management have participated in the following workshops and trade fairs:

·     Nigerian International Book Fair: May 8 -13, 2006

·     London Book Fair 14^th – 18^th March, 2004

·     World Bank Procurement Workshop: June 24 – 28, 2002

·     Lagos Book Fair 5^th May, 2004

·     Nigerian Booksellers Association Conference, 1995

·     Christian Booksellers Association Conference, Houston, Texas, USA, July 1991

·     Retail Management Course, Organised by Simplex Systems Inc., Detroit, USA, 1994

·     Bookshop Management Course, Organised by The British Council, 1997

THE CONCEPT OF FRANCHISING

Franchising is a business arrangement in which one party (the franchisor (LBS) allows others - the franchisees, to use a business name, or sell products in such a way that the franchisees can operate their own legally separate business.

This represents a complete package, which allows the franchisee to use a format proven by the franchisor, whilst retaining independence as a business. There is an agreement between both parties which sets out how the business will be run, and the obligations of both parties.

THE LBS FRANCHISE (LARA BOOKSTORES FRANCHISE)

LBS franchisees have access to over 35 years of bookselling and retail experience and the collective wisdom gained from several stores. LBS franchisees are expected to come from many backgrounds and have a wide variety of experiences. Our franchisees enjoy the benefits and freedom of operating their own businesses, under the guidance of our proven retail system. They also have the security of the LBS experience and market presence behind them. Following a successful format enables each franchisee to maintain consistent standards in their store.

KEY BENEFITS OF OWNING AN LBS FRANCHISE:  These include:

·     A well established and recognisable brand name

·     Bookselling experience since 1969

·     A proven retail system and a comprehensive, up-to-date Operations  Procedure to ensure the smooth running of every aspect of the franchised business

·     Specially negotiated supplier terms and access to exclusive book and non book product

·     A comprehensive national advertising campaign covering specific promotions and brand awareness

·     Management support and training from booksellers experienced in running a retail bookstore

·     Assistance with property issues such as store location, and store fit outs

THE CONTRACT

This will be discussed in detail at a later stage, but generally the terms and conditions in the contract will vary from franchise to franchise depending on its size, location, and several other parameters. The factors to be  included in the LBS franchise contract usually include the following:

·     The operational responsibilities of the franchisor and franchisee.

·     The cost of the franchise.

·     The location and territorial rights.

·     The duration of the franchise.

·     Renewal and termination conditions.

OPERATIONAL ASPECTS:

This will cover the rights of both the franchisor (LBS) and the franchisee  within the business, including:

·     The degree of control of the franchisor.

·     The management assistance, training and development to be provided by the franchisor.

·     The management information system to be implemented, including accounting and reporting requirements.

·     The goods and services to be supplied and whether they can only be purchased though the franchisor.

·     Any restrictions on what can be sold or supplied by the franchisee.

·     The advertising arrangements for the franchise on a national or local level and the allocation of costs in this respect.

RESPONSIBILITIES OF THE PARTIES:

The franchisee will be  the owner of the business, and will therefore take responsibility for funding and managing the business on a day-to-day basis. The franchisor on the other hand will take responsibility for procuring merchandise and supplying same to the franchisee on concessionary terms. The franchisor (LBS) will also put its experience and goodwill, spanning over 3 decades, within the industry at the disposal of  the franchisee.

FRANCHISEE  RESPONSIBILITIES

The franchisee will be  responsible for every aspect of the routine operation of their stores including staff recruitment and training, merchandising, stock purchasing and stock management,  and all accounting and record-keeping functions. Procedures and guidelines for these and many other aspects of the franchised business are issued by LBS and further training and assistance is always available when requested.

FRANCHISOR (LBS) RESPONSIBILITIES

1. TUTELAGE
For those not familiar with the book industry, the number of titles to choose from can be quite daunting. Assistance in dealing with this process is provided in the initial training, however new franchisees must be prepared to learn about the industry and listen to advice.
 
The book industry, like many other retailers, relies heavily on seasonal peaks in the trade cycle. This means that a large percentage of our sales, and our positive cash flow comes at this time. Franchisees must be prepared for the increase in stock required to meet this demand and for the subsequent bills that must be paid. Successful cash flow management is one of the key components of running an LBS franchise.
 

2. MANAGEMENT SUPPORT & TRAINING
LBS provides its franchise owners with comprehensive initial training and ongoing support and advice regarding all aspects of managing their business. LBS also provides franchisees with field support for every outlet either physically or by telephone, fax or e-mail. This means that franchisees have regular contact and bookselling advice from experienced LBS staff.

Regular meetings and training programmes may be conducted for both franchisees and their staff to ensure that they and their staff have management, customer service and merchandising skills of the highest possible standard. One-on-one training can also be arranged for individual stores with specific issues

With the purchase of an LBS franchise, each franchise owner undertakes a comprehensive training program, including classroom style training at our Head Office, with experienced LBS staff, practical training in a company-owned store and follow-up visits from area representatives and National Office staff.

3. STORE FIT-OUT
The current LBS store fit out design has been formulated by retail design experts and professional booksellers and incorporates a customer-friendly image and all the practical elements required to present our products effectively to our customers.
 
The same design concept will be put in place in all franchisees to ensure a consistent image in all outlets.

FINANCIAL INFORMATION

The LBS Franchise term is 10 years (one five year term with a five year option). The costs to the franchisee will be discussed later, but may cover the following:

1. Royalty

2. Management fee

3. Marketing fee