A franchise is an individual business within a franchise network, the franchisor spends significant time, effort and money into building systems which are easy to teach, simple to follow and replicable and supplies this to the franchisee, all the franchisee needs to do is follow they system and their franchise will succeed.
Buying a franchise means that you will enter into a legal agreement with the franchisor. The legal agreement details certain processes and procedures that you are expected to confine yourself to, which limits the amount of your own ideas you are able to implement.
You form part of the brand but cannot control its national/global reputation.
In some franchise systems there are area restrictions, which mean you can only do business within your area’s boundaries.
A franchise requires low start-up capital when compared to traditional businesses.
A franchise business is low risk and has a much higher success rate than traditional businesses.
Your franchise head office provides you with ongoing support and training to assist in your growth.
When buying a franchise, you are generally buying into an established brand and reputation, consumers are less likely to buy from a company that they have never heard of as opposed to using a known brand.
A franchisee benefits from the larger brand exposure built from the multiple franchises in the network providing you with more leads and opportunities to do business.
Franchises come in all different shapes, sizes, and prices. The price is determined using many factors such as set up costs, initial stock, running capital, branding, training, and Franchise license fee. What is more important though is that this investment can be paid back within 24 months.
The benefit of purchasing a franchise is that in most cases you don’t require any professional qualifications and your franchisor can provide you with all the relevant training required to run your franchise effectively.
Looking for a tried and tested business opportunity?
The Franchise Chamber can assist you to select a suitable franchise concept which meets your requirements in terms of industry, involvement, financial returns and any further factors
Let’s do coffee and discuss investment options.
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