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Why Franchising Offers The Chance For SMEs to Grow Nationally Quickly and Affordably–
Modern franchising (technically called “business format franchising”) originated in 1960’s America, with famous brands such as McDonalds Restaurants© and another now well know brands.
Fundamentally successful franchises work only because all participants or stakeholders gain from the business relationship; the franchisees, the franchisor (the original business owner) and its suppliers and customers - all gain.
In a kind of way this is a great collaborative effort, were the sum is most certainly greater than the constituent parts…
The Advantages Of Franchising Your Business
Franchising has become an accepted and proven method for growing a business. The main advantages are:
Growth is funded by the network: As Franchisees pay initial franchise fees to join the system and then ongoing fees for central support the growth of the franchise is in effect funded by the franchisee network (it is not held back by funding issues with one company)
Strong Quality Control: The Operations manual and Franchisee training ensures that the business is systemised and replicable to a consistent high standard.
Low turnover/high motivation: As each franchisee has invested heavily and wants to ensure they get a return they are highly motivated to make a success of their business.
Fast business expansion: The Franchise business model affords the opportunity to expand both nationally and internationally at a much faster rate that through organic growth.
The Advantages Of Buying Into A Franchise
Choosing to invest in a franchise has many benefits to the potential entrepreneur:
Be Your Own Boss: Franchisees like working for themselves and being in control of their own destiny.
A better standard of Living: Generally franchisees will expect to earn more or have a better lifestyle than they did in paid employment.
Low Risk: It is statistically proven that franchisees are much less likely to fail in business than independent start up businesses.
On going support: A franchise gives you a support structure to help you grow and maintain the business.
The Advantages To The Customer
Customers like franchise businesses (if they didn’t there would not be any franchises…) there are several good reasons:
Well Known Brand: A well know national brand generates a high level of customer trust – customer now what they are getting for their money.
Consistent Quality: Franchises are built on the back of existing successful businesses, businesses which customers love. Franchise networks simply bring those values to a wider audience.
Unique Offerings: Often there are some unique elements to the business that the franchisor shares with it franchisees – elements that appeal to customers and differentiate from competitors.
The Advantages To The Supplier
A supplier to a franchise is on to a good thing, provided they keep the franchise network (and its customers) happy. For as the franchise network grows, so does the suppliers volume – all without any advertising or marketing spend.
The Modern Way To Grow A Business
A well designed and constructed franchise is the best way for any SME to rapidly expand their business. In particular in credit poor economic times, franchising is even more a natural choice, as banks are more willing to fund franchisees than most businesses due to the lower risks involved.
If you are looking to grow your current profitable business – you would be hard pressed to come up with a better method than franchising!
So, Are You Really Interested in Franchising Your Business…?
If you are serious about growing your business, then you really need to talk to us. We offer a free initial phone consultation – yes, it really is free; no catches! We just provide an honest appraisal of your businesses franchise potential (see our Franchise Suitability page). So you have no risk and so much to gain. If you really want to grow through franchising call us on 0818 332 007 (Ireland) or 0141 433 0125 (UK) and speak to the experts in SME business franchising Now.