4 Reasons Why a Franchise Can Be a Great Step into Entrepreneurship
Do you have dreams of becoming an entrepreneur?
Do you like the idea of being in control of your career destiny, acting as the boss and ensuring you can follow your passions? While there are different routes to entrepreneurship, one you may want to consider is purchasing a franchise. Running a franchise allows you to operate your own business, but often in a less risky environment. If you do decide this is the right option for you, you could research professional business coaching for franchisees to ensure that you are heading in the right direction.
Here’s a look at four reasons why a franchise can be a great step into entrepreneurship and could be perfect for you.
The Brand is Already Established
One of the most challenging obstacles that new businesses face is creating brand awareness. Educating the public of your business, what it does and what it offers is a huge task that is both time consuming and can be expensive from resources and marketing standpoint. Purchasing a franchise means there is established brand awareness, so you have already succeeded in overcoming that first obstacle. There will still need to be a marketing plan, but typically it will be much easier to capture the attention of customers. It’s for this reason that franchises have a much lower failure rate than start-ups with no backing power, i.e., an independent.
Take Advantage of Your Buying Power
Purchasing the supplies you need, forming vendor contracts and ensuring inventory stays at a healthy level are all much easier as a franchise owner. You have the advantage of buying power. It’s not just your one location that is purchasing items, it is the franchise as an umbrella. That will give you access to deals, savings, and products you may not otherwise have access to.
There are Many Different Kinds of Franchises
When people hear the word ‘franchise’, they are quick to think of big chain restaurants or shops, but that is not the only option. You can find a franchise in just about every category, which means you can find something you’re passionate about. Franchise Local is a helpful tool for anyone who wants to find a franchise for sale. You can search by category using the directory which features more than 450 franchises. The idea is that the site saves you a lot of time and hassle from doing the legwork looking for each of these opportunities in the UK.
Built-In Support Means You Aren’t on Your Own
Running a business can be a very scary endeavour, especially if you’ve never owned one before. Now imagine how nice it would be if you had a built-in support system you could lean on, ask for help from, get tips and advice, much-needed resources, help with training, and so forth. You’ll get all of that and more in a franchise.
As you can see, owning a franchise is often a less risky route to entrepreneurship. You still own your own business, you get to tout your own horn as far as that goes, but you also have that built-in support system and the kind of leverage that is needed to be successful. In fact, according to What-Franchise.com 80% of new franchise businesses are still running after 5 years