Five good reasons to buy a franchise business
By Maplebrook Wills
18th Jul '19
Is a franchise for you?
So you’re bored of the 9-to-5, you hate your job, you need a change or you simply want to reap the rewards of your own hard work.
All of these are reasons why you might want to leave what you’re doing and strike out on your own.
But should you start your own business from scratch or invest in a franchise?
Franchises are run just like a regular business, except that you pay a fee to be part of it. But why should you pay a fee if you can start your own business for free? Here are five of the main benefits.
1 Reduced risk
What’s involved in starting a business? You need an idea first and foremost. Then you need to write a business plan and either source products or work out the details of your service. Not to mention finding clients by networking or marketing. And then you need finance – either from your own assets or investors. It’s a lot to do on your own, particularly if you have no previous experience of running a business. While you’d still need to put in the hours to make a franchise business profitable, you’d have the comfort of knowing that someone else has already been successful using the same model.
2 Existing systems
Whilst drawing up a business plan is conceptual, much else about starting your own company is about the nuts and bolts. With a franchise, a tried-and-tested framework is already in place. That extends to practicalities like secure IT systems that store customer details, generate necessary paperwork and keep track of billing and payments. You’d have to set all that up from scratch if you were on your own. A successful franchise will give you advice and support on how to go about it. These days, they’ll have cloud-based systems that you can access whether you’re in the office or on the road.
3 Trusted brand
If you’ve ever left a review of a business online, you’ll know how important customer feedback is to a growing business. Reviews and other forms of online marketing are two ways to grow your business, along with recommendations from satisfied customers. All of this takes time to grow. However, having a trusted brand is a shortcut. Customers use brands as shorthand for quality – you almost certainly bought your last car based on the brand. Similarly, being part of an established, successful franchise operation means that new customers are more likely to trust your offering. This gives you the head start you wouldn’t have had if you’d launched a business on your own.
4 Change of career
Nobody would pretend that starting a franchise isn’t going to be a lot of hard work. Initially, while you find your feet, your income may be lower than if you’d stayed in a full-time job. But if you’re sick of the 9-to-5 and fancy a change of career, buying a franchise is a great way of going about it. Why? Because it gives you a chance to enter a market in which you have no prior experience or knowledge. For example, you may never have written a will before but you can still become a professional will writer with Maplebrook Wills. That’s because it’s a skillset and methodology that can be taught. All you need is the desire to learn, and at Maplebrook Wills you’ll receive training from an award-winning professional will writer.
5 Marketing support
How you find clients, and what works and what doesn’t when it comes to securing new business have been battle-hardened in a successful franchise. Networking and personal contacts are, of course, great ways of finding business. But any modern operation needs to consider marketing, whether it’s email newsletters, social media or an attractive website stocked with informative content. You could spend months – and a great deal of money – trying out all of these to see what works. On the other hand, a successful franchise business has already done all the preparatory work. It will provide you with templates or even include you in group-wide marketing initiatives.
These are all sound reasons for buying a franchise. But some franchises are more attractive opportunities than others.
We believe will writing is fantastic opportunity and here’s why. It’s estimated that 60% of people in Britain do not have a will.
That leaves a large number of potential customers, many of whom will be very glad of your assistance in helping them make the best decisions for both themselves and their close family members.