Owning and growing your own business can be as challenging as it is rewarding. At WhiteCollar Franchise we believe that you should be fully informed as to just what it takes to become a successful franchise owner. With this in mind here we take an honest and upfront look at the advantages and disadvantages of franchising.
The most successful of franchisees are those who are fully informed of what is required as a franchise owner. They are also the ones with realistic expectations and a steadfast dedication to making their business a success, despite the stresses and strains. Let us then first start with the downsides of franchising.
Running a business is hard work and whilst many have grand ideas of just where their franchise will take them, promising futures are built upon plenty of dedication, late nights, early mornings, stresses and strains. Only the most committed truly succeed, regardless of how good a franchise package it is. Take a look at various case studies of the successful franchisees and the hard work that they have undertaken to suceed.
Whilst starting a franchise is one of the less risky ways to start up in business it still must be considered as an investment, and as with all investments there is always an inevitable level of risk. To become a franchise owner you will also be required to make a financial investment, the amount that you will need to pay to the franchisor will vary from low to high pending on the resources of the company. Our Franchisee Services page will provide you with services that can assist you with regard to investment and guidance.
All franchises are subject to what is known as a Franchise Agreement, which is a legally binding document that sets out the ways in which you should operate and promote your business which can sometimes be strict, again pending on the company. You should ensure that you understand the terms of the Franchise Agreement and what you are required to do.
Now that we have covered the relative doom and gloom it is now time for the advantages of owning a franchise:
Starting up in business is inherently risky, however it seems that owning a franchise is one of the least. Approximately 92% of all UK franchisees reported a profit over the most recent 12 months.
Good franchise models (that is, good franchising companies from which you purchase your business) are looked to favourably by banks; this is because of the proven track record that such businesses have with set business models. This then stands you in good stead for financing your business in the future.
Whilst every franchise features a set amount of ‘To Dos’ and ‘Not To Dos’ in the day to day running of your business, you are still your own boss. You decide which days you work, when you start and finish and how you go forward with your career; when this follows a career within employment this freedom is invaluable. For example, CNA International offer a franchise owner extensive training and ongoing business mentoring from their expert team. They also give you the option of deciding whether to keep your business small working from home or to build a multi-office International management business.
Despite being your own boss you will receive ongoing support from the franchisor as well as advice and any assistance that you may need which again can be invaluable. Tax Assist Accountants offer their franchise owners and their staff regional training and development together with a dedicated support centre to assist with the growth of their business.
Franchise packages and business models are finely honed; they have been developed over years to produce the most successful processes and attractive propositions for would be franchisees. This is, at least in part, why so many franchisees turn a profit year on year. If you are dedicated and committed to your business and follow the business model your business will be a huge success!
We are continually updating our massive database of the latest franchise opportunities why not search now with the view of becoming a franchise owner! We also have more resources to help you on your way to your owning your own business.
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Whitecollarfranchise.co.uk has been providing information on executive and management franchises since 2007.
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