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According to a poll by the Association of Chartered Certified Accountants (ACCA) 2009, Two thirds of the population hold aspirations of becoming their own boss. The most entrepreneurial age group is 25-34, three quarters of that generation want to run their own company.
A Franchise is the BEST WAY.
What is franchising?
Franchising is a method of distributing products or services.
At least two levels of people are involved in the franchise system, (1) the franchisor, who lends the trademark or trade name and the business system to (2) the franchisee, who pays a royalty and often an initial fee for the right to do business under the franchiser’s name and system.
Technically, the contract binding the two parties is the franchise, but that term is often used to mean the actual business that the franchisee buys from the franchisor.
What is the best advantage that franchising has over independent small business?
Franchisees are never alone, which is one of the best benefits that one could hope for in this tough business world. On one hand they have the franchisor to support them and on the other they have franchisees that are having parallel business experiences.
Unlike brand new business concepts which can take years to launch, a franchise allows you to get into business quickly and easily. Franchises feature tested business systems, perfected products or services and operational procedures that are already in place. And as a franchisee, you can take advantage of training programs and support services that are designed to get you up to speed quickly.
Furthermore, as a franchise matures, the brand name and trademark becomes more valuable. So as franchisees consolidate in the marketplace they are actually adding value to the group as a whole.
Similarly, as a franchise grows in numbers, the multiplication of sites creates a stronger market presence, which benefits all franchisees.
A franchise is not a short cut to riches, but it can be a safer way of establishing your busines
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With a properly constructed and viable franchise operation, the risk of failure can be considerably less than it would be for someone setting up a similar business on their own.
The greatest attraction for franchising is that it uses proven business know-how, supported by an actual trading performance, which has been tried and tested.
You get an established name to trade under - a name, which may well be widely advertised by the franchisor.
You are also allotted an agreed area to trade in so there is no overlap with other franchisees.
Training should also be provided on both the specific skills required for the franchise plus the more general skills of running a business.
- You can benefit from the franchisor's bulk buying power for supplies - the discounts should be passed on to you.
- Commercial and technical collaboration is a necessity for independent businesses faced with the power of the major groups and their branches.
- Success comes from harnessing “know-how” and the franchisor’s concept to the franchisee’s “entrepreneurial spirit”.
- The structures and the means of implementing them are simpler and more economical than in branches because a good franchisee is motivated and does not need to be “pushed"
- It is a rapid, developable system for covering a market because investments and skills are shared.
Finally, the collective experience of a network enables a franchisor to develop forward market strategies. This helps to keep your business competitive.
Visit www.franchisewebsite.co.uk for further information on UK Franchisee's.
Visit www.topbusinessideas.com for information on Business Opportunities.
Read the British Franchise Report on Franchising in 2010.
The Franchise Buyer's Guide and Workbook, the ultimate guide to Franchising
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