The journey to be self-employed as well as to own our business could be challenging or otherwise. Many people asked could starting a business as a franchisee be a more realistic route to becoming self-employed? As a matter of fact, buying a franchise could be one of the practical options to start a business if we understand what a franchise is, the advantages of a franchise and why buying a franchise can be a great way to start a business.
A franchise is a type of business in which the owners, or “franchisors”, sell the rights to their business logo, name, and model to third-party retail outlets, owned and operated by individuals (franchisees). Many of the stores and restaurants that we see today are franchises: Subway, 7-11, Pizza Hut, Hilton Hotels, and thousands more. In fact, franchises are the common way of doing business.
When we are thinking of buying a franchise, it’s important for us to investigate before we invest. Here are some key points that can help us to navigate the ins and outs when purchasing a franchise.
Owning a franchise allows us to go into business for ourselves, but not by ourselves. Yet, it’s a journey leading us to become the master of our destiny. Here are some advantages of franchising.
Franchising often requires less capital and it promises greater access to financial support for example bank loans. This is partly due to the increased security and reliability of a large firm behind and thus banks will often offer you substantial loans to support your start-up costs.
We save time and energy in generating publicity to increase the brand presence because customers know what to expect from a big name and will often flock to a brand name.
Franchising means you are already half won for you before you even start the business because the market is ready and established.
Franchisees are not let alone to struggle. Very often, the franchisor will offer various assistances to help in getting the business off the ground, be it marketing campaigns, or equipment support, or training.