Want to start a small business? Thought about a franchise business?
Buying a franchise is something that is often forgotten when people are thinking about starting a small business. It seems like, in the mind of some people, it’s ‘cheating’ because you get help from the franchisor, or they fear that it’s not really their business because someone else came up with the idea or the product. But think about it this way:
If you want a new car, do you buy one that’s already been developed, tested, proved to be safe and popular, or do you go out and make your own?
Here are some good reasons why you should think about buying a franchise.
There is a market for the product.
You’s be surprised at how many people think they have a product or service to sell, set up a business and then find no-one is interested in their offering. If you’re thinking of buying a franchise you can walk into one of their stores and see for yourself that the market exists, you can gauge the level of interest, you can see the sort of people who buy. A huge amount of risk is removed.
You already have a brand and are known on the high street.
The work required to get your name out there and become an established business can be immense. Starting from a base where everyone already knows the brand can save a huge amount of work and is a real benefit when it comes to sales. We are all naturally cautious about trying something without a degree of social acceptance; as a new, unknown business people will be cautious. But if there’s a well known brand name over your door, then people automatically acknowledge that the brand has been used and accepted by others and so are happier to buy.
There is a system to follow.
Very few people have been trained in how to run a small business. As a result they spend the first few years running just to stand still, at the same time trying to make sales and keep their business afloat. When you buy a franchise someone has already done a lot of the hard work for you by sytemising the business. That is, they have developed a step by step process for ensuring the business is a success; all you have to do is follow the instructions.
There is support for the franchisee – you.
Something I see very often with business owners is how isolated they feel when running their business. They have to remain slightly aside from the rest of the team to ensure they maintain their authority (not strictly true but that’s their perception) and, as a result, feel they can’t talk about the worries of running a business. With a franchise you have in-built support and a team of people that you can talk to about the business. Not only will the head office and field support teams be there to help, but in many franchises the franchisees will get together regularly to discuss their work and this can be a great mutual support forum.
Adding these four factors together makes a powerful argument for considering a franchise when thinking of starting a small business. I can almost guarantee that if you talk to business owners who have built their own business from scratch they would agree that having help and assistance in these four areas would have made a huge difference to how quickly they became successful.