Starting a new business can be challenging. There’s a lot to think about from how you will structure and finance your business, to how you will promote and grow it.
That’s why many people prefer go down the franchise route – it’s one way to start your own business, while tapping into the support and business knowledge of the parent.
There are numerous benefits to being a franchise business including:
- Business works – The business is already successful. The business idea is already proven and out there working, which gives a good indication that your business can also be successful.
- Branding – The business brand is already developed and has a following. It takes time to develop a trusted brand and this has already been done for you, again giving your business more chance of being successful.
- Start up costs – Your start up costs should be a set fee, which is far less than going it alone because much of the marketing/advertising will be covered by the main parent brand.
- Trademarks and patents – An established brand will already have these in place, so there should be no additional set-up costs to your new business and no threat that someone else will come and begin trading in your name.
- Exclusive rights – You will usually have exclusive rights to sell your product/service within your area. This reduces competition and helps you establish your business.
- Money – It may be easier to get financial backing against your business when needed, as you will be using a proven business model.
- Network – You will become part of an established network. This will be a place for you to gain support and advice from other business owners who have been there before and had the same experience.
- Relationships – Being part of an establish brand, will enable you to use their contact lists, suppliers and other business service relationships that would otherwise take years to build up.
From help and support, to the security of having a known brand behind you, becoming a franchise really can be a great way to start a new business.