Now that the economic downturn seems to have passed by and left business on sturdier ground once more, it is the time for new investments, new ventures, and new opportunities. One way in which to get on board with the current atmosphere of growth is by opening a franchise, and there any many types to choose from. Another big question is of course where to start up, and the emerald isle may be the place to try for some Irish luck.
Ireland has been hit hard in the crisis, and received financial aid from the rest of Europe along with Portugal, Spain and Greece. With predictions looking gloomy, most investors and business hopefuls are likely to stay clear of such a shaky prospect. However, this is one area in which a franchise may stand to benefit. In times of low public spending, it is the familiar brands that stay strong, while unknowns suffer from the public’s parsimony. It is also a time for snapping up bargains, with many hedging their bets and selling up cheap.
Something every potential franchise owner must decide is whether to buy an existing franchise, or open one anew. One of the key factors in this can be the franchise fee, which every new branch will have to pay to start up. If purchasing an existing franchise, this does not apply. Another benefit is that the business you take on already has an existing cash flow, and you can see its success directly. If opening your own franchise there is always more risk involved. Against that however, an existing and successful business is likely to be far more expensive than the franchise fee would be, and it is always important to question why the current owner is looking sell. Opening your own franchise gives you a blank slate to really impress your own business flare onto.
Whichever way you decide to go, choosing your market wisely is key. One area in which Ireland certainly has not suffered is the travel industry, with flights to and from Ireland as plentiful as ever as tourists continue to travel to this gorgeous Gallic country. Maximising on that, with a strong branding to your venture, and you may stand to have your daring well rewarded. And at the end of a hard day’s work, you’re in the right place for a nice large pint of Guiness.
An investor and businessman by day, James writes about business opportunties within Europe. In his spare time he enjoys travel, fishing and spending time with his two dogs.