Franchising offers you the chance to be your own boss – without starting up a company all by yourself. Instead of trying to build a brand from scratch, you get to use a business model, a product, and a company name that customers already know and trust.
What do you need to know if you’re thinking of opening a franchise?
If you think that the franchising world is right for you, take a look at these 4 facts. That way, you’ll know exactly what you can expect.
1. Franchising requires having enough start-up capital
When you open up a franchise, you use your own money to do it. Luckily, though, starting up a franchise is usually cheaper than starting up a brand new business from scratch. Since franchises are so big, they get access to great discounts on things like IT equipment, public relations services, and marketing materials. The discounts you get through your franchisor will be much better than anything you could have found on your own – meaning your start-up costs will be lower.
2. Franchising is available in virtually any industry
Years ago, if you wanted to open up a franchise, you had to open up a fast food restaurant. Today, there are franchise opportunities all over the place – in things like communications, cleaning, and clothing. Because of all these opportunities, it’s easy to find a franchise that you’re truly passionate about, which can make your work a lot more enjoyable.
3. Franchising comes with lots of support
Since you’re responsible for following the company business model, a good franchisor will do everything possible to get you up and running – including offering training and support. New franchisees may get support online, over the phone, and in person.
And, that training will continue. Even when you have a well-established franchise, your franchisor will keep you up-to-date on new policies, new developments, and new opportunities. That way, you’ll always have the most current information.
4. Franchising can be done from anywhere
No matter what city you live in, there are franchise opportunities available for you. And, many of these opportunities do not require you to work from a traditional office. In fact, there are plenty of franchises that can be run right out of your own home!