With all of the options available it is hard to discern which the best franchise opportunities out there are.
Franchise opportunities are available in many fields within the spectrum of business. Franchise opportunities are no longer limited to fast food chains. These days cleaning companies, coffee houses, beauty/tanning salons, and even fitness centers offer franchising opportunities. The options in business franchising are endless.
Investment available for a franchise is just as important as the concept itself. Start up costs for a business franchise range from £1,500 to upwards of £500,000. While some franchises provide in-house financing others do not. When researching a franchise business, this factor should be taken into consideration. Also, it is important to note that necessary equipment is not always included in total purchase costs. Discussing this possibility will give you a better idea of the total financial obligation required for start up.
What are some of the benefits that come with franchising a business? Some of the most important factors to consider when franchising include:
o Brand recognition
o System and marketing support is often provided
o Franchising concept provides training to franchisees
o Vendor and supply partner relationships are pre-established
o Business strategy has already been proven effective
However, there are some downfalls that are associated with franchising as well. Negative aspects of franchising a business include:
o High start up costs ( can be upwards of £500,000 depending on the concept)
o Ongoing royalty payments
o Adherence to company policies and procedures
Having discussed start up costs, as well as pros and cons we can move on. In addition to these factors, it is important to research top performing franchise opportunities. Franchising can be a significant investment into your financial future and should be related to as such. By investing into a top performing franchise the more soundly you will sleep at night. Some of the best franchise opportunities out there include:
o Haagen Dazs
o The Body Shop
o Curves International
o Sign-A-Rama
o Burger King
o Pizza Hut
o Bang and Olufsen
o The Carphone Warehouse
o Kumon Institute of Education
o 7-Eleven
o Jani-King
o Century 21 Real Estate
Top performing franchises are a great investment into your future. When looking to franchise a business take the time to research your options. Making an informed decision when franchising will increase your chances of success.