Franchising has evolved over the years with its growing popularity. People prefer buying a franchise as compared to starting an independent business because of its numerous benefits to the franchisee.
Owning a franchise gives an aspiring entrepreneur an opportunity to get associated with a renowned and fruitful business. However, being associated with a successful brand means sharing entire responsibility for the brand value. After owning a franchise, it becomes franchisee’s responsibility to enhance, protect and promote the brand.
Buying a Franchise is great advice to start your first small business, although it all depends on the franchise. Some can be work from home ideas and ideal for people that have been the victims of the current worldwide economic situation.
If you have recently been made redundant, and have had a reasonable redundancy settlement, then you might be well advised to invest that in a decent franchise.
A well-chosen franchise can provide you with a good income for the rest of your life. However, why a franchise as opposed to any other kind of business?
There are some reasons for that, including:
A. You do not have the problem of finding a product to sell or a service to provide.
B. Most franchises have a ready-made product that is already branded and known to the public. There should be no need for you to bust a gut to get your business name known.
C. Many franchises offer local or even national advertising; you will have to pay a share of the cost, but the thing is you don’t bear the whole advertising cost yourself as you would have to do if you started your own independent business. The cost is shared by everyone in the same franchise network.
D. Training is provided. You are not just left to get on with it, as you would have to if you started up a regular business. Even after training ends, you still have people to advice you as you start running your business.
These are all good reasons to invest in a franchise. But there are some downsides so in our next post, we will look at those.