Why Not Own A Franchise?
Owning a franchise is a relatively new concept that has fast caught the imagination of the business community and it is major departure from the norm that until only recently meant that when thinking of going into business, one had to have the required business acumen, follow gut instincts as well as be aware of market trends. Thus, today franchises have sprouted all over the world and they have proved to be a money spinner for the vast majority of franchisees that have opted for such course of action. In its essence, franchises are really copies of a parent company’s business in which the franchisee owns the business and needs to hire staff as well as look after the running of the business from day to day. The franchisee has high stakes in making the business prosper since he has invested his own money and time
The best thing about entering into a franchise arrangement with a parent company is that the business concept has already been well established and success has already been tasted, which is why you want to become a franchisee. Owning a franchise also gives you the right to market the parent company’s trademark and brand name and this is very beneficial as the products or services are already recognized by the paying public and thus are sure to enjoy good reputation with them. Owning a franchise allows the franchisee to tap a market that already exists and where success is more or less assured.
Entering into a franchise agreement also provides you support from the parent company which you can rest assured will help you run your franchise business, and there are sure to be many more opportunities for you to prosper further, and you will always be assured of getting whatever assistance you require to run your business. Most franchises are known to run on turnkey basis which means that all the required equipment as well as supplies will be readily available, which makes franchising a very unique form of business.
Also, owning a franchise means not requiring a lot of capital to start up the business, and it is considerably less than going into business for yourself because with a franchise you get all the benefits of experience of the parent company as well as a proven business concept that means you do not have to try out trial and error methods which all end up costing more money than may be worthwhile. In addition, the franchiser will already have entered into agreement with suppliers on behalf of the franchise and thus supplies will be available at more competitive prices.
With a franchise there is also much more scope to get a broader promotional campaign going, and you also receive benefits from the research and development programs of the parent company, plus you enjoy the status of being a company without much risk and quality standards are sure to be unified. With so many benefits to entering into a franchise agreement, it is little wonder that most other business concepts cannot hope to match what you get from franchising.