Franchising provides people (or franchisees as they are known) with the opportunity to run their own business with the help and support of a bigger company that has a proven record of success.
Of course, this doesn’t mean that opening a franchise is easy with a guarantee of making a profit, but for many wannabe business owners, the home-based dealership is less risky, but just as rewarding, as starting an independent business.
Following are the main reasons why you should consider becoming a franchise:
You don’t need business experience to run a franchise
One of the key benefits of the franchise model is the amount and quality of training and coaching that is on offer. It’s in the interest of a franchisor to invest in their franchisees so comprehensive training programmes are provided at the start and throughout the franchise journey.
This support is appreciated by franchisees too, with 91% surveyed by the bfa stating that they are satisfied with their franchisor. Franchisees should never feel like they’re alone while building and running their franchise business, so advice and ongoing support is always available.
Finance may be easier to secure
Financing any new venture can be a concern for start-ups, but securing funds for a franchise may be easier compared to an independently run business. This is because the business plan produced by franchisees can be completed with accurate financial projections based on the franchisor's experience, which makes applying for a loan much more straightforward.
Immediate brand recognition
Starting a business always has an element of uncertainty. However, franchisees can mitigate much of the risk associated with being a business owner by becoming part of a brand that has an established customer base. Although it’s true that different franchises will have different levels of brand recognition, knowing that customers like the brand which has been successful elsewhere provide a much-appreciated safety net for franchisees
But where should you look for franchise opportunities if you’re interested in becoming a franchisee? Well, Point Franchise is a great place to start. You’ll have access to all the insight you need to be able to make a considered and educated decision as to which franchise is the best for you.