How does it work?
Benefits of Franchising
Owning a franchise offers most of the benefits of traditional business ownership with far less risk and provides additional aspects to assist with success. By buying into a franchise, you have the immediate backing of a recognized brand with a proven track record and business system.
The franchise sector has been expanding at a faster pace than the overall business sector in recent years. According to the International Franchise Association (IFA), from 2001 to 2005 the output of franchised businesses grew by more than 41 percent, while the economic output of all businesses grew by only 26 percent.
What are the risks?
Franchising is a commitment of your time and resources. You need to carefully consider questions such as: What would a typical day be like? Are you cut out to be your own boss? Are you good at delegating / supervising? Do you have the financial resources to live on while the franchise gets off the ground? Can you follow a system?
What can Franchising do for You?
Franchising means being in business for yourself, but not by yourself. Whether it's accounting and financing, advertising and public relations, personnel management, purchasing, or inventory control, franchisors are there to provide "hands-on", one-to-one assistance. Franchisees combine knowledge and resources with entrepreneurial drive and spirit to form a business relationship unique to franchising.