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If you are considering taking the plunge into owning your own business, consider opening a franchise. Franchising offers a unique opportunity to have the support of an established brand and the freedom to be your own boss. There are currently 480,000 franchise opportunities in the UK to take advantage of, one of the most well-known franchises being McDonald's.
Franchises offer a range of benefits that come with being part of a larger organisation. From marketing support to access to resources, the advantages of owning a franchise can be difficult to ignore. With the right approach and some hard work, owning a franchise can be a great way to build your own business. The key is finding the right franchise for you; for example, if you want to get a start in the fitness world, you can find out more about a fitness franchise on the Fitness Cartel website fitnesscartel.com.au/gym-franchise. This article will explore four benefits of opening a franchise business and how to make it work for you. Established Brand The first benefit of opening a franchise is that you get to build on an already-established brand. You purchase into a successful business model when you buy a franchise. The brand has already been marketed, and many customers will already be familiar with it. Because the brand is already well-known, you can start marketing your business with a greater level of certainty that your customers will respond. This can give you a significant advantage as you launch your business and make attracting new customers easier. Proven Business Model Another benefit of opening a franchise is using an established business model that has been proven in other locations. This means you can skip the costly and time-consuming step of experimenting with different business models. Instead, you can focus on growing your business and tracking how other franchisees in the system are doing. You can benefit from the experience of other franchisees and the data that the franchisor has gathered and analysed. The business model will already have been tested in different locations, so you will know that it can survive and thrive. This means you can be confident in your business model, giving you a significant edge as you launch your own franchise. Accessible Resources Another benefit of opening a franchise is access to resources. As part of a larger organisation, you will have access to the needed resources to run a successful business. This may include specialised training, quality control, marketing support and more. You may also have access to financing and other support that would be difficult to find if you were starting a business from scratch. This support can be precious when starting a new business. It will also enable you to focus on your core business rather than spend time and energy trying to access these resources. Marketing Support Another benefit of opening a franchise is the marketing support typically included in the franchise fee. Franchisees are typically offered marketing support from the franchisor. This marketing support includes advertisements, cooperative advertising, public relations, and social media campaigns. The marketing support provided by the franchisor will vary from franchise to franchise. You will likely have access to a larger budget for marketing than you would if you were marketing your business independently. This can be a huge advantage in growing your business and getting new customers. Conclusion Opening a franchise can be a great way to enter the business world. A franchise offers the benefits of an established brand, a proven business model, and access to resources. It also provides marketing support from the franchisor. With these advantages, it can be easier to succeed as an entrepreneur and to get your business off the ground.
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 Image credit: Geralt from Pixabay Making the decision to quit the corporate world as an underling and pave your own way in business is very daunting. But your drive is there. First, you secure cash flow (rather, don't ask from where because the interest is ridiculous). Second, you already have your five years and ten years all mapped out, even if it's just in your head for now. But the most significant decision is what you should take a highly expensive chance on? You have an idea for a start-up business knocking around. But then, purchasing franchise shares and building on that also looks enticing. Brand The brand of any business is what makes or breaks it. You can even go from a rock-solid brand one moment to a crumbling heap of ruin in the next. And it can even be from forces outside your immediate control that can cause it. If you follow the start-up route, you will build your brand from scratch and build your brand awareness and trust in the process. But even if you have no clue how to do it, there are thousands of digital marketing companies out there. You can find them with a click of a button who can help and work with you to build it firmly from the get go. Whereas franchises already have a well-established brand. They have already cultivated their brand awareness and trust, and you will just hop on the bus. This is a big turn-off for many as it's not solely based on their business but rather a collective. So again, the risks are that another franchise shareholder can cause brand damage, and it could have a ripple effect on your business. Location, set-up and the whole enchiladaBeing a start-up owner, the responsibility will be on your shoulders to scout out the perfect building for your business. You need to make the hard decisions on what equipment, technology and even outsource businesses you will use. Your to-do list will increase with each new discussion that needs to be made to get it started. Franchises usually already have the perfect location in mind where the business will work at its optimum. The layout is preordained, and even suppliers are already taken care of. This can be a significant relief for many. Still, it can deter you from sourcing cheaper suppliers or changing the interior of your business to your liking.  Image credit: Paul Christian Glenn from Pixabay Overlapping
There are still many aspects that overlap between a start-up business and a franchise. Legal aspects and account for one. Both can be outsourced. If you're a start-up company, there are many software you can use that will turn this daunting task into a breeze. Even if you go the franchise route and you have no clue how accounting works, there are companies that offer accounting for franchises that will make you sigh in relief. Whatever one you choose to place all your chips on, you have a heavy hand in making it a success. Self-doubt is a business leach. Consult with business owners of both a start-up and franchise owner and do your research on what they found most challenging and rewarding. In the end, it's all a gamble. But the winnings can be substantial. There are still many aspects that overlap between a start-up business and a franchise. Legal aspects and account for one. Both can be outsourced. If you're a start-up company, there are many software options you can use that will turn this daunting task into a breeze - you can even find software that helps you ensure lease accounting compliance, if this is something you know you will be dealing with, yet don't have much experience with. It's always best to turn to the experts when it comes to finances, especially if this is something you are not all that proficient in yourself. Even if you go the franchise route and you have no clue how accounting works, there are companies that offer accounting for franchises that will make you sigh in relief. Whatever one you choose to place all your chips on, you have a heavy hand in making it a success. Self-doubt is a business leach. Consult with business owners of both a start-up and franchise owner and do your research on what they found most challenging and rewarding. In the end, it's all a gamble. But the winnings can be substantial. |
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March 2023
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