When it comes to franchising, some people might think, why bother? Why not just start a small business instead?
A high quality franchised business provides some specific benefits usually not available when starting a ‘regular’ small business. These include a known brand, a tried and tested product or service, and a proven and documented business system. The advantages also include training and support from a franchisor who, at the same time, recognises the importance of providing franchisees with enough autonomy to succeed in their own businesses.
Entering into an independent business can also be beneficial in its own way. For instance, there is greater independence and scope for decision-making, and there are no ongoing royalties to pay as in a franchise.
The downside is that there may not be any training and mentoring, and the business needs to be built from the ground up, whereas in a franchise, the hard work has already been done and the business is established and is ready to move forward.
Neither scenario suits everyone – it really depends on the individual. The important thing is to make sure to do a lot of research beforehand. Being fully informed before making a decision is key!