"Franchising works by combining the drive and energy of the entrepreneur with the experience and expertise of the franchisor."
Worldwide, franchising is currently riding a wave of global growth unparalleled in its history. And for the right kind of person, franchise ownership can provide the perfect vehicle for achieving financial success.
Despite the definite advantages and benefits offered by franchising, nothing is certain in business; success is neither automatic nor guaranteed. Assuming a solid business model, a brand that sells, and proper training and ongoing support from the franchisor, franchise ownership still requires hard work, with results accomplished over time. Otherwise, everybody would hop on board. Franchising is not for everybody.
Franchising enables you to become involved as part of a company that has established a tried and tested system and has achieved some market share and name awareness. When starting a business as a self employed person you will make mistakes which can be costly if not catastrophic. An established franchise will have ironed out those problems. They will have a written system contained within the franchise manuals as to how operate the business so as to achieve maximum sales and profitability from day one. It is effectively the name awareness and the system that you are paying for.
Qualification is not a pre requisite to own a franchise. For example, you need not to be a graduate in business administration to succeed in a franchise business, as because the franchisor is there to assist you to establish your franchise business. Moreover, as a franchisee, you need not care about the sourcing of the products or developing innovative strategies from time to time. Further, taking up the franchises rather than starting a business from scratch comes with minimum risk factor maximum returns. Thus, franchising is considered as a profitable concept that continuously plows through challenges and persistently produces wealth and success.
Today, popular brand and superior quality is the paramount elements customers look for while spending their hard earned money. Franchising is a more convenient option to get started with a business. In short, buying a franchise over starting an independent business is an intelligent move to gain good benefits in this fierce competition.