Are you dreaming of starting your own business but find yourself paralysed by the fear of failure?
The lure of having total control over your time, coupled with the potential to make a boatload of money can be very enticing.
According to parliament.uk, of the 351,000 businesses registered in 2014, 246,000 of them failed within the first year. Another study by insurance company RSA revealed that 55% of businesses are likely to fail within the first five years.
Does this mean you should throw in the towel before even getting started? No! As an entrepreneur, you’ll spend your life overcoming unbelievable odds. The odds for new business owners may look bleak, but the odds for franchisees are much better, and we’re going to show you how you can become a part of that success rate.
You can become a successful business owner without needing to start from scratch. Here are five reasons why you should consider becoming a franchisee.
1) Gain instant customer trust with an established brand name
Customers are more willing to make a purchase from a brand they know. When you buy a franchise, you’ll be offering a product or service with a well-known name attached to it. One of the best ways to set yourself apart from competitors is to partner with a pre-established business.
Jan and Alistair had the dream of owning their own cleaning management business. Instead of starting an independent business, they attended The Franchise Show to explore their options, and in just six months, their franchise was launched. Jan and Alistair have stated that their only surprise from the partnership has been the speed in which their business has grown; which they attribute to their customer’s familiarity with the brand.
2) Become a member of a successful network
Going against the norm to start your own business requires a healthy dose of confidence. As an independent start-up business you’ll be launching out on your own without any guidance or expert advice on the pitfalls you should be aware of.
When you become a franchisee, you’ll be granted access to the knowledge needed to run a successful business. Many franchises provide franchisees with the Franchise Disclosure Document, which details the type of training that will be provided upon signing the contract agreement. Think of it as a cheat-sheet to success that will bring you one step closer to creating a successful business.
According to the British Franchise Association (BFA), 4 of 5 new franchises are profitable within the first two years. When Akram Khan was presented with the opportunity to buy a KFC franchise he did not hesitate. Kahn, who became a KFC employee after skipping university, now owns 14 KFC restaurants at the age of 47.
3) Choose a franchise that caters to your interests
Your inspiration to start your own business may have been triggered by a special skill or hobby you possess. Luckily, with the wide range of franchises available, you should be able to find one that piques your interest.
When Keith McGregor was fired from his job in 2014, he came to a life-altering realisation. After dedicating a significant portion of his career to an employer, they simply pulled the rug out from under his feet. Keith decided that he never wanted to find himself in such a position again. As such, he chose to utilise the skills he had honed over the years to start his own finance consultant business.
The business wasn’t performing as well as he would have liked, so he began looking for a new job. Thanks to a suggestion from a friend, things started to take a turn for the better when Keith attended The Franchise Show at Excel. He stumbled across the Expense Reduction Analysts (ERA) booth, was impressed with what he saw, and made the decision to become an ERA franchisee.
By following the ERA system, Keith was able to surpass his clientele and financial targets within the first six months. Something he was not able to achieve on his own.
4) Learn how to maintain brand integrity
Learning how to run a successful business is one thing, but knowing how to maintain that success is crucial. As part of a franchise, you’ll be taught how to uphold your business’ standards. All franchisees must follow a specific set of rules and regulations in order to maintain a set standard. The higher your standard remains, the better your customer experience; consistent patronage means consistent sales.
5) Build a business that lasts for generations
Many entrepreneurs dream of leaving behind a legacy for their children. Being a part of the franchise system makes this more of a possibility. Independent family-owned businesses are at the mercy of family members not running them into the ground due to disagreements and inexperience. The organised franchise structure ensures that everyone is provided with the same opportunity to learn how to successfully run the business.
Most small businesses are limited by their owner’s skill set. By becoming a franchisee, you have the advantage of learning from successful business owners who will guide you as you begin your path to success.
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