Why Go for Franchising?
If you are tired of your corporate job, and if you no longer wish to operate under someone else, you can either run a start up of your own, or you could purchase a franchise.
If you decide to run your own start up, you have to consider the risks involved. Firstly, you will be starting from scratch. So, you will have to build your brand name from vacuum. You have to build a customer base from scratch as well, as you will be a new business on the market. In addition, you will have to break even with the high costs involved in running a start up.
If the risks involved in a start up leaves you disgruntled, you can consider buying a franchise instead. When you buy a franchise, you are actually buying the business model of an existing company to serve a specific locality. For instance, if you know of a successful fast food chain that is open to franchising, you can buy the franchise and sell their goods under their banner and retain the majority of the profits. You function exactly as the parent company functions.
The main advantage with franchising is that you do not have to shoulder as many risks. Usually, the parent company is a well known company. So, the brand name is already established. The brand is likely to have a loyal customer base in the area you plan to service as well. The market is already there, you only have to service it. Where there is an existing market for your services, there you will also find profit to be made. So, when you buy a franchise from a well known company, you are almost sure of obtaining profits.
Secondly, the training for the staff is provided by the franchiser at a fixed cost, in addition to the initial price of the franchise. You do not have to conduct any training. All you have to do is focus on running the business successfully. Even though you have bought the business model of a company, you are not completely answerable for your work. As long as you maintain the brand image of the company, you are only answerable to yourself with regards to your hard work and discipline.
If you are interested in franchising, there are many businesses for sale that you can look into. Franchise opportunities are increasing as more and more companies and individuals are realizing the profitability of the venture in the long run.