There are a lot of people who have the drive and the skills to become entrepreneurs. They are people like you, with a family, and with a job which is no longer satisfactory either in terms of income or professional challenges. For you and for many others, the idea of running your own business, working hard for your own success and for a higher income for your family, is appealing – but you do not have a clear business idea and you do not know how to build a sound business plan.
There is also the issue of failure. A lot of independently operated businesses fail, causing financial loss and disappointment for their owner. This is the major impediment which keeps potential entrepreneurs tied to a limited income and an unsatisfactory job. However, there is one proven way in which you can run a business, working for yourself but not by yourself. This type of business is buying a franchise.
As a franchise owner, you have a lot of benefits, and responsibilities as well. You are required to work hard, to dedicate all your business hours to the operation of the franchise, and to act with due diligence. But you also receive a lot of assistance and the peace of mind that you are running a tested and proven business, offering customers high quality and in-demand products and services. So, what can you expect as a franchise owner?
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You Receive a Turnkey Business
A franchised operation is a pre-packaged business solution, including clear instructions for every aspect of setting-up and running the business, such as:
- Selecting the location of your shop
- Implementing a consistent brand image in everything you do
- Initial quantity of inventory and equipment and monthly supply needs
- Accounting system, procedure for keeping and filing accounting records
- Finding suppliers
- Marketing materials, marketing strategy and promotional events
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You Benefit from the Purchasing Power of a Large Network
As an independent business owner, you have absolutely no negotiating power when you have to buy products and services from suppliers, which you need to run your business. As part of a large network with many units in operation, you have the access to pre-negotiated, competitive prices for the raw materials and inventories you need for the business. Thus, you can maintain competitive prices which are attractive for the customer.
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You Will Sell a Tested and Proven Product or Service
Every new product and service goes through a period when it is tested by a few early adopters, before it gets validated and becomes in demand by a large segment of customers. In many cases, new products never pass the initial testing phase, causing the business owners to lose a lot of money and close down the business.
As a franchise owner, you will be selling products which have been on the market for a sufficient period of time to become known and appreciated by consumers. This is a major advantage and guarantees that you will start with a viable product or service, and an existing customer segment that is willing to buy it.
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Ongoing Support
You can contact your franchisor and ask for assistance or suggestions in various situations. Thus, whenever you encounter a difficulty, or a serious problem in running the business, you have experienced consultants available who will analyse the situation and make the best recommendations based on previous international experience.
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The Potential to Grow and Expand the Number of Units
For independently owned businesses, growing beyond the initial unit is extremely difficult and costly. It can take many years until you have the financial power and hold a sufficient market share to expand your business. As a franchise owner, you have the option to buy another unit from the franchisor and operate it running the same business model as the initial one. In time, you can own several units and earn a lot of money for your family.
As you can see, there are indeed a lot of great things ahead of you if you decide to buy a franchise. Are you ready to take the next step?