Starting a business of your own can seem like an attractive option, but starting from scratch can be difficult, exhausting and risky. Many new businesses struggle to get off the ground. However, investing in a franchise is a superb alternative because the structure, framework and, most importantly, the established customer base will already be in place and waiting for you. There is an eclectic choice of multiple types of franchise, allowing potential franchisees to tailor their franchise experience around their ambitions, goals, skills and lifestyle.
Here are some of the top benefits of investing in a franchise business:
An investment in an already established company
When you are buying into an established brand, a large portion of the hard work has been done for you. Unlike starting a business from scratch, you are becoming a part of a recognized and respected company whilst still receiving the perks of being your own boss. Marketing and advertising campaigns for the brand may have already created an existing customer base. This allows you the freedom to focus on making your franchise a success, without having to worry about creating brand recognition or generating interest in your business. That interest and demand will already be there.
Confidence and peace of mind
There is less risk involved when you invest in a stable and well-known company, compared to starting from scratch yourself because you’re essentially buying into a well-established, recognized brand. Therefore, investing in a franchise can give you more security that your business will survive and flourish in both the shorter and longer-term.
Increased speed of business growth
Being part of a recognizable brand allows your customer base to be generated and attracted at lightning speed. Logically, consumers are drawn to brands they trust. Many people are creatures of habit and prefer to adhere to the same regimes, including the brands that they favour. Therefore, your franchise may grow at an exponential rate, as consumers enjoy your services. Offering consumers the chance to use a company they are familiar with maintains that bond of trust and instils them with renewed motivation to stay loyal to your brand and purchase your goods or services.
Support, structure and tips
Support and structure can be particularly important and attractive if you are new, or relatively new, to the business world. Even if you have worked in businesses before, being your own boss can initially be a daunting experience. With many franchise opportunities, you are able to access support from your parent company, as well as having a structured model to work with. Tips from the franchisor on how to make your business successful can imbue you with exceptional impetus and can result in comprehensive success and excellent profit margins that you can be proud of.
Home based businesses can be cost-effective
Working from home can simply reduce the overheads of having a business. Without the need to pay rent on expensive premises, you will likely have lower expenditures and an increased profit margin. Working from home also gives you the freedom to run your business away from an office environment and lets you live a white-collar life without being constrained by the regimented structure of a workplace.
Makes life easier for parents
Investing in a franchise business can be an excellent option for parents on multiple levels. Firstly, it gives a parent more scope for choice. If you invest in a home-based business, you have the opportunity to be at home for your kids when they need you. This can be preferable for parents who want to be there for their children when they leave for school and come back home at the end of the day. The increased flexibility that you achieve from being your own boss can also be an excellent bonus for parents, allowing you to set hours that work well for your family and children.
Achieve a better work life balance
If work has seemingly dominated your life and you are looking to break those shackles, a franchise opportunity could be exactly what you are seeking. When you become your own boss and make a franchise business your own, it’s possible to set your own part-time hours, decide where and when you work and delegate work to employees so that you have more free time for yourself and your family.
It may be easier to secure financing
In many cases, it is a lot easier to secure financing for your franchise business than it would be if you were merely starting a new, small business of your own from the ground up. Banks and various lenders tend to be more willing to provide financing for people investing in a franchise because of the security that the franchise is part of a well known and securely established larger corporation.
Franchises offer a range of benefits and opportunities for business success and growth as well as delivering flexibility and a better work-life balance for franchisees.