The best way to start your new business is going the franchise way
Are you thinking of becoming your own boss? It’s a great idea. However, there are many risks associated with doing this. You could however reduce the risks by becoming a franchisee to gain some experience before starting your own business.
Becoming a franchisee allows you to be associated with a successful business which may possess complete knowledge about the market. You can gain complete guidance and marketing assistance from the parent company allowing you to earn money from the very first day.
In 2009, small businesses have faced a lot of problems but franchised firms are adding new branches to encourage newcomers.
The reason why franchises are doing so well compared to other small businesses is because banks are more supportive to franchises as they have the required expertise and are established.
Cathryn Hayes, the head of franchising for HSBC said that most banks would lend an established franchise up to 70% of the start up costs. However, new franchises will most likely be given around 50-60% of their start up costs.
She continues to say that if anybody wants to start their own business, they will face lots of risks. Thus, all those who want to be their own boss should consider the wide range of franchises available. They should choose what kind of franchise interests them the most and should become a franchisee rather than starting a completely new business.
The National Franchise Exhibition, 2009 will be held in Birmingham on the 2nd and 3rd of October. Franchise concepts of all categories will be showcased at the event. More than 150 concepts from health and fitness, food and drink will be showcased.
A large number of successful firms like McDonalds, Subway, Papa John’s, Agency Express will be attending the event.