So, Should You Franchise a Business in 2020?
If you were to type ‘how to start a business’ into Google search or you were to speak with your personal assistant about it – be that Alexa or Siri or Google – you’ll find that there is a metric ton of information and advice available for starting your own business. You’ll also find that there is a metric ton of details on how to franchise a business.
Investing in a franchise can prove to be a shortcut to owning a successful business. Nevertheless, it’s vitally important that plenty of relevant research is undertaken and you approach the opportunity with the appropriate amount of due diligence. You’ll want to be sure that you as the franchisee and them as the franchisor are a good match.
Worried about the amount of capital needed to start a franchise or franchise a business? There are many U.K.-based franchises that cost less than £20,000 as the initial investment. And for that relatively small cost, you can share in some very healthy profits.
For you, if you are considering launching your own franchise business in 2020, one potential starting point would be to consider the advantages of doing so. And in this article, we’ve got you covered. Let’s consider the advantages of establishing your own franchise business in 2020.
What Are the Advantages of the ‘Franchise a Business’ Model?
As a franchise owner, you will own and operate your own business while simultaneously enjoying the advantage of having support on an ongoing basis from the franchisor as well as the franchise network.
The procedures, the processes, the market testing, and a lot more besides will have been carried out by the franchisor. This means that what could have proved to be very costly potential errors have likely already been made and thus can be avoided.
From the outset, when you join a brand that already has an established track record and an established brand, it will help in terms of existing customer confidence in your brand. That means you get customers from the very first day you open your doors for business.
The franchisor you want to invest in/ with will likely provide everything you need – inclusive of training. This means you can be up and running fast and earning money in a jiffy.
You as the franchisee will benefit from business development strategies and overall marketing initiatives that the franchisor invests in.
If you are in need of funding, the good news is that it can be easier to get that funding if you wish to invest in a franchise business rather than an independent venture. Why so? Many investors have more confidence in franchise businesses because they are already established and proven to work.
You as a franchisor can enjoy a heightened opportunity to compete against larger-sized businesses since you are part of a franchise network. Much more so than if you decided to go it alone and set up as an independent business operator.
Other franchisees within the same business as you can provide invaluable support. They share ideas, they share their experiences, they work together with you and with each other. This will definitely suit the personality that thrives on working together within a team.
It can, in terms of start-up costs, turn out that working a franchise is a cheaper alternative to working an independent business.
For independent start-ups, the rate of failure is higher than it is for those that prefer to franchise a business.
To learn more about how you can franchise a business, get in touch with us today!