For many people, one of their lifetime goals is to start working for themselves and build up a business. Many of those budding entrepreneurs do so by setting up independent brands. But, did you know that more people are getting involved with franchising?
There are many selling points of franchise businesses. Are you thinking of starting a business soon? If so, franchising may have crossed your mind. Here’s why they could make good business sense to you:
You already have an established brand
Perhaps the central feature of franchising is how you don’t need to build up a brand. That’s because it’s already set up in the marketplace! Examples of successful franchises include McDonald’s and Burger King.
Of course, franchises aren’t all about fast food restaurants! You will find many popular brands outside of the hospitality industry are often franchised. Take painting and decorating firms, for instance. It’s likely you’ll have heard of the CertaPro franchise businesses.
When you start a new company, you have to spend time building up your brand. That process also involves a lot of money too. As you can imagine, it can sometimes be challenging to establish a new brand in the market. Especially when the economy is so turbulent!
The beauty of franchises is that you can skip that long and costly phase of your startup business. Franchising gives you the power to get into the swing of things straight away.
You have plenty of help and support
When I first started my business, I didn’t have much in the way of help and support. Sure, my friends and family rallied around me to assist me as best they could, but that was about it! There was little help from the government or any pro-business organizations.
To all intents and purposes, I was “thrown in at the deep end” to use a metaphor. I had to learn about running a business and the pitfalls to avoid the hard way.
The good news is that you’ve got a strong support network when you start a franchise. You’ll always have the help you need to get started. That way, you continue the brand’s success and make your business a lucrative enterprise. Let’s face it; people that run businesses do so to make money! How else are you going to pay your bills?
You have an allocated territory
One thing I love about franchises is that you have a defined trading area. You don’t have to worry about other franchisees selling on your turf, as it were. The franchising company ensures that people have defined territories.
If you work with a young franchise, you’ll often have the choice of any area. For established ones, areas might get divided into target markets. You could choose between offering your products and services to residential or corporate clients. The only competition you have to worry about is from other brands.
It’s easier to secure finance
As with any business, your franchise will need some money to cover the startup costs. Did you know that it’s easier to borrow money if you’re a franchisee? That’s because the brand already has a proven track record.
So, when will you start your franchised business?