Thinking of becoming part of a franchise but don’t know where to start? This blog post delves into the basic facts about franchises and why this year is the ideal time to become a franchisee.
Defining a Franchise
A franchise is a business that sells the right to the use of its business name/model to an individual or business. A franchisee buys this right for a fee and trades under the franchise’s name, using its branding, logo, and business model. Notable examples of franchises are Mcdonald’s, Subway, and UPS.
The earliest concepts of a franchise can be dated all the way back to the industrial revolution in 1851 with the Singer Sewing Machine company being one of the first notable brands to become a franchise. Since then franchising has developed and grown but the basic principles are all the same.
Typical Franchise Fees
When buying into a franchise there is usually a one-off buy-in fee along with a consistent percentage of earnings. What the initial fee includes varies from franchise to franchise, but usually includes the right to use the franchiser’s brand name, model, design, and anything else that may come with the franchise.
Why choose a franchise?
Becoming a franchisee is usually a lot less risky than starting your own business. This is because the brand is already well established and has proven their business model works. It is often already trusted by the general public and once the franchisee buys into the franchise, they can get business activities rolling a lot faster than if they were starting from scratch by starting their own business.
Another reason to consider choosing a franchise is the cost of buying into a franchise is usually a lot lower than trying to start up a business on your own. You will spend less money on an already established business. You will save the time, money, and effort that has already been put into the business as it is already established.
Franchisers often provide continuous business support to their franchisees. There is often close supervision to ensure the franchisee is doing well and mirroring the values of the business. You will have a mentor with a wealth of knowledge to pass on.
Once you join Pillow as a franchisee we offer full initial training, ongoing support and weekly mentorship. Pillow will give you all the training, systems, procedures, and knowledge you need to get started with your very own property business. You will build upon your skills and flourish as a business owner as a part of not only a team, but the Pillow family.
Why 2023 is the perfect time to join a franchise
Forbes have noted that in the past year the franchise industry has seen massive growth, and the prediction for 2023 is that this pattern will continue. In a year of economic uncertainty, becoming part of a well-established brand, completely set up for use, is a no-brainer.
Once you become a franchisee you are not only joining a successful, reputable business, you are joining a network of like-minded individuals who are all simultaneously growing your new business.
Many businesses have not survived the recent tough years following the Covid19 pandemic, but one area that is noted to have thrived is franchises. 2023 is set to be a tough year, it’s time to make a move to an area of business that has a track record of surviving the rocky economic state of the UK.
Taking risks in business can be very daunting especially in the forthcoming times. Investing in a franchise isn’t a particularly risky investment. Any risks or bumps in this business model have already been tried, tested and rectified if need be. You can be sure when you are investing in a franchise you are investing in your own future.
Want to work with Pillow? Check out our franchise information here: https://franchise.pillowpartners.com