Becoming a business owner is a goal for many ambitious individuals. A reported 1 in 5 people in the UK have plans to start their own business. Another aspect highlighted in the report was over a quarter want to start a business but do not have any confirmed plans to pursue this dream.
Working for someone else is not something many want to do. Instead, many people want to be their boss, making decisions they think will benefit the company and its future. However, this is still a possibility when investing in a franchise. For those debating whether or not to start a business, here are a few benefits of investing in a franchise over setting up a company to consider.
Wider Support Network
When buying a franchise, there is an overwhelming amount of support available. Take a quick look at these opportunities available with the help of Franchise Local. It shows numerous franchising opportunities to consider, ranging in various industries. Franchise Local provides you with in-depth information about each franchise so you can make a well-informed decision.
The franchisor will also provide support through training and ongoing advice. You can access support from other franchisees in the network, which could prove to be beneficial. Utilising all the available support can help ensure a seamless transition to joining the franchise.
Proven Business Model
From the beginning, franchises will provide you with a stable foundation. The brand, customer base, marketing initiatives and future outlook are already in motion. If you were starting a business, you would have these concerns. It would take years to achieve a stable foundation for your business to grow.
Choosing to invest in a franchise will mean you have a higher chance of succeeding. Franchises are known for having a far higher success rate than start-up businesses. The reason behind the success is the business model being tried and tested. Starting a company does not offer any guarantees that it will be successful. You have an effective model to run a successful business with a franchise.
Higher Success Rates
When starting a business, it can be easy to get caught up in dreaming about the future of the business – imagining where the company will be in 5 or 10 years and the success it has had. However, this is where many entrepreneurs fail. They set goals for the future that are unrealistic and have poorly planned their business model. Recent statistics show that 1 in 5 new businesses fail each year in the UK.
Investing in a franchise will likely have a far higher success rate. One of the main reasons is the proven business model. Alongside the proven business model, the support, motivation, and drive to succeed, franchisees can achieve their set goals and run a successful business.
The benefits of choosing to invest in a franchise are not achievable when starting a business. You have the tools and a solid foundation to help an already successful business reach new heights by investing in a franchise. Starting a company will have moments of significant concerns and uncertainty about its growth and chances of success. With a franchise, you will have a clear idea about the possibilities of what the future can hold.