Name: Iftikhar Hussain Location: Edinburgh...
Most of us dream of leaving our dull nine-to-five office jobs and the humdrum of regular working life and striking out on our own as entrepreneurs. But why should we choose franchising as a route to success?
A Proven Business
Many new enterprises and independent start-ups fail within the first year, with the vast majority then failing within the first five. This is enough to make even the most enthusiastic wannabe entrepreneur think hard about giving up the 'security' of a regular employed job. That is, until they learn about franchising and the compelling benefits that this diverse and fascinating industry offers to those with a will to succeed.
A Ready-Made, Proven System
Franchises are based on tested business models. This means that their operations, strategies and products are already working successfully in the market. With a franchise, you buy into a particular territory of your own, within a larger successful franchise system. This vastly improves the likelihood of success and gives you far greater security than with an independent start-up. The most crucial aspect is that the brand name of the franchise you buy into will already be known to the customer - meaning that you have a warm market to tap into, unlike with an independent operation where it may take many years to build up your name.
A Huge Variety of Franchises
Whether your experience is in accountancy or dog walking, or you have a passion for consulting or cake decorating, there are franchises to suit you. There are options to suit different investment levels, franchises for specific skills or specialist interests and experiences, part-time franchises, internet-only franchises and franchises designed for women or those with existing familial commitments to work out. There are hundreds of diverse franchises, in fact, in all industries imaginable.
Many franchisors find that they are earning good incomes within just a year of set-up and many earn more than they ever did in an employed job. But success is defined more broadly in franchising than simply income - with a franchise, you are your own boss, you set your hours and you can work when you want. Try adopting the same approach with your current employer and you'll realise the benefit of owning your own franchise! Nothing tastes better than being responsible for your own destiny and knowing that you can improve your and your family's lives through your own efforts, which is why many people are turning to franchising.
Support from a Wider Network
Start up your own business independently and you're likely to find you feel quite alone at times. This is a frequent cry of start-ups, hence all the networking groups and online forums devoted to swapping expertise and support. But with franchising you buy into an existing structure and a wide support network. This will start with your initial training and engagement with the franchise development team and carry through to ongoing networking and training sessions with your fellow franchisees, communications through the franchising network and even gala dinners to recognise success amongst the network. So if you find yourself sipping a cocktail at a ritzy dinner in an exotic location for the evening, you may wonder why you didn't leave your dry former job many years before!