Franchising is an exciting option for would-be entrepreneurs since it offers the chance to be your own boss while reducing the risk that comes with starting your own business from scratch. The business model has already been tested in the market, so the initial growth phase, which comes with its own challenges is eliminated.
However, franchising does involve a significant investment, so it’s vital that you enter your franchise well informed. To help you in your research phase, we have created a list that outlines the benefits of franchising:
For yourself but not by yourself
Owning a franchise allows you to run your own business while having a support system you can always turn to whenever you’re in need. It gives you the chance to be your own boss and have more autonomy over your career and life.
Associating yourself with an established brand accelerates your path to success and real profit by giving you credibility from day zero.
Franchising is a more secured investment because you have the support and backing of an established company with a proven business model. However, this does not mean that franchising is risk-free. All business opportunities have some risk attached to them.
Franchisors promote the brand on the regional and national levels. They generally take either a percentage of the management fee or have a separate fee for executing these activities for you. This lets you focus on other things like client acquisition and growing your business.
Research and Development
The franchisee benefits from every innovation that the franchisor makes. They can plug in these improvements in their evolving business.
Enjoy economies of scale
Once you’re a part of the franchise network, you benefit from the relationships that the franchisor has with existing and future suppliers and vendors.
An easier way to attract financing
Given the success rate of franchise networks, it is easier to secure loans for a franchise business than for an entirely new business idea. Some franchisees even aid in securing loans.
Franchisor support and training
A franchisor generally provides intensive training to the franchisee when they are just starting out. This equips you with all the necessary skills needed to run your new accounting practice. Other than this, franchisors also support in site selection, lead generation, IT, and more.
Flexible working hours
You have the flexibility to choose your work hours. This means better work-life balance and time management.
To learn more about the franchise opportunities available at TaxAssist Accountants contact us here.