If you’re thinking about starting a business and are looking for alternative solutions that provide you with additional support and/or revenue streams, setting up a franchise network is an an excellent option if you’re passionate about the world of business.
One great reason for opening a franchise business is the lower cost that they provide. Instead of an expensive route to major expansion like opening new stores and employing more staff, each franchise will pay you a percentage of their monthly income, ensuring that your main business is always generating supplementary income.
Opening a franchise also has simpler management as there is no need to micro-manage your staff across multiple locations. Franchisees will have invested time and money into making their franchise work, so they’ll put more effort into making it a success.
Faster expansion is another additional benefit as each new model is self-financing. Despite getting your business and brand ‘out there’, franchising provides your company with a way to grow without putting in excessive work.
Because franchisees are often already familiar with the market and industry, they may have many local contacts; providing them with better market penetration than you could’ve achieved by expanding into unfamiliar territories.
Less recruitment is required when starting a franchise model. The responsibility of employing new staff lies with your franchisees and if they wish to sell-up, it’ll be their duty to find a new buyer who will be responsible.
The growth that can be achieved quickly with a franchised business is incredible – and often overwhelming. You’ll achieve international potential and have revenue from stores all around the world.
This infographic created by FranchiseInfo gives seven reasons to start a franchise and how to make it a success:
Would you ever consider franchising your business? Or are you currently a franchisee?