What’s up, peeps!? Hope you’re having a great day so far! Mine was so boring. So, coming to the point, at times we feel we should do something big, really big. We feel we’re stuck up with something that’s much less than our potential. Every one of us feels this way sometime or the other. Have you ever felt that you should do something different than these routine 9 to 5 jobs? If yes, this post is for you. To save you from that monotonous life, we have a solution. FRANCHISES.
There are some hundreds of opportunities around us, it’s just that we’re too busy to recognize them. One among them is “franchises”. This one has gained grounds so fast in the recent times. If you’re thinking to start a business, you should give it a serious thought.
In a research, it’s said that over 60% of engineers are unemployed. Why being unemployed when you can be a self-employed? Right!
If you don’t even know how all this works, I’m here to help you get the whole picture. Franchise means taking license to establish someone else’s business as your own. Franchisor is the owner of a trademark while Franchisee is the one who’s gonna take license to use franchisor’s trademark. While taking the license you should pay Franchisee fee for that. I’ll tell you why this is best.
Everything in this universe has both pros and cons, so does this franchising!
Let’s have a look at them now…
1. You’ll get all the assistance you’re gonna need
You’re gonna need some help to get started with your business as you are a newbie. So, if you are gonna take franchise you’ll get all the help you’re gonna need. Most of the work will be taken care of by the franchisor himself. For most of the franchises all the formalities and procedures will hardly take one month, so you can start your business ASAP.
2. People know you already
As these are already established businesses that are doing well for quite some time, you’ll get an instant recognition for your business.
3. Franchises are less risky
If you’re considering to start a business, buying a franchise is much less risky than an individual business. Taking license with an already established brand to re-establish is less expensive than creating an all new brand yourself and struggling to grow it.
4. Staff training
The franchisor will help you with the staff selection and training also. All you gotta do is just keep an eye on what’s happening, that’s it.
All the equipment you need for your business will be provided by the franchisor himself.
Now let’s see the other side of the coin…
1. You’re not the sole administrator
Remember you’re just a Franchisee. Your franchisor will still hold control over your outlet. As far as the title of this post is concerned, yes, you can be your own boss but just partially. The good thing here is at least you will have no one to boss you around.
2. Huge investments may take forever to get the returns
You should be super careful while choosing the franchisor. Sometimes, huge investments will land you in, god forbid, neck-deep losses and debts.
3. You don’t have the power to change things
You can’t change some things like name, interiors, menu in case of food franchises etc totally but you can partially.
Finally, weigh your option carefully and not to forget don’t go for huge investments at once. Hope now you got the big picture!? For more details click here.
If you are thinking to start a franchise make sure you take care of all the issues mentioned above. Or if someone you know is thinking to start a franchise don’t forget to share it with them!
*I’m happy to share my recent interview by black jeans and burritos with all of you*
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