My HMO Journey: No rest for the wicked as we approach...
When looking at a running a business for the first time, everything can look very daunting and many people are naturally hesitant to take what could turn out to be a risky step. The option of taking on a franchise could be the answer.
The franchise business is booming, with more and more first time entrepreneurs opting to take on a ready-made ‘business in a box’. There are a huge range of business options available, from accountancy to window cleaning, and with investment opportunities from as little as £1000, there really is something out there for everyone.
But is buying a franchise a good idea? Couldn't I just do it myself?
You could – but franchising does offer some benefits:
1. Successful Track Record
Any good franchise company has developed a method of doing business that works well and produces successful results.
2. Brand Awareness
One of the biggest advantages of franchising is that the company is building a brand on a regional or national basis that should have value in the eyes of customers you’re trying to attract.
3. Training & Support
A good franchise company has training programmes designed to bring you up to speed on the most successful methods to run the business. They should also provide ongoing assistance to franchisees. You’re not alone when you’re building and running your business, and you can always call on experienced people when you hit a rough spot or want to share new ideas for growing the business.
4. Marketing Assistance
They should be able to provide you with proven marketing tools and strategies for attracting and retaining customers, as well as help and support to market your business effectively.
5. Purchasing Power
A good franchise can take advantage of the buying power of the entire system to negotiate prices for everything you need at significantly lower levels than you could achieve as an independent operator. This applies not only to initial furniture and equipment purchases, but also to stock, supplies, stationery – and everything else you’ll need on an ongoing basis.
If you are looking for finance and support in launching a
business or taking on a franchise, Nwes is the UK’s largest
not-for-profit Enterprise Agency, offering one-to-one business
advice, a range of business and personal skills training courses,
access to finance (including Start Up Loans: a government backed
initiative looking to provide finance to people over 18 wanting to
start a business, and Start & Grow, a programme providing £5,000
worth of support to new businesses looking to grow and employ) and
serviced business premises, for those wishing to start or grow a
Email firstname.lastname@example.org for more information.