Startup vs franchise – two ways of starting a business
By Maplebrook Wills
29th Oct '18
Startup or franchise?
Nearly half of all UK startups fail before their third year. Only 55% are still trading, according to research by Warwick University’s Business School.
The most common obstacles to the success, according to the study, were too much competition, red tape and the impact of changes due to Brexit.
Even those that do survive face difficulties growing their business. Typical issues are running costs, lack of bank lending, and late payment and cashflow.
While these challenges are common to all small businesses, there is a way of reducing the risk: franchising.
What is franchising?
Franchising is when you buy the right to market goods or services under the name of an existing company.
Buying a franchise provides you with a model that’s already proven successful. That’s along with other benefits like access to support and a recognisable brand in a particular marketplace.
Not all franchises are equal, of course. Fast food outlets are the best known type of franchise businesses but not only is there a lot of competition, the wider world is changing too. Government regulation and the shift to healthier lifestyles could impact profits in future, for example.
In contrast, consider the will-writing profession. All of us will die at some point – it’s a sad fact of life – so there will never be any shortage of potential customers.
What’s more, a staggering 60% of people in the UK don’t yet have a will, according to research from Unbiased.co.uk – that’s a record high. In other words, there’s a large source of potential customers.
The other advantage is that you don’t need to be a solicitor to draft a will, even though wills are legal documents. You will need training to know how to write one correctly. But that’s training you will receive if you are awarded a will-writing franchise.
The Maplebrook Wills franchise
These are just two of the reasons why we think a Maplebrook Wills franchise is a great opportunity.
Our founder, Mike Pugh, was named will writer of the year and so the training you’ll receive comes from the best in the business.
What’s more, we’re a young company that’s growing fast. We’ve only just started our franchising operation, so there’s a chance for you to get in first in your geographical area. And since we award exclusive franchises, there’s no danger of competing against other Maplebrook Wills franchise holders.
Your competitors will be other will writers and solicitors but, since you’ll be operating under the Maplebrook brand, you’ll be able to use our logos and branding for marketing – saving you the cost of doing it yourself.