21.1.20

How Franchising Can Make The Perfect Small Business


A lot of people are drawn to franchising when it comes to starting a business. If it's the right decision for you, it can be a way to profitable business ownership from a platform that already works as a business. You can get in on a great idea or successful business that already has a track record of success, or a strong brand, and still run the business yourself as your very own small business. 

Having a franchise means you will be getting in on an idea that is already proven as a good business model. Of course, as with any business, there are still challenges involved in starting a franchise and running one too. As much thought will have to go into location, hiring, and management as any other type of business, it can just be a little easier with the brand already being set out for you.

If you are looking for franchise options, then take a look around as there are plenty that you could work with. From coffee shops, book companies and 7/11's, and there's even https://www.chucksroadhouse.com/franchising/ if you're looking for a food outlet. It's all just a case of knowing what you want to do, and going out there to find a franchise that works within that industry, and one that you think follows your beliefs and values. 

One thing to sort out is knowing your budget. The first thing you should know is that there is always an upfront franchise fee, and some franchises often have financial requirements that you need to have before they will even let you sign up to their franchise, to prove that you have the capital to make things work. It's best to go over your personal finances so that you can start looking for opportunities in line with your price range available to you.

When it comes to the nitty and gritty, some franchises may help you along the way whereas others will want you to sort every little thing. From the whole building process, so you'll need to visit the site and make sure everything is following along the plan. You could go with Northern Mat for access mats whilst the build is happening. But also staffing, stock and everything in between. 

It can be a stressful time, as with when starting up any sort of business. Just make sure you have plenty of coffee as some work may go on into the night trying to be up to date. Nate's Coffee subscription would be an idea way to always have some bags to hand, for when you need to work through the night, or just top up your energy at the build site. 

Franchise reality check
A good franchise can take some of the hard work out of starting a business, but they’re not fail safe and there are some risks. These can be:

  • high startup costs as you pay a fee to sign up to a franchise
  • staffing requirements as you'll probably need employees from the first day
  • extra overheads as you may have monthly franchise fees
  • demanding sales targets as you may need to keep up with their low margins and high volumes.
  • limited control as essentially, you are joining someone else's business model

As you evaluate franchise organisations that you may want to be a part of, be sure to investigate their commitment to their franchise owners they already have, as well as their future development plans to enable their franchisees enjoy continued growth and success too.

4 comments:

  1. Thanks. Something to think about...

    ReplyDelete
  2. Intersting read - a starting point if i ever decided to do myself

    ReplyDelete

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