If you are reading this and thinking about a franchise, you may fall into one of the following categories:
- You have a job but you want to create a supplementary income.
- You want freedom from your job by having your own business.
- You are a stay at home mum who wants to run a business from home
- You’re an existing entrepreneur who wants to add a new business to your portfolio.
None of the above? Okay, I guess I was wrong! Now in the crisis-hit pandemic world uncertainty is the biggest certainty. The doom-mongers and naysayers will tell you that it is not the time to start anything. Yet the facts say differently - the online economy is bigger than ever before.
Retail e-commerce sales grew
27.6% in 2020 !
Starting a franchise is one of those business opportunities where you could make a prosperous income online. But before we go any further, let’s talk about the pros and cons to help you choose::
What are the advantages of running a franchise?
- With a franchise, you get the freedom of being a small business owner but with the support and benefits of a large business network.
- Stats show that franchises have a higher success rate than start-up businesses.
- You usually don’t need previous experience as franchisors usually supply the training you need to run your new business.
- A franchise will normally have an established reputation, marketing strategy and tried and tested practices to help you hit the ground running.
- Starting a franchise may make it easier to get a loan or secure finance than if you were starting a business alone. The franchise will probably have a loan advisor too.
What are the disadvantages of running a franchise?
- If you buy a franchise you have to sign a legal agreement with your franchisor.
- This agreement will have stipulations about how you run the business which you may find limiting at times.
- There may be rules about which products and services you can provide. Also, you may be tied into using certain suppliers.
- The reputation of the franchise may be affected by underperformance from other franchisees.
- You are committed to sharing profits or paying annual fees to the franchisor
- Franchisors may not renew the contract at the end of the agreed period.
So is a franchise the right business opportunity for you?
Franchising is suitable for people who are attracted to an industry but maybe don’t have the experience. There are so many
different franchises to choose from. A franchise enables you to learn new skills. But is that what you really want to do?
Either way, expect to work hard and grow into your new role. ‘Get Rich Quick’ schemes are a fantasy. Whatever type of business you start, you need to work hard at lead generation, sales conversions, digital marketing, making informed decisions, maximising your time, and keeping your cash flow steady. If you are not prepared to work hard, then a franchise is probably not for you. But let’s face it, most types of business require elbow grease and knuckling down unless you are a silent partner.
First things first, when looking at business opportunities research franchises in detail and ask all the right questions including the ones above. To kick you off, here are the
top 500 franchises in the USA in 2021.
Love My Businesses
Finally, ‘Love My Businesses’ is a dynamic ‘One Stop’ for franchising business opportunities. We are committed to giving you frank and honest advice on starting and running your own franchise. For a full list of businesses that we work with
click here.
For free support and advice,
drop us a line . We are LMB, the One Stop for Starting a New Business.
2021 is the time to dream big, work hard and find your financial franchise freedom!
Do something great this year!
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