It's reported that up to 66% of people are unhappy in their current jobs, whilst up to 50% have aspirations of being their own boss. However, in reality relatively few actually do.
Dissatisfaction at both rates of pay and levels of appreciation, poor job satisfaction and working relationships usually outweigh the risk people associate with starting their own business. The comfort and security of a regular salary are often more desirable than the effort and risk involved in starting a new business.
Many surveys carried out by NatWest and the BFA have now proven consistently that franchises are vastly more successful and sustainable than independent start ups. That's not to say they are a risk free option, but it is proven to be a safer way into business, with reports stating on average 40% of new businesses fail within the first two years alone, whilst in excess of 90% of franchisees are reported to be successful still after five years.
The franchise concept, if applied correctly, should give people a proven business model to follow, helping them eliminate costly mistakes, and effectively leapfrog the learning curve where so many businesses fail, and enable growth at a much faster rate. In the longer term the franchise model can help franchisees outperform and over achieve what they could do by themselves independently. A franchise system has a limited usefulness if it simply helps franchisees learn a business and get established beyond the critical first couple of years. It must continue to add value to each and every franchisee's business.
Depending on the nature of the franchise business, it will provide training and start up procedures at the outset, but more importantly a proven marketing system to attract customers. Ultimately any business must do two fundamental things: win customers, and keep them. The biggest fear form most people starting out in business is how they will actually achieve these two things, and in a way that maximises their return on investment. A proven franchise system will already have tried and tested methods that have worked time and time again to attract customers in their specific industry. This is a huge advantage to new franchisees, to know they have a plan to follow that they know will work.
Another great benefit in franchise systems is the collective support and experience of a franchise network. A well managed network of franchisees can communicate their experiences and ideas with each other and help each other to become more successful. After all, the more successful each franchisee becomes, the more successful the brand becomes as a whole.
Finally, depending on the size of the franchise, franchisees can benefit from economies of scale, whether it be for advertising, products and materials, or for printed products. These savings enabled through bringing together the collective buying power of a franchise network add a little bit more value to each franchisees's business.
These a just a few key benefits that can be enjoyed by buying into a proven franchise set up. The success of any franchisee will depend to some extent on the level of support offered by the franchisor, and this is usually closely linked to the royalty fee and structure. Ultimately though, if the franchisor provides proven systems for success, the the success of the franchisee depends on their willingness to use the tools provided. If both things are right, a franchise partnership is a recipe for success, combining the experience and expertise of the franchisor with the ambition and desire of the francisee to succeed.
Finding the rght franchise depends on many things, none more so than chemistry and trust and a genuine interest in the industry, whether that be a plumbing franchise, fast food outlet or any other business. People looking into starting their own business shouldn't let a lack of skills, knowledge or resources prevent them from taking the step into self employment. A well established franchise partnership can provide all of these.
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