Self-employment is on the rise in the UK, with more people than ever preferring to work for themselves. It’s a career and lifestyle choice that’s altering the workforce, with flexibility, financial incentives, and a better quality of life enticing more people!
The advantages of becoming a business owner are undeniable, but starting a firm from the ground up is no easy task. Franchising offers an appealing way to realise that desire without doing it alone, and it’s becoming a more popular choice among prospective entrepreneurs.
Here, we look at the cost of a franchise and the benefits that come with starting your own business and joining one.
A tried and true business model
The success rate of franchises is substantially higher than that of start-ups because the model will have been tried and tested over time.
While there are no guarantees of success when starting your own business, a franchise gives you a proven “blueprint” for a successful venture.
When looking for a franchise partner, think about how long the firm has been in business, how many franchisees it has, and how financially stable it is. When considering potential franchises, these are all important questions to consider.
A support network
Another significant benefit of purchasing a franchise is the ability to be a business owner without going it alone.
Franchise business models typically include training, mentoring, and continuing assistance to help you in growing your firm. It is, after all, in their best interests for you to succeed. However, the level of support provided by franchises differs greatly, so it’s critical to know exactly what you’re getting when selecting the ideal organisation for your future.
Depending on the franchise you choose, you may receive assistance in areas like marketing, IT, and operations.
Higher success rates
With nearly half a million new start-ups launched so far this year, the United Kingdom is a nation of aspiring entrepreneurs. However, 8 out of 10 firms fail during their first year, with inadequate planning, ambitious goals, and lack of funding being common causes of failure.
In comparison, it is a well-established fact that franchises have a far greater success rate.
In fact, according to the British Franchise Association and NatWest, over 90% of all UK franchisees reported profitability in the most recent survey. It all boils down to having a tried-and-tested business strategy, as well as the necessary self-motivation and drive to succeed as a business owner, with the right backing and assistance from a respected franchise.
Lower investment costs
Starting a business from the ground up can be highly costly. When you factor in the costs of licensing, insurance, equipment, and technology, you’re looking at a sizable expenditure.
One of the most significant benefits of a franchise company model is the relatively low start-up costs. The quantity of money needed will, of course, be determined by the type of business you want to start.
Starting or purchasing a franchise, like most other business decisions, offers advantages and disadvantages. And not every franchise or franchise partnership is the same.
It’s important to do your homework before deciding on the franchise that’s right for you and to be aware of all the benefits and drawbacks of franchising that you may encounter as a franchisee or franchisor.
With that being said, hopefully, this helps you decide if a franchise is a right choice for you!
