The advantages of franchising and reasons behind its growing popularity
Franchising is one of the most popular methods of conducting business nowadays. Purchasing a franchise is similar to holding the rights to distribute a particular product or service from a renowned company or organisation. This industry has become immensely popular since the recent years. The several advantages of franchising have been cited as the major reason for the popularity of franchising.
Some of the superior advantages of franchising are as follows:
Guaranteed Success Rate
Industry experts consider the act of buying a franchise equal to a successful business model. Various reports have also highlighted the superior success rate of the franchise model compared to the risky nature of an individual business set up. You can also obtain the desired training and support from the franchisor that is required to run a successful business set up. This particular business model also leads to a guaranteed success, because of the already existing brand awareness of the parent company.
A business cannot thrive without efficient financial support. A franchisor will provide you with the essential financial support for your business. The main company will also help you to secure the necessary finance via its position in the market.
A franchise will cost you around £10,000 to £70,000 depending upon the nature of the business. The fees will encompass factors like marketing, training and licensing. Almost all the major banks possess a separate franchise department and can offer a loan up to 70 percent of the franchise purchase price. The low risk factor of franchising is the reason behind this phenomenon.
Moreover, there are a vast number of franchises available. Select a franchise that suits your expertise and preferences.