If you’re thinking about starting a new business, you may be wondering about what is the best model to help you get your fledgling company off the ground. From founding a limited liability partnership to starting your own online marketplace, there are a lot of interesting options available to you right now, but one that does not get as much love as it perhaps should is the humble franchise.
What is a franchise?
A franchise is a business that licenses the right for another business to use its name, branding, and so on, making it easier for them to start their own successful company. Below you will find some of the best reasons why you should be at least considering a franchise for your new business.
Lower risk
One of the best things about buying a franchise is that it will typically mean that your business is less at risk than other startups, the majority of which fail in the first year. Of course, you will have to work just as hard to build your franchise as you would any other new business, but you will have the advantage of buying access to a brand that is well-known, as well as a wealth of information to help you make it a success. Whether you need to know how to start a tax business or how to launch a successful puppy parlor, when you choose ` franchise business model, you get everything you need to give you the best chance of success.
Support
Any new business owner will tell you that life as an entrepreneur is tough. You often have to work long hours and make tough decisions that you may not be totally prepared for. Luckily, when you choose to start a franchise business, you will have access to a wealth of people who have been there and done it before, and who are willing to guide you in the right direction and offer you the support you need to make it work.
Exclusive access
Usually, when you buy a franchise, you will be given exclusive access to a particular territory, which means that you do not need to worry quite so much about the competition Obviously, you will still have independent businesses to compete with, but if you choose one o the more popular franchises in your area, then at least you won’t have to worry about being beaten by the big boys.
Easier to fund
One of the hardest parts of starting a business is securing the funds in order to do so. However, when you are looking to buy a franchise, it is often easier to persuade the bank because franchise businesses are typically more successful, and you already have real-world examples of other franchises to show them that you can be successful too. So, if you can’t fund your company independently, this really could be the way to go.
Starting a business is tough, but buying a franchise can make it easier in so many ways, so what are you waiting for?
