5 benefits of becoming a franchiseePublished on 8th May 2017 - Last update on 10th April 2018
Running a business can be fun and rewarding, but in the long run, it can and will demand a lot from you. For some aspiring entrepreneurs, the issue with becoming a business owner can be a lack of experience, understanding and knowledge in their desired sector. But rather than go and throw yourself into the thick of things, there is another way of achieving your self-employed dream. Franchising.
What is a franchise?
No doubt we’ve all passed a number of franchises as we walk along our high streets, noticing each of their brands dotted around numerous locations, which goes to describe the nature of franchises. A franchise is a wide and ever-expanding network of businesses all linked together through a shared brand. Although many entrepreneurs prefer independence, there is still a large portion who seek to enjoy and bask in the benefits of being a franchisee.
1) Work from home
Although dependent on the sector and type of business, some aspiring entrepreneurs choose to work from home on account of the option’s flexibility. For many this would be a dream come true; you could finally skip the morning and evening commutes, saving yourself a fortune in fuel and travel costs. Plus with the average UK commute lasting in the region 75 mins, that’s an extra hour or more spent tending to your business and boosting productivity.
2) Flexible working
Being part of a franchise offers you the benefit of being able to choose and adjust your working hours. This is why many people are choosing to leave full-time employment and seek further opportunities by becoming their own boss within a vast chain of franchises. If one day you choose to spend the morning off, why not make up for it in the evening? So long as key tasks are completed and appointments are met, being a franchisee can be less stressful and serve as an introduction to eventually being your own boss later.
3) Access to industry experts
By joining a franchise, you can gain additional insights, acquire new skills and access first-hand expert advice from industry specialists. This can be truly invaluable if you’re entering your desired industry from a fresh perspective or seek to expand your current understanding of what’s required, serving you at every level of your career path. You could gain access to private seminars, demonstrations and advisors all made available for your network, teaching you to better manage your business. Plus, some franchises may also offer you access to additional funds during difficult periods.
4) Less risk
Because your business will be running under a well developed national or international brand, you’re able to tap into their share of the market. Consequently, you’re almost certain to receive an instant influx of reliable loyal customers, all eager to spend their hard-earned cash. This is the dilemma that many business owners face, especially in the face of competition. It can be difficult attracting customers, even more so getting them to come back. If you’re an independent business owner competing against a major franchise, it only makes sense to become a franchisee. After all, why be a struggling rival when you can make yourself into an even stronger ally instead? Less risk, indeed…
Franchises spend an absolute fortune getting their brands into the faces of their customers whether it be through TV commercials, poster campaigns, press releases, magazine adverts, product launch events, you name it they do it. As such, they’re sort of doing all the hard work for you. As a franchisee, your only role is getting your staff to hang up and display any marketing material delivered to your establishment. However, you could look at this in a different way. If you’re hoping to eventually become an independent business owner, analysing how they do their marketing will teach you some very useful tips. You’ll know what strategies work best and which to avoid, preparing you for later.
How to become a franchisee
If the idea of becoming part of something much larger seems an appealing prospect, why not take the first step towards a more secure cashflow-rich future? As a franchisee you can be part of a widespread national or international community, giving you all the help and support you need to succeed in your endeavour.
However, becoming a franchisee will require a number of things from you. You’ll need to restyle and refit your business, serve only their goods and services, operate using their equipment, pay franchise fees and so on. All of these must be paid for before you can even display their name. Depending on the size, location and area, becoming a franchise could cost between £100,000 to £300,000. Naturally, for most aspiring entrepreneurs, parting with such a hefty sum in one go can be tricky. You might not have access to those sums in your account or parting with it could cause serious harm to your finances.
This is precisely why Rangewell is stepping up to help aspiring entrepreneurs achieve their franchise-driven goals. With our help and support, you can gain access to an extensive array of business finance products, including business loans.
Typically Secured or Unsecured, business loans are a fantastic way receiving a lump sum that can be used in however way you see fit, including cash injections, renovations, refurbishment, equipment purchases and so on. Applying for an Unsecured Loan let you can borrow anything from £5,000 to £250,000 without the need to set aside assets. Meanwhile, Secured Loans help you acquire larger sums ranging from £5,000 to as much as £1,000,000. In exchange, a lender will require you to set down assets as security.
Our values are simple – We’re on your side. Our services are clear and transparent. We support a wide range of SME businesses of every shape and size, for finding every type of finance. Follow us on Twitter and LinkedIn for business tips and tricks, and feel free to call us on 0203 637 2340 if you’d like to chat about what we can do for you.
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