When you’re looking for it, you realise that franchise businesses are absolutely everywhere. Franchises offer people the opportunity to run their own business without the initial investment and high risk factor.
It is a well-known fact that the majority of start-up businesses fail within their first year of operating. However, franchises are proven to perform far better because business owners have the benefit of starting out with an established brand name and products which are proven to sell successfully. Franchises are extremely beneficial to the owner of a successful business who is keen to grow their business without increased involvement.
Expand your business rapidly
The key motivation between any business decision is money and of course, franchising your business can seriously pay off. Franchising allows a business owner to expand their business by using a model with proven success. As all of the work involves the manpower of others, there are far fewer risks than there would be expanding the business in another way. With a franchise, it is far easier for a business owner to reach a wide market in a short space of time with minimal time and effort required.
When the franchisee pays their initial and ongoing fees, they cover a huge portion of the costs associated with starting up the business. As time goes on, the franchisee is responsible for paying their staff’s wages, taking much of the responsibility away from you whilst your business grows.
More committed management
As the owners of your franchises are running their own business, they are far more committed as there is more personal risk and more to gain from the business flourishing. You are likely to find your franchisee’s far more dedicated than your average manager. Instead, your franchisees will be willing to put in extra hours to do whatever it takes to make the business works.
Taking a back seat or taking up new business ventures
If you’re interested in slowing down your workload or trying out new business ventures, franchising your business is a great way to lower your involvement in the business whilst still having control. Of course, it is important to regularly check standards in your franchise branches but if you are interested in taking a back seat, this is possible.
With trusted franchisees running your branches up and down the country, you can be free to enjoy your other ventures whilst your original business continues to bring in profits for you which can be invested into your new ventures.
An increase in brand awareness
Although all franchises run in a different way, many give their franchisee’s the ability to get involved with co-operative advertising. This means that the franchisee pays a percentage of their revenue towards advertising. The owner of the franchise can then use this to improve advertising and brand awareness. This advertising funds seeks to benefit all members of the franchise as it increases brand awareness across the board.
About thew Author: Lois Evens sold her business franchise. For people considering doing the same she recommends www.completebusinessopportunities.co.uk.
