Reading Time: 3 minutesThe prospect of owning your own business can be exciting and daunting at the same time. It’s a well-documented fact that many new businesses fail to thrive and end up closing down in their first few years of trading despite having a great product to sell.
Many people also struggle with how to come up with a profitable business model and would much prefer to get to work straight away rather than spending lots of time working out the ins and outs of a business model. This is where franchising comes in and offers a business that is ready to go, allowing franchisees to enjoy the feeling of owning their own business without the worry of having little support to make it a success.
The main advantages of owning a franchise are discussed in full below and include:
- Becoming your own boss
- Accessing an established business
- Having a package of support to success
- A well-known brand that consumers trust
- Investors that want to help
- Good working business relationships
- A proven business model
Becoming Your Own Boss
Most of us like the idea of answering only to ourselves when it comes to work and this is one of the main incentives for people when they consider buying their own franchise. Whilst you will need to serve your customers and adhere to the franchise guidelines you will still be your own boss, the person who makes the decisions and pushes their business to become successful.
This appeal is huge to potential business owners, and by using a franchise instead of going it alone, you are far more likely to be a successful business owner in the long run.
Accessing An Established Business
One of the main selling points when it comes to franchises is that you are able to access a business that is already well established here in the UK. With that comes brand recognition and trust so that customers will want to choose you over other unknown companies.
Another huge perk to accessing an established business is that all the systems and processes are firmly in place, meaning that you don’t need to work out what works best. Your franchisor will have reviewed and refined everything so that you can access a system that is proven to work. By accessing a business that is already established, you can focus on what matters, making it a huge success!
Having a Package Of Support To Success
When it comes to success, no man is an island. Franchisors spend significant amounts of time and money, preparing a support package that will help you to learn about your new venture and make it successful. This package will be offered as part of your franchise, and you will not need to find additional cash to pay for it.
The great thing about this support is that it is tailored to the brand and will provide ongoing insight and troubleshooting so that you don’t ever feel left out in the cold. Most franchisors also offer a business mentor that you can contact whenever you have an issue; that way, you can solve queries before they become problems.
A Well-Known Brand That Consumers Trust
If you are considering a franchise, then you know the importance that is placed on brand recognition. Most franchisees look to get the most well-known brand for their budget as this is what drives customers through the doors and makes profits.
Brand recognition gives your consumers faith in your product as they will know exactly what they are meant to get and feel safe purchasing from you. Humans look for what they know, and if you are delivering a brand that they recognise and trust you are more likely to enjoy bigger profit margins.
Investors That Want to Help
We have all heard about people who have excellent business ideas but who fail to get them off the ground because of a lack of funding. The reason for this is simple; investors don’t want to throw their money away.
This is an advantage for franchisees; however, because investors are far more likely to invest in a business that is proven to be successful. This brand knowledge will allow them to envisage what you are going to offer and give them faith in believing you have a business model that will work.
Good Working Business Relationships
Another clear advantage to franchising is getting access to the business relationships that the franchisor has already developed. From suppliers to banks, you will be able to tap into the hard work that has gone before you and use it to make your business a success.
Many franchisees will comment on how good their relationship is with other businesses, and this all comes down to them being able to trust that you will not only pay your invoices on time but that you will be in a position to offer them lots of repeat business as time goes on.
A Proven Business Model
Knowing if your business model will work when you are starting out on your own is virtually impossible and means that you have a high chance of failing because you had not considered blocks that come up as you start out.
With a franchise, you don’t need to worry; you will be given the franchisor’s business model to follow and be safe in the knowledge that it is proven to work. In addition, you should not have many bumps in the road as the franchisor will have already worked those problems out, leaving you with a business that will work if you are willing to put the effort in.
It’s clear that being a franchise owner is hard work, but it has some of the best perks in business. Imagine owning your own business without the fear of failing due to a lack of support; this is a reality for franchise owners in the UK.
It makes sense that the franchise industry is booming and if you can get past the naysayers that want to put you off, you will be sure to enjoy plenty of the great things there are to love about franchising. Wherever you are on your franchising journey, we hope you are having fun, working hard and becoming the business success you dreamed of.