Franchising: the Fast-track to Business Success?

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34612586395_f5a198517d_oIf you’re fed up of the standard nine to five, it’s not surprising. You’re working to fill someone else’s pockets; you lose your work-life balance, and you aren’t in complete control of your career. However, the alternatives might not be viable for you. Perhaps your skills don’t suit a freelance or consultancy role, or maybe the risk of starting from scratch is too great to take. If that’s the case, you might feel consigned to a life of working for a boss. Well, not anymore. Franchising could be the answer to your problem. You can work for yourself and succeed at running your own business, without having to start completely from the beginning.

You take on a proven concept

When you start your own business, your main challenge is getting your name and reputation out into the public domain. However, when you take on a franchise, that part is already done for you. You’re using an established brand that people already want to buy from and visit. You don’t need to persuade people to visit you: the name is enough to attract an audience. Plus, if the company is doing well enough to franchise itself, then it’ll have a whole host of successful and proven processes and systems. So, you don’t need to worry about trialling finance platforms or testing marketing campaigns: it’s all been tried and tested for you. Not only does it make it easy for you to succeed, but it makes it easy for you to start. Banks are often happier to lend you the money to invest in a franchise, than if you wanted a business loan for your own venture.

You get a ready-made business

Not only is the concept already proven, but you don’t need to worry about setting anything up. You’ll like be buying into a pre-chosen location and a pre-built venue. So, you don’t need to worry about finding the right place and doing all the analysis that comes with picking somewhere to start a business. Likewise, as the franchise will have its own builders, laborers and contractors, you don’t need to worry about finding and hiring people to work on the build, decoration or repairs. You also get the freedom to choose exactly what sort of business you want: you can base this decision around your existing skills and experience, around your passions, around the lifestyle you want – or around all three!

You can learn from other’s mistakes

One of the best things about taking on a franchise is the fact you don’t need to worry about high-risk levels. Someone else has decided what works and what doesn’t – and has found out the hard way. Now, you can take on their success and turn it into your own. Whether you want to try your hand at running an ice cream franchise or take over your local bookshop, you’ll be able to follow your passion, without worrying about the risk behind it. When you’re running a business that you’re trying to start from scratch, you’ll constantly be worrying about whether you’re making the right decision or not. It becomes easy to second guess yourself, and you might end up knocking your confidence. However, with a franchise, you can enjoy the perks of running a business, without the stresses of making huge mistakes and losing everything.

You get the right support and training

As part of your franchise deal, you’ll also get in-depth training. The owner of your franchise wants you to succeed, so they’ll give you all the resources and help necessary for you to do well. Compare this to running your own business, where you’ll have no one else to turn to. If you’ve got a question while running a franchise, there will be someone to turn to, and that person will have most likely been through exactly the same as you. Having your own franchise isn’t just running a business: it’s having a personal mentor on your side too. Likewise, if you need any specific training, you’ll be advised on what to do and how to qualify. Plus, you won’t have to go through the headache of business law without any help: with a franchise, you won’t need to worry about intellectual property or patents, as someone else will be keeping an eye on them for you.

A post by Ryan Kh (376 Posts)

Ryan Kh is author at LeraBlog. The author's views are entirely his/her own and may not reflect the views and opinions of LeraBlog staff.
I'm Ryan, a business graduate with specialization in finance and marketing. After receiving bachelor degree, currently I am pursuing my master degree in IT cause I believe IT skills are very important in the contemporary business world. I'm passionate about writing stuff and blogging on Business / Tech / Marketing (like strategic decision making and digital business strategy) to intensify my skills.

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