There have been debates over the benefits of owning and running a business as opposed to franchising. While they may operate in a similar manner, they are different in terms of how you get into it. With franchising you get the opportunity to get into business for yourself but you are not alone. Your independence is limited by a certain degree depending on the set agreement. However, there are a number of advantages which come with franchising.
Getting into a franchise provides you with the opportunity to sell a product or service which already has a foundation. You are more likely working to sell a readily recognized brand. The added advantage to this is that you have a ready market. With this ready market, you are more likely to increase your sales as opposed to being in business by yourself. This is because the product is well established and proven to meet their objectives.
Before getting into the market, franchises can help to support you so you can establish yourself strategically. You will be trained by the parent company so you are in the knowhow about the product or service. Keep in mind even though the products belong to someone else you still have the opportunity to run it as you would your own business. Other than training, you can get the financing you require and you don’t need to worry about the design and construction you need to push the product forward.
After the franchise is established, you still gain more support from the parent company. Advertising is also something you don’t have to work on as the franchise itself takes care of this. Management support is also an ongoing process which comes as part of the package.
Unfortunately there are drawbacks to franchising. You don’t get to make all the decisions regarding the product or service by yourself; you must still abide by the regulations provided by the franchisor. In most cases the individual franchises have little say in the big decisions made by the company. There are also costs attached to franchises other than just the initial fee such as royalties.
A franchise may be recognized as in-between a self-driven business and being employed. It combines characteristics from both in an effort to create a balance. Franchising helps to increase the number of outlets for a product but, keep in mind, some brands are very specific to what you stock with their products. Rather than start from nowhere, why not adopt the concept of Franchising from a well-established company, like Spa On The Go, and literally reap where you did not sow. You can also visit their Facebook for more information.
