If you are a parent, you naturally want to spend as much time with your children as you can to nurture them and raise them with good values and morals. However, if you’re working a 9-to-5 job outside the home, that isn’t always a realistic possibility. So many parents consider starting their own business to become a master of their own destiny. If that sounds like you, then read on!
Consider Investing in a Quality Franchise
If you want to start your own business, but need a little boost in certain areas, such as marketing or inventory management, buying a franchise might be a good option for you. Investing in a quality franchise can bring great ROI while also providing you with support from a popular, established company. Not only does a franchise contribute well to the economy – outputting some 787.5 billion USD in 2019, up 27.5 billion from 2018 – they are also fantastic employment opportunities and can reduce unemployment.
Most of us like the idea of being our own boss. However, many of us are confused at the prospect of how to set up a company and manage it. If this sounds familiar, then purchasing an existing franchise could be the right decision.
Firstly, you’ll need to consider the right sort of franchise opportunity for you. From home-based franchises to plumbing franchises where you’ll spend much of your day interacting with the public, the possibilities are near-endless. In this article, we’re going to focus on five reasons why you should consider buying into a franchise:
1) You’ll Receive Full Training
A franchise offers you corporate training before you open as a fully-fledged business. This ensures that you are ready to go when the day comes and your business has its grand opening. In addition to this, you’ll also receive post-launch help and support from fellow franchise owners relating to everything from hiring employees (if necessary) to accounting.
2) An Increased Chance of Success
A recognizable company name can make it easier to attract customers. With an established name, the future costs of acquiring customers are decreased and you can focus on running the business. More often than not, customers will buy goods and services from trusted brands.
Nonetheless, it is important to have ambition if you want to succeed. With the right drive and enthusiasm, you’ll be able to employ methods that will be tried and tested in the industry, which could increase your chances of success.
3) Marketing Materials Ready-To-Go
Franchises are readily established in different and varied markets, but they each have their own marketing plan. When you buy one of these franchises, your promotion is taken care of for you. When starting a business from scratch, much of your budget can get lost in marketing and trying to attract customers. Franchises offer tried-and-tested marketing methods which have been proven to work time and time again. You can use this knowledge based on years of success to your advantage.
4) Cost-Effective Inventory & Materials
Given the benefits of bulk buying, franchisors often invest in inventory and equipment at a relatively low price. Because franchises come with a proven track record, these businesses find it easier to obtain financing. Some franchise operators might also offer special discounts for bulk buying or incentives for increased sales. As a sole trader, you won’t necessarily have access to these sorts of discounts when purchasing materials or inventory from a wholesaler.
5) A Complete Business Model at Your Fingertips
Trying to find your feet in business can be tricky. The burdens of starting a business up from scratch are alleviated by the opportunity to franchise. A franchisor brings an established model already well-known in the area, and all that needs to be done is for you to get started by bringing your enthusiasm to the table. When you buy a franchise, you’re forging a long-standing working relationship, which ensures there’s professional help available. If necessary, your franchising company can even send workers to help you get up and running in the early days. With this level of support, success is almost guaranteed.
If you are choosing a franchise in an industry you’re familiar with, then most of the work is done for you. All that’s left to do is sign up and begin working. If you choose it so that you can escape your existing 9-5 while switching to a new industry, then you may have to put in a little bit more in terms of training. However, on day one of joining, your franchisor will provide detailed instructions on how to succeed.
On the other hand, those who start their own business will have little awareness of their abilities in management until they’ve borne both wins and defeats. Lessons learned are key to commercial success, which is why franchises are such a popular choice – because the lessons have not only been learned over the years but implemented into the training program.
6) Choose Your Own Hours
If you already have work or family commitments, a franchise could be perfect for you. With a franchise, you can choose to work around your existing commitments. Whether you want something to generate extra income outside your existing occupation or you want a completely new challenge, the choice is yours. Many new franchise owners start off part-time before building their new business empire and embracing the freedom that running your own business provides.
There are almost infinite possibilities in the world of franchising, with franchise opportunities available across a wide gamut of industries. If you feel like a franchise could be the right opportunity for you, why not find your next career adventure today?