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You want to start your own business. Why wouldn’t you? You can be your own boss. Set your own rules. Work on projects or sell products that are important to you. And instead of some faceless corporation reaping the rewards, any profits you earn can be yours to keep.
It sounds ideal, and you may even have an idea of the kind of business you would run and how you’d go about building it up.
One thing to consider though would be franchising, taking on an existing business model along with their name and brand, and running it as your own business. It saves quite a bit of the leg work involved in starting a company, and it can be less risky too.
You Get The Brand Name
Starting a new brand from scratch is tricky. Nobody knows your name, so why should they trust you over the big name that they know? Sure, when you start your brand, you can shape and define it, and it’s your brand; but growth can be pretty slow, especially if you are going into a crowded marketplace and are fighting the big boys.
Entering into a franchise opportunity might be a bit of a case of, ‘If you can’t beat them, join them.’ And, while there is an element of that about it, it’s important to remember that by being part of a franchise, you will still retain a healthy percentage of any profits that you earn. Hopping onto the back of a known brand can speed up your growth, for you to enjoy those profits sooner.
The Kinks Have Been Ironed Out
When you’re looking at the best franchise to buy, you can do with the confidence that many of the operational issues that you need to overcome when starting a business have already been dealt with, and procedures put in place. Often franchises already have a best practice for many aspects of the running of the company put into place, meaning that there will be fewer mistakes to be made by you while learning the business, and less business strategy development needed. This allows you to get straight on with business!
There are reasons that you might not buy into a franchise. You may see an opportunity for growth or development within the brand, which you may not be able to achieve. Often, companies can be protective of their brands, not wanting to dilute their message or differ their product offering by keeping consistency over the entire estate. If this is something that you may find frustrating, then it may not be the best option for you.
Jumping out in the marketplace with somebody else’s brand name might not feel significant to you. If building something up from scratch that you can take full ownership of is essential to you, then this may be a reason not to.
Whether you do decide to franchise, or not, make sure that you have a sound business plan. Do lots of research into any company that you invest in and take the time to get to know them, and how they operate before joining forces.