A franchise is a perfect model for anyone who’s ambitious and determined to be their own boss. Opening a franchise requires a great deal of perseverance, time and effort (as with any business start-up venture) but the key differences are the whole host of benefits you’re buying into - in short franchising is a lot less risky than starting out alone.
What is a franchise?
A franchise is a tried and tested business model that works. The franchise owner has spotted an opportunity in the market to grow the business via a franchised model; allowing a third party the rights to operate a replicate business model under the original brand and following the same processes set out by the franchisor (franchise owner).
Investing in a franchise will usually involve the initial cost of purchasing the rights, land and training, plus a small percentage of monthly revenues.
So why choose to franchise, what are the benefits?
A model that has already proven success in the market and issues have been addressed and ironed out, adding greater security to return on investment.
You’re buying into a brand that is already established in the market, has a customer base and understands it’s target audience; including their wants and needs. You’ll also benefit from economies of scale and added benefits on purchasing power (depending on size of brand)
Training and Support
Many franchise models offer excellent training schemes set-out to help you better understand the business, learn the skills necessary for operation and gain the knowledge and tips for success. On-going support is also at hand for continued development and success.
Experience Not Necessary
As long as you're determined, ambitious and have done your research many franchisors require little or no experience! Just be ready to learn, listen, ask lots of questions and full training will be provided to assist you.
Resources at your Fingertips
Many franchises offer support and assistance to help boost your business exposure, including paid marketing campaigns and help finding the perfect start-up location. Financial assistance in the form of loans, low interest rates, low initial deposits and support sourcing means. Assistance when purchasing new equipment and so much more.
With the increasing popularity of franchising in the UK comes a variety of appealing models across a range of sectors. More and more franchise models offer flexible business models to work around you, some of which include, working from home, part time hours and shift work.