The ambition to start a business is common, but for many, this ambition is never fulfilled. There are various reasons of this. It could be a lack of confidence in themselves or their idea, or even the lack of an idea at all. For some, it’s the daunting prospect of starting a business and making sure your compliant, or possibly the need for another pair of hands when staring up.
Unfortunately, what those that fall short of their ambitions don’t know is that franchising could provide the solution to most of their problems. Franchises not only have an idea, but one that has been proven to work across an existing network of partners. Most franchises also provide the support for your business so you don’t have to worry about time consuming back office work. So, should you consider starting a franchise? Here’s 5 reasons why you should be.
5 Reasons Why You Should Consider Franchising
- Become your own boss – gain freedom to do as you please, whilst gaining the financial benefits you deserve.
When you start a franchise, it is your business. Although you are working underneath an established brand, you are the owner of that branch and are responsible for its performance. This makes you your own boss. This allows you to enjoy a more flexible work schedule, improving your work life balance. Owning your own business also gives you a chance to earn in relation to the effort that you put in something you may have never experienced before.
- The stats are in your favour!
There is an abundance of statistics that suggest that franchising is the way forward for aspiring entrepreneurs. The biggest indicator that you should be considering franchising is the latest research conducted by the British Franchise Association. The report concluded that 97% of franchise units reported profitability! The BFA also state that “Franchisees’ satisfaction with their franchisor has never been higher, with 91% saying they are ‘mainly’ or ‘definitely’ satisfied.” With “Some 29% of franchisees now run multiple units.”
- The choice is yours
Whatever your background, there is a franchise to suit you. From pest control, to estate and letting agency there are so many industries that you can invest in. Whether you want a new challenge, or you want to go it alone in an sector that you know well, franchising could give you that option.
- It’s easier for you to secure funding for business
With statistics like the ones above, it’s no wonder that banks and independent lenders are more likely to offer funding to franchise owners than start-ups. Forbes magazine claims that 9/10 start ups will fail. Compare that this from About.com: “Some studies show that franchises have a success rate of approximately 90 percent as compared to only about 15 percent for businesses that are started from the ground up.”
Franchise Lenders such as Startup Direct can offer you up to £25,000 funding without the need for a deposit. High street banks have also opened their own franchise sectors and will offer up to 70% of your initial franchise fee.
- Gain training and support from your franchisor as well as your start up package
It is unusual that a franchise would not provide some sort of training when you start up. This is a massive advantage to you, especially if you’re new to the industry you’re entering. They will introduce you to your business and hopefully show you how to successfully build and run it. You will also get industry specific training and ideas for future marketing.
Once you have been trained up and you’re out in the field, it is reassuring to know that you have the support of a back-office team to fall back on. They will be able to answer any questions that you have and hopefully sort out any problems that may occur.
You could franchise in the lucrative estate and letting industry with HomeXperts. We offer intensive training and dedicated central support for you to achieve your entrepreneurial dreams.
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