Statistics on franchising are astounding for the period 2005-2006 in the US there were approximately 1500 brands franchised with more than 767483 outlets with a turnover of USD62460 billion. The figures are an indication that franchising is an accepted concept that is profitable.
All over the world people are choosing to run franchises instead of floating new businesses as with franchising all the basic market surveys, research, and business plans are already in place and working. So, entrepreneurs young and old choose to become franchises of a running and profitable chain and be their own bosses. If working for a company is not your cup of tea then consider franchising as a business module, it has many benefits:
1. When you take up a franchise you are taking on a business that is already flourishing. The business module is complete in all respects and any problems have been ironed out by the person who first established the business. What you get is a ready made package that just needs to be run.
2. By franchising you get not just a business by all the support you need in terms of marketing, customer relations, accounting, staff training and deployment, as well as in the day to day running. You become part of a local or global group that networks and interacts on all aspects of the business.
3. Solutions to hitches or problems encountered in business are always on hand, the franchise chain will lend complete technical support and any other assistance required. The chain will function as a single unit as far as technology, machinery, group branding, and advertising and so on is concerned.
4. The progress or expansion in the business will occur as a collective group and professional consultancies and so on will be carried out for the whole group of units. This means the think tank is much large as also the resources.
5. Aspects like future plans, product research, buying power, expansion of activities, market surveys, and more will be done as a chain and so you will just reap the benefits. The risk will be collective and not individual as in other business modules.
6. You will be your own boss and be working towards securing your own future. The devotion and long hours will help you reap many benefits and respect.
7. With franchising your staff would be trained by the franchise major and so what you will get is people who can function well without constant supervision and watching over. As the world innovates your business will keep abreast of the changes.
World wide business gurus advice that “a franchising business module is the safest and most dependable choice in business entrepreneurship.” A franchise can make dreams come true of owning and running your own business without the accompanying heartaches.