Paving the way for a new business isn't easy. But what if you could have all the benefits of being a small business owner with the resources of a bigger company? Opening a franchise might just be the right path for you. Franchising allows businesses to branch out and grow, while giving people the opportunity to run their own business with the help and support of a larger company that has a proven formula for success.
Of course, having such resources available to you does not mean that everything will be plain sailing, you may still encounter the same problems that many small businesses face, although you will have a support network (other franchisee’s to share these challenges with). However, for many aspiring small business owners, franchising is a lower risk option with the potential for great rewards.
Advantages of becoming a franchisee
With a number of advantages, a franchise can certainly be an appealing option. For many individuals, owning your own can be a life-changing experience, and also a lifelong ambition. Becoming your own boss has so many benefits and a franchise reduces many risks associated with small businesses. These include:
The obvious benefit that a franchise offers is the opportunity to work under the banner of an already established business. The ideas, the brand, the operating techniques and much more are already tried and tested and in place ready to be implemented again and again. Having these established systems and a well-respected brand name means that entry into your market may be less troublesome than if you were launching a new brand, product or company.
Many (but not all) franchisors grant an "exclusive territory" to their franchisees as part of the rights given under the franchise agreement contract. The purpose of doing this is to assure the franchisee that they will have some area in which they can market and operate under the franchise brand without any competition from another franchisee or even the franchise company itself. The British Franchise Association (BFA) lists this exclusivity as one of the main reasons that makes franchising an attractive option.
Relationships are important in any business, especially small businesses, so the structure of a franchise means the franchisee can take advantage of the numerous business relationships that are already in place. Relationships with suppliers will already be in place and access to other professional networks will be easier accessed through the franchise.
Another Business Network
Whether it is a franchise or membership of a business network like the Business First Network, the benefits of bringing like-minded businesses and personnel together to discuss business topics and ideas. So whether it’s a franchise that interests you, or you simply want to learn more from likeminded business owners, find out more information member benefits with Business First Network today.
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