The prospect of business ownership can be enticing, but many independent small businesses fail in their first five years of operation. Buying into a franchise tends to offer greater levels of success thanks to the unique model of business ownership, so let’s take a closer look.
1. You buy into a proven system
The main attraction of a franchise is that it is a proven business model. This means it has been tried and tested and shown to have success, with a ready market, quality product or service that customers want at the price available and an operating structure that delivers. The chances of enjoying success with a franchise are higher if you follow the model because it removes the guesswork and need to make costly mistakes.
2. It is a turnkey business
A franchise removes the need for an entrepreneur to possess every skill necessary to get their new venture off the ground. The franchise owner does the hard work for you, from identifying available territories through to having a comprehensive supplier network, marketing budget and training in place. If you bring business acumen, investment, passion and hard work, the system will work.
3. Brand awareness
Franchise businesses already enjoy brand awareness because they invest in marketing at a central level. This means you do not need a standalone marketing budget and can invest in marketing materials at a cost-effective rate for local and targeted activities.
Your franchise will invest in you as a franchise owner and give you excellent training that makes you ready for the new venture you are progressing. Again, this takes the guesswork out of the equation for you, meaning that you can focus on putting your new skills and knowledge into place rather than having to guess what is needed as you go along!
There is nothing worse than starting an independent business and seeing a rival set up at the other end of the street! With the franchise route, you buy a territory that is exclusively yours. This minimises risk and gives you confidence in building up your own area.
6. Support and community
Owning a new business can be isolating; however, with a franchise, you are buying into something bigger and will enjoy feeling part of a community from the start. There will be opportunities to network with other franchise owners and to learn from each other, which helps to create a sense of team and involvement. This can be hugely motivating and empowering!
Are you ready to invest in a franchise? Century Business Finance offers loans for all business purposes, including franchise development. Borrow from £25k to £500k at attractive terms and with rates starting from just 4.8 per cent. We offer business finance for all purposes without fees, charges or any early repayment penalties. Choose a term from six months to five years. Apply today and receive your funds tomorrow! We accept nine out of ten customer applications and make an instant lending decision.
Even better, our application process is quick and easy, with just a short online form to complete for an instant decision. Apply today or call our helpful finance team for advice or to discuss your particular situation.