If you have decided to start a business on your own, after securing enough funds and deciding which field to work in, then franchise is probably a great option for you. When you decide, the decision is most likely based on the kinds of funds available, your own personal goals and even your personality comes into play. It mostly depends on whether you consider yourself an entrepreneur or business person.
A lot of entrepreneurs may dream about building a company right from scratch. But for a lot of aspiring business owners, a start up from ground may not be a realistic goal – instead something that is less risky is to get into a tested business model that has potential growth. Opening a franchise has many advantages over starting a new business and here we list a few:
- Franchise has a support system: Generally, franchisees have a built-in, well planned support system. That means you have a brand that has already been tried and tested by several like you earlier. This means, a lot of the expensive mistakes have already been made and the successful business model that you adapt will inform you well of them. They also tell you what has worked best nationally.
- Brand Recognition: When one launches a business, the element of uncertainty is always included. Owners who buy a franchise can remove this looming risk by knowing that the brand name is already well known amongst the target audience. While different areas of businesses can definitely have several levels of awareness, a franchise owner can at least start with the confidence that the service or the product has enough proof of success in other places. In a franchise model, one has the advantage of getting access to the average financial benchmarks of other areas. This gives one valuable insights regarding the actual financial performance and cash flow.
- Ongoing Support: A major reason buyers enjoy franchise experience is the easy access to support team from the head office or the franchisor. Even though you are the business owner, the success of the business becomes a shared concern. Franchisors provide quality training for your staff that you don’t have to do yourself. The franchisor’s team usually helps with concerns, questions and other online marketing support. For first time business owners, this is almost like hand holding and therefore is very reassuring knowing well that there can be someone to turn for assistance.
While there can always be risks in any new business initiative, buying a franchise can cut down certain concerns that independent businesses can carry. An established brand name, ongoing support and operating procedures from franchisor can get one all the support to help speed up and become comfortable faster. And when one builds on the success of the brand, one can think of growth in terms of adding new centers to your already existing one! IIHT has 150+ franchise centers across the world. The proven business model has certain changed lives! Know more here: Franchise opportunities