Although you might think now isn’t the best time to launch a business, franchising might be the proverbial light at the end of the tunnel for many people looking to strike out on their own. From the proven business model and marketing plan to the continuous support from the franchisor and existing network, it’s perhaps the most viable option for new business owners as the pandemic continues. Whether things ever return to the old normal or not, people will still be on the hunt for their next business venture – and franchising is here to step up. Here are five reasons why franchising provides the perfect opportunity right now and has been one of only a few areas of growth during previous economic downturns.
The proven model
Franchise models are fine-tuned for the best possible route to success and, after the recent uncertainty, there’s no doubt you’ll want to feel secure. If starting a business both terrifies and thrills you in equal measures, a franchise offers you a confidence boost. You’ll have the satisfaction of being your own boss, but what you’ll also have is the security of the proven model behind you at all times. If you come up against any hardships, there’s always an operations manual, the franchisor’s team and the existing network of franchisees to help you stay on track.
The price is right
The pandemic has impacted many people’s pockets and you might be hyper-aware about your own personal cashflow, but many franchises are affordably priced compared to the cost of launching your own business from scratch. Don’t fret – whatever your budget, there’s a franchise opportunity out there for you. Home-based franchises, such as Tutor Doctor, eliminate many costly overheads like office rent, utilities or furniture, so your initial outlay won’t be as eye-watering. Do your research and you’ll have a shortlist of the best brands within your price bracket in no time.
Low risk
If there’s one thing we’ve learnt from the COVID-19 pandemic, it’s the types of businesses that can weather a storm. Franchises are a more secure investment than start-up businesses as they benefit from the support and backing of a larger, established corporation. With their tried and tested models, they are proven to be effective and, therefore, more successful as long as you put in the required effort. When franchises have a history of success, getting financial support for your investment from major banks is much more likely too. Banks are aware that franchising is a safer bet and will often be more willing to help you out, subject to a solid business plan and personal circumstances.
Brand recognition
Investing in a franchise allows you to buy into the star power of the brand to help you get your new business off the ground. You’ll get to bypass a lot of groundwork that goes into the creation of a brand and the initial launch marketing – you’ll only need to concentrate on introducing and adapting it to your local market. Another added benefit is having valuable marketing strategies at your disposal, meaning you can leave being creative to the experts, tap into their expertise and focus on following up the enquiries that come from successful campaigns.
No experience necessary
If you’ve been made redundant, lost your job or simply just want a fresh start, you can rest assured that there’s a franchise out there for you. And perhaps the best part of it all is that you don’t usually need any experience within the specific field to be a worthy candidate. With your investment, training will be provided by the franchisor, helping you gain or bolster your skills to operate the business. Of course, any skills you bring to the table are a bonus and you might want to consider an industry that you either have passion or experience in, but there’s no requirement for you to go down that route.
These five tips indicate the wealth of opportunities within franchising, allowing savvy entrepreneurs and new business owners alike the chance to excel. Many of our franchisees have benefited from experiencing the rise of the franchise, could it be your turn?
This article comes courtesy of Tutor Doctor, the world’s fastest growing in-home tutoring franchise. Since launching in the UK in 2009, the brand has welcomed over 80 franchisees to its UK network.
