In the current economic climate, especially post-COVID, having a job is no longer as secure an option as it once was. More and more, financial security is found in being an entrepreneur and owning your own business. While entrepreneurs and start-ups are generally innovative in their thinking, you do not necessarily have to have a new idea to be successful.
Don’t Reinvent the Wheel
If buying an existing business is not a good fit for you, but starting from scratch seems overwhelming, perhaps you should buy a franchise. Franchise ownership can be a viable alternative suitable to you.
In a franchise business, you pay an initial fee and continuing royalties to a franchisor. In return, you gain the franchisor’s image, intellectual property, and established business processes. Franchises proffer the independence of owning your own small with the support of a big business network.
Advantages of Franchises
- Most often, franchises have an established and well-known brand name, reputation, and image. You benefit from the economics of scale when buying supplies and services, advertising, and negotiating lease agreements.
- Thanks to the established systems and ongoing support, franchises have a higher rate of success than businesses which have been started from scratch. If you follow these systems correctly, it’s highly unlikely that your franchise business will be unsuccessful.
- Following on from the above, one of the reasons franchisees are successful is they benefit from the experience of the franchisor. Sticking to their proven system of management, operation, and work practices helps franchisees avoid start-up mistakes typically made by entrepreneurs.
- If you have little to no business experience, franchisors usually train you. You are taught how to run a franchise using their business model and operational procedures, and provide ongoing support. The WSI franchise gives intensive training to franchisees as their priority is to keep you informed of training resources and learning opportunities. If you are interested in the training process, read more here.
- Securing finance can be hard for entrepreneurs. Because of the reputation of a franchise, buying one may cost less.
Unibit Solutions offers a full-service digital marketing strategy – social media marketing, content marketing, SEO – for your business. If you are interested in a digital marketing franchise opportunity, please contact us today.