Starting your own business can be terrifying and you may struggle to keep up with everything. As an entrepreneur, it is a risk that you need to take to go it alone. After all, you haven’t been your own boss before and you are still learning the ropes. You need to overcome the initial hardships and sadly make mistakes along the way. It is perhaps why so many don’t survive their first three years in business. With so many new things to learn, entrepreneurs often lack the space they need to push their business forward, make the right decisions and avoid costly mistakes.
Enter franchising… a tried and tested path to owning a successful business with much less struggle and risk!
So why is franchising less of a risk for entrepreneurs? Put it this way; for a business to be able to offer a franchise it means that they have once been where you are when you start a business. They have already struggled, made the wrong decisions and have come out of the other side with a successful proven business model.
A Franchisor has been there and done it. They have gained the knowledge, experience, know the best software to use, the right strategies, and most importantly, they have consolidated their processes so that they can do it again and again, sharing their success with you.
In terms of risk reduction (as far as new businesses go) you could not possibly ask for more. Franchising has a 90% success rate compared to 15% of new independent business*. What’s more, the guidance that you receive from a Franchisor is unparalleled. Not only will they support you with their expertise, they will guide you through the more nuanced areas of the business such as recruitment, marketing, and accountancy. Franchisors can even help with investment; for example, Home Care Preferred has excellent relationships with major banking groups and can obtain a loan for around 50% of the total investment needed for a franchise offering.
In summary, growing a franchise is not only easier but it is much more likely to succeed. Simply because it has been tried, tested and tried again until a working model is reached. So, if you are planning on starting your own business, but don’t want to take the risk of going it alone, then perhaps consider a franchise opportunity. Click here to find out more about Home Care Preferred’s opportunities.
Tags: franchise, franchising
This post was written by Home Care Preferred