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Advantages to franchising your business
Provided you carefully select your franchisees and ensure that they are financially secure, motivated and enthusiastic and willing to follow the franchise format:-
- It is a relatively low risk growth strategy.
- Franchising allows you to free yourself from the day to day management of the outlets and concentrate more on the growth and success of the franchise.
- By utilising the resources of others you can increase the number of outlets faster than is otherwise possible.
- As the number of franchises increase, you have greater buying power with your suppliers.
- Franchisees typically contribute to advertising spend, therefore your brand awareness will gain momentum with addition of each new franchisee.
- Franchised outlets are often more successful than company owned ones as the manager is the owner of the business rather than just an employee.
Disadvantages
- Loss of ownership and potential loss of confidentiality.
- Significant investment in time and resources required for continued training and motivation of franchisees.
If you are unsure whether franchising is for you or would like to know more about what is involved, please call us on 08452 770660. We offer a free consultation with no obligation should you decide not to proceed.
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